Preparing for managing someone else's buildings

[Kenneth LaVoie]

I am in the process of selling a couple of our buildings to reduce our responsibilities. The buyer wants me to continue to manage for a year or so. I've been managing the buildings myself since 2009 so the day to day stuff won't be new, but I'm wondering what I need to do for preparations like: bookeeping setup, insurance, legal pitfalls to be aware of? I've got a pretty good mgmt. agreement from a local company so I've got a good start there, and I've sent an email to my insurance agent asking about any additional needs. I have a landscape mgmt. business that is an LLC that my rental LLC pays a mgmt. fee to, so I may use that landscape mgmt. business as the primary conduit for managing the buyer's buildings. I know my questions are exactly precise, but this is brand new to me so I am not even at the point of asking good questions yet! Any advice is very much appreciated.

[Missy H.]

@Kenneth LaVoie

Some states require a property manager to have their real estate license.