What are the rules around self-managing?

[Andrew C.]

Here in WI, as in most US states, you need a broker's license in order to manage other people's properties. But you can, ofc, manage your own.

What does 'your own' mean when there are entities involved?

What does 'manage' mean here? Clearly, you can pay some people for some things. What are the limits?

If I own 2+ LLCs that own rental properties, and I wanted to self-manage, I assume that I can do that on behalf of each of the LLCs because I own them?

Can I setup a PropMgt LLC, that I own, to be the property mgr for the property owning LLCs that have the same ownership, or does that no longer count as 'self managing'?

And...as a self-managing PM...I can hire people to do parts of that overall job. I don't have to swing all the hammers. :P Can I hire someone to inspect contractors work once they're done? How about to meet prospective tenants to show the property? They'd be paid by me, or my personal PM company, to do specific things. Is that the distinction between hiring someone to work for my PM co and just hiring someone else as the PM? Or, are there things I must personally do in order for it to be 'self managing'?

[Jack Faysash]

Quote from @Andrew C.:

Here in WI, as in most US states, you need a broker's license in order to manage other people's properties. But you can, ofc, manage your own.

What does 'your own' mean when there are entities involved?

What does 'manage' mean here? Clearly, you can pay some people for some things. What are the limits?

If I own 2+ LLCs that own rental properties, and I wanted to self-manage, I assume that I can do that on behalf of each of the LLCs because I own them?

Can I setup a PropMgt LLC, that I own, to be the property mgr for the property owning LLCs that have the same ownership, or does that no longer count as 'self managing'?

And...as a self-managing PM...I can hire people to do parts of that overall job. I don't have to swing all the hammers. :P Can I hire someone to inspect contractors work once they're done? How about to meet prospective tenants to show the property? They'd be paid by me, or my personal PM company, to do specific things. Is that the distinction between hiring someone to work for my PM co and just hiring someone else as the PM? Or, are there things I must personally do in order for it to be 'self managing'?

Andrew, I see no need for a separate LLC to manage your own, but would be something you'd want to do if you are managing for others. You can deduct all business expenses, such as paying contractors and inspectors, as you would with any other line of business.