All Forum Posts by: Denis K.

Thank you @Drew Fein! What is the mminimum percentage may I ask?

Thank you Yvonne. I thought of having master lease with my friend. Of course it has its own pros and cons but the most important question is: would subletting of someone else's property be an activity that require real estate license? How does this work in your state?

Anyone could clarify for Colorado?

Thank you everyone for posting your comments. My question was exactly of how not to break the law. Since I am not a lawyer and genuinely ignorant of the specific statutes in Colorado (and in other states for that matter) I came to this forum to get broader understanding of what would be against the law and what wouldn't.

Yet as I stated in my original post talking to a real estate attorney and eventually getting a license is still a plan.

Prior to getting the latter I would like to understand in what capacity I can legally help my friend. (I did not solicit their contracting me instead they came to me asking for help. This is more of a courtesy rather than business proposal on my end.)

Any constructive suggestions and references like ones from JD Martin, Nathan G and Max T would be much appreciated.

Thank you JD and Nathan, that helps.

Would appreciate everybody else chiming in, all thoughts are helpful.

If anyone could recommend a good real estate attorney in Greater Denver area I would appreciate that too.

My friend in Colorado wants me to manage their property for a fee. In the State of Colorado for this type of business I would apparently need a license, which I am not planning to obtain for a while. My friend and I are in good relationship (fingers crossed, hopefully our business together is not going to ruin this) yet we both want to have something on paper between us. BTW I live in Colorado too.

My question is: what would be a possible arrangement between two of us to have me perform management function and be paid for it without violating the code?

I am not an expert in this but something that comes to my mind is this:

Would it be possible for my friend to setup an LLC, in which I may or may not be a member (that's an open question) and hire me as an employee for this company to manage his own property? Basically this breaks down into a few questions:

- With this arrangement will his participation in LLC, which manages his own property, be treated as "managing his own property" for legal purposes?

- Would my participation in that LLC negate this assertion? Would it be different if I own minority stake?

- Would my being employed by his company and reporting to him as CEO of that company allow me to effectively perform any functions that he delegates me? Meaning from a legal standpoint. 

I would appreciate a real advice and not suggestions like "Go get yourself a license" or "Go talk to your attorney" because I am doing this already and that's clearly the way to go yet I am looking for a viable workaround for the time being. Thank you!