I've had lengthy discussions with the compliance officer at the DIvision and it is touchy...and despite what is in statute the Division has autonomy outside of statute...we have revised code, and administrative code, and internal rules, and egotistical politicians that need to punish people for no reason...so, if you're doing anything related to real estate with or without a license in this state, you're open to the Divisions authority.I had a former business partner pay Vena Jones Cox $13,000 for her guru wholesale program in Cincinnati and I about pulled my hair out....so, I guess the point is that despite the rhetoric, criminals are still actively teaching classes on how to break the law...it's like paying for a class that teaches you how to speed....it's insanity. 

You may not have these issues with, what I call "back alley lenders" individual hard money lenders who are actually in the business but who are not operating in compliance, for many reasons.

Next, if you have an LLC managing trust property, check your real estate license laws as the property is not owned by the LLC, it's managing property "for others".Same with legal proceedings, you can't represent your trust or in many areas your LLC as they are separate entities.Trust accounting is more expensive than general accounting, the responsibilities are greater as to compliance and therefore it will generally cost more.A much better method to protect your assets, once accumulated or even while you're trying to accumulate your riches, is a good insurance policy and great management.

You and you alone are responsible for the compliance of your investment transactions.Here is the Equity Trust Investment Direction form.   

While you have options, check in your area for compliance issues pertaining to changing the use of any property and what requirements there may be for any new use before you contract on any property.

Are you saying that its impossible to get insurance on any house that doesn't have some sort of certificate that its in compliance with current codes?

To the best of my knowledge, the Property is currently in compliance with all applicable requirements of the zoning ordinance of the City of Richmond, Virginia.

If they can provide a "Loan Estimate" that means they are held to those figures via compliance regulations...and they are checked on it too.  

Are you in compliance with state laws for holding security deposits?

Proceed as normal, if the tenants bring up the no rental license say your application is pending, bring proof of license application, and regardless they have not paid rent as specified so they shouldn't prevail, they could have paid the rent to the court in escrow until you got the rental license if they felt that it was a issue so you would have been on notice that you were out of compliance on that.