License needed to buy NPNs?

[Account Closed]

This is admittedly a newbie question. I understand how non-performing note investing works and the different exit strategies.

A few questions:

- Do you need a license to buy, rework and then either sell or hold these reperforming notes?

- Who are the key members of the team you need to make this happen and run smoothly?

- An attorney - is this one who is local to you or the jurisdiction the note is in?

-A servicer

- Someone to help with due diligence

Are you able to do all due diligence before making a bid or do you have an opportunity to do that afterwards? Most of the information I see in a tape is useful but doesn't give me everything I need to know.

Thanks!

Ken