Last I remember and this has been over a decade ago (so take it with a grain of salt) you must have a securities license to run a Real Estate Investment Trust w

Last I remember and this has been over a decade ago (so take it with a grain of salt) you must have a securities license to run a Real Estate Investment Trust with more than 5 principal investors. As well most states will also require a Real Estate license or State bar attorney certification. I would say that these guys would need to be associated with a brokerage house, if the law is still the same, given that they will probably have more than 5 investors per property.