~The PM has a handful of major duties; scheduling crews, supervising their work and keeping it on schedule, paying contractors and subs, and getting a budget together for new properties.  

However, if the employee or representative works for more than one owner or entity, they would then need to be licensed.Attorneys must be licensed to receive a commission or fee except for payment of services on behalf of a client required in the normal course of other legal representation.A person employed and supervised by a licensed real estate broker to conduct property management functions would not be required to be licensed.

I have been told that after passing the examination and obtaining your license you must work under the supervision of another broker for three years.  

I'm willing to do all the leg work and run the project, supervise the work, do some of the work myself to save us even more money.

@Sam Valme, in VA you're required to be (or work under the supervision of) a licensed broker to manage property for others.  

Now, instead of doing the work ourselves, we hire contractors and just supervise most projects.We are currently exploring investments in notes, but intend to continue to build our portfolio of rental properties.

Property management services are provided to the employing broker’s clients by persons licensed to the broker and with the knowledge and supervision of the designated or self-employed broker.Is the "residential leasing agent or manager" of the owner's property required to hold a real estate license?

Probably wouldn't want to be doing any flipping either, but, and I mean a big old Sir-Mix-a-Lot big BUT, I would consider it IF I had a very trustworthy agent who could supervise the contractor.

I do not pull permits (and risk losing my license) for a project that I'm not in charge of or supervising, but I'm sure there's something we can work out.Let's connect and discuss further.Jim

I try to use my handyman when i can and day labor when I can if I am there to supervise.