collect payments from mostly wealthy renters.  

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? 

Some shade cloths?

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

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.

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

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