Hello from Minnesota! I just passed my real estate exams and I am in talks with a local broker that currently only does buy/sell. I currently manage an apartment complex that I am a partner in and have a couple of my own investment properties. I would like to expand on my experience and offer management services to others. The broker is open to this arrangement, but would like to know more about how this would work. I spoke with the Minnesota Department of Commerce and I would have to run my property management through his brokerage, but that is as much information as this would give me and advised me to read the state statue. I know there are several other realtors that do this in Minnesota.
My questions are 1. What would my brokers involvement be? 2. What funds, if any need to be deposited into the brokers trust account (rent, security deposits, ect)? 3. What is the best way to structure this arrangement? 4. Must all the documents such as leases, applications and such remain at the brokers main office?
If you know the answers or know of someone that has such arrangement can you please point me in the right direction.