However if you have an ownership interest in the property then I think that the law you mentioned may not apply.You’d have to ask an attorney but it might be possible that if you had an option to buy the property at a certain price then it would be sufficient interest as (in theory) you would be protecting your potential future property (if you were to exercise the option).In practical terms I’m not sure that the law you mentioned is aggressively enforced; i.e., there are probably many unlicensed people who manage other people’s properties in RI every day of the week.

@Tim Puffer I thought wholesaling would be a good way to get my feet wet, and provide with the capital to exercise different strategies once I get some experience.

Failure to do so, could lead to a monetary fine.If a landlord is found to have retaliated against a tenant in response to the tenant’s exercise of his/her rights, a landlord now faces a penalty of $2500, or $7500 for a repeat offense.

The risk with these types of deals, is that the lender can exercise the due on sale clause, which would mean the note is due in full.

Here's the story:A tenant had a 3-year lease option to purchase his residence but was unable to exercise his option due to not having good enough credit to get a mortgage.

Exercise caution.

As for the private money, it will be a good exercise to write down your agreement before you find the deal.

They finished rehab work and 2 yrs later exercised their option at 85k - 10k option fee= sold for 75k.

Having Tenant Buyers is good cash flow until they exercise their option.

In my spare time, I enjoy exercising in the gym, running around Atlanta, traveling the world, fishing, watching college football, and snow skiing.