Property management company legal/insurance questions

[Max Gupton]

My brother and law and I are managing a single family rental property inherited by our wives. The property is still in probate (and will be for awhile), so we can't make cash flow distributions yet because of certain estate rules. Since we're already doing all the tasks that a property Manager would do (operations, rent collection, finding tenants, accounting, etc), My thought was to set up an LLC as a property management company (owned 50/50 by the 2 of us) and charge a monthly PM Fee to the estate as a way to get money out without tripping estate rules.

From a legal perspective, Can we do this? Are there licenses/certs/etc that we need to set this up? Or would it be as simple as set up an LLC, execute a PM contract, start charging fees? The property is in GA (we live in NC/SC). Does it matter where we incorporate?

From an insurance perspective, would we need any kind of insurance on the PM LLC? We already have a landlord policy at the estate level for the house.