Property Mgmt Laws in CA - managing other peoples' rentals
Hellllooo BP Nation!
One of the interesting side effects of (successfully) owning and self-managing a bunch of your own local rental units is that friends and family may ask you to manage theirs. Has anyone (who isn't a professional and licensed property manager) agreed to do this for a family member?
In CA, one must have a license to perform the activities of property management UNLESS (https://www.kts-law.com/property-management-compan...)...
(A) The activity is done without compensation or
(B) The property is owned by the person doing the management
So, if your family member is willing to grant you an equity interest in the property, would you feel comfortable that you're managing within the law? 50% stake? 10%? 5%? 1%?
I realize this is a lawyer question, but wondering how others have approached this situation. TIA!
@Dan Heuschele@Casey Murray@Katie L. come to mind as people who may have experience with this.