I will preface this with the fact that I have a legal background, specifically with estate planning and asset protection.

Hi Krista, Yes you need a broker's license to legally manage property that you do not own in CO.

An LLC is useful for two things: anonymity and legal protection.

And, the longer you wait to act, the longer the squatter stays - and even gains some legal protections to stay while your waiting on a slow court system to act on an eviction. 

Are there other legal or financial consequences I should be aware of?

Additionally, regarding the legal structure, an LLC seems to be the most suitable option for our situation.

Hi @Kenzer Hodgson to @Sarah Kensinger's point above, I'm not a fan of so many people spreading legal advice/insight on the forums, but at least it's better than Instagram/Facebook and YouTube. 

For long-term planning, consider transferring the property into a trust to manage tax and legal complexities.This post does not create a CPA-Client relationship.

Lending capacity should only matter to those with large borrowing needs and require large legal lending limits but that wouldn't apply to hard money lenders anyway.

Do I have to legally disclose to my boss that I will have my sales agent license and have a brokerage sponsor that is someone different outside the MF development company?