Can't say the state will look the other way.. but I have seen worse in licensee's

During the four years, you also have to take some continuing education classes to renew in four years.Here's the CA Bureau of Real Estate site on getting a license:http://www.dre.ca.gov/Licensees/This is the page on renewinghttp://www.dre.ca.gov/Licensees/RenewLicense.html

Trust Account - Required in GA if the owner/landlord is a licensee 

(take that with a little grain of salt :)I will say that having access to information (MLS) as well as some other tools that are available to licensees gives a bit of a competitive edge in the MLS sector of the market - but simply having your license isn't going to make you more successful.  

If the owner puts it in their own savings account then that's a commingling of funds situation.Of the three parties involved in the lease, I'm guessing the PM is the only one who is a real estate licensee.

As a real estate licensee your PM has established an agency relationship with you.

We're both completely fine with disclosing our status as licensees whenever necessary.

That is my understanding anyway, if anyone has opinions that the wholesaling licensee can still keep the entire wholesale fee I'd love to hear it.

Legal ramifications aside wholesaling instead of being a licensee is just a bad business plan.

It doesn't sound like you're a licensee in Virginia.