They collect your rent, apply late fees,  deposit your monies into your bank account, market your properties, track expenses, screen your tenants, etc for just a few dollars a month per door.  

If the lender defaults, will the fact that I purchased the loan as an individual with no licenses compromise my capability to collect/foreclose? 

Begin by setting up online tools for rent collection, maintenance requests, and communication with tenants.

If your average heating bill is $150, you may not collect enough in the winter months when the bill reaches $225 but you'll collect extra in the summer when it drops to $65.

Looking to help my property management company find a solid Collections Agency. 

Granted you can get a judgment against them if they stay longer, but good luck collecting on it.

What's going for New Jersey is we have a lot of well paying jobs, so the rental demand and collected rents and are very high in comparison to many other places in the country.

Without the lease a buyer has no legal means to collect rent from a tenant or evict them for nonpayment.2.

btw, we;ve bought and sold over 1,000 properties for our own inventory and that was the only time we ever collected on a title insurance claim.David Krulac, Bigger Pockets Podcast #82

Also, focus on 2 years of job/income stability.Class D Properties:Cashflow vs Appreciation: Typically, all cashflow with zero or negative relative rent & value appreciationVacancy Est: 20%+ should be used to cover nonpayment, evictions & damages.Tenant Pool: majority will have FICO scores under 560, little to no good tradelines, lots of collections & chargeoffs, recent evictions.