Having said that….There are at least 7 states with statutes governing land trusts: 1)Illinois:"Land Trust Beneficial Interest Disclosure Act": §765 ILCS 405/0.01 et seq"Land Trust Successor Trustee Act": §765 ILCS 410/0.01 et seq"Land Trustee as Creditor Act": §765 ILCS 415/0.01 et seq"land Trust Recordation and Transfer Tax Act": §765 ILCS 420/1 et seq"Building Law Violation Ownership Disclosure Act": §765 ILCS 425/0.01 et seq"Sale of Residential Property Subject to Land Trust Act": §765 ILCS 430/0.01 et seq"Land trust Fiduciary Duties Act": §765 ILCS 435/1 et seq2)Florida:"Florida land Trust Act": Fla.

We always attempt to be above board and follow all regulations, codes, statutes, and laws. 

North Carolina law is very specific: 5% of the rent and it can only be charged for rent recieved after the fifth of the month.Check out your state's rental statutes online.

From some quick searching, attorney opinions only-not the actual statute-this seems to be a viable approach. 

Something else to consider, the statute of limitations does not start running until you file a return.

Robert Steele, it's a joke in charlotte..part of the statute requires a home address on record for the landlord..ya, like anyone is giving that out!

I recommend you file it each year to be sure you are covered as it starts the statute of limitations.No, you are not prohibited from setting it up; however, you simply cannot make contributions yet.

The sections of the statute cited above provide are only definitional in nature with regard to the term "broker," and do not address the legality of the practice I am interested in.  

Start by reading your state statutes, which should be online, to give a good idea about your obligations.

Read the Entire state statute for real estate licensing....