VIRGINIA Licensing Requirements?
I have had extensive talks with the Virginia DPOR and local licensing departmetns about starting an LLC that is buying properties to renovate and rent. This is what I have been told:
1-if you are purchasing real estate to rent for a period to exceed 6 months, you do not need a business license.
2-HOWEVER, if you are buying RE for the purpose of renovating it for profit (resale or rental), then you are reqired to have a contrators license and a business license
3-if you are renovating for profit then you must HIRE a full time contractor as an employee of your company, or be a contractor yourself.
Essentially, it is telling me that EVERYONE who owns rental property that does ANY work on it EVER (by themselves or by a contractor) is breaking the law if they do not have a contractors license.
This make NO SENSE to me. Can anyone provide insight into this for me?
What do other locales require?
Thanks!
[ Edited by pdeworken on Date 01/27/2004 ]
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