Disclaimer: While I’m an attorney licensed to practice in PA, I’m not your attorney.

Thanks a lot Jeffrey.Property Details: 2629 sqft, 4 bed, 2.5 bath on about .45 acres built in 1985 (sun room addition not counted as it was done w/o a license. 

Disclaimer: While I’m an attorney licensed to practice in PA, I’m not your attorney.

I am working on getting my Realtors license and I should have it in less than a month. i just want to know how obtaining your license affected your Real Estate Investing career.

I am a practicing licensed broker with a decent size business (LLC #1), however this rental property is within (LLC #2) which has a couple other rentals in it as well...so when you say "real estate professional" I am a little unclear if my "day job" as a broker would give me this title since this property pertains to LLC #2 and is my "rental job" which is passive income, not active.We've rented the property for 2 years as originally intended, but do the fire and renovations, plus the market being higher than I ever anticipated in this area, I want to get out what I can and roll the money into a better location via a 1031 tax exchange.Thanks again for all your input!!

However, since this is an LLC and the liability protection is afforded only if the books are kept proper - I would suggest getting a software to keep the books in order or to hire someone else to do it for you.Let me know if you have any specific tax questions.

@Buddy Holmes It's more strict if you're licensed.

YOU still have to give proper notice,, NO way can you do this the way your thinking,,Download your state landlord tenant laws so you can operate this business properly,Get a copy of their current lease,, IS there a clause that says,, it will automatically revert to a month to month term if not renewed for a longer period..IF so your fine,, you'll just give them notice of lease terms changes the next month,, they don't need to vacate if you want to keep them,, you can give them a heads up what the terms will be, you can suggest it would be nice to start off with a new lease, but understand they have a month to accept that new lease or give proper notice to vacate..It's not that it can't be done,, it has to be done the proper way..

I’m a licensed realtor and investor here in NM and I’d be happy to help out. - Ben

In my case, the best play in football question where the coach needs a license and a CPA & law degree to be able to answer!