Managing Family Owned MF Property Without a Broker's License

[John Greubel]

I am currently buying a very small ownership stake (0.10%) in a large 100-unit apartment complex in CA. The property is currently managed by a 3rd party company however the current ownership plans to have me manage the property as an owner/manager such that I would not need my broker's license because I am an owner. I have a background in Multifamily Finance and am currently working as an onsite manager under the 3rd party management that is currently operating the asset. I have now learned the ropes and am ready to begin managing the asset. Recognizing I don't have a broker's license, can I set up a separate LLC to manage the asset and employ maintenance staff or would this pose a legal issue w/o the broker's license? Any feedback or suggestions would be greatly appreciated.