That said, this property would not be a flip, but would be a purchase added to my portfolio of rental properties (right now I have 3 condominium units that I rent and two parking spots in a condominium that I rent). 

Condominium Property Act B.

virginia definition"Real estate broker" means any person or business entity, including, but not limited to, a partnership, association, corporation or limited liability company, who, for compensation or valuable consideration (i) sells or offers for sale, buys or offers to buy, or negotiates the purchase or sale or exchange of real estate, including units or interest in condominiums, cooperative interest as defined in § 55-426, or time-shares in a time-share program even though they may be deemed to be securities, or (ii) leases or offers to lease, or rents or offers for rent, any real estate or the improvements thereon for others.

Over the Thanksgiving week, I went into contract on a building that WAS a 5 plex of studios that was LEGALLY converted to a 4 unit condominium complex.