Finally digging through the dol.gov, found a helpful link: http://www.dol.wa.gov/business/realestate/assistants.htmlI see that you don't need a license if you are:Property management assistantsUnlicensed assistants who provide property management brokerage services for the owner, designated broker, or managing broker may perform the following tasks and duties:Unlicensed assistants may… Deliver lease applications, leases, or any amendments.Receive lease applications, leases, amendments, security deposits, rental payments, or any related payment for delivery to, and made payable to, the owner or real estate firm.Show rental units.Execute leases or rental agreements, rental payments, or any related payment for delivery to, and made payable to, the owner or real estate firm.Act as a scrivener, completing blanks on preprinted and preapproved rental agreements with the exact language provided by the property owner, designated broker, or managing broker.

Unfortunately that is the challenge with buying Multi Family via Non Performing Notes - if the property was generating cash the borrower would have done a modification already.  

@Carl Randal You can save money by performing your own heart surgery too but I don't recommend it. 

Landlord will perform periodic inspections of premises, no less than once a year, for the purpose of property maintenance and repair.

If the owner is performing substantial services (think hotel services) then the rental activity is reported on schedule C, but for most landlords this will not be the case.Even if you insist on reporting your client's rental real estate activities on schedule C you will be doing them a disservice.

I'd see this as a win-win as every 10 years you could 1031 into another property (not going to say bigger and better because it may be tough parting with a performing property) and keep growing your personal bank. 

Does anyone out there buy performing real estate notes, and if so what web sites are you using.Thanks Ken

I have found most success in being able to perform quickly when you have an interested part.

What do you think would have happened if they discovered this while the wrap loan was still performing?  

What actions will require the consent of both you and him, and what actions can be performed by either of you individually.