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No you do not need a license to manage your own property. You need a license when managing other people’s property like a property management firm for the state of California.
Other states have different regulations when it comes to property mangement but it is my belief that you can mange your own property in all 50 states. However it would take a great deal of skill to mange several out of state projects.
Property management is much more complex on commercial properties ( anything with 5 or more units) then residential (1-4) units only.
One thing you want to do is check the past history, what type of records were used and you should also account for a 9% management fee for the project.
You may want to interview some mmangers as well as they may give you some good ideas on how to run it effectively.
If I want to buy a piece of commercial property and manage it myself, do I need a Real Estate LIcense? (California).