When a State requires a real estate license to manage property, there are basically 4 options.
(1) Comply with licensing requirements by securing real estate license; or
(2) Hire local Property Manager who holds a law license to supervise and manage; or
(3) Hire local Property Manager who holds real estate license to supervise & manage; or
(4) Own an equity interest in each property being managed.

The last option was a brilliant notion raised by Luis. The good news is there is no rule which states how much equity must be owned between the parties. Which means we could enter into a managment agreement where payment is [theory wise] as little as 1% equity given to the "property managing partner". Downside is this is a grey area which has not been tested. Another downside is, that ownership will need to be filed with the County land records office where the property is located.

Another potential problem is that might also subject us as the property manager to legal & financial liability equal to the equity ownership percentage; in this example, up to 1%. So, lets say real estate taxes become due subsequent to the transfer of ownership. There could arise a financial and legal obligation on the taxes due.

The good news is, this could be addressed in the property management agreement that as part of compensation for managing the property, the original owner will indemnify us as the "property managing partner" for any & all financial and legal obligations that arise that are not a direct result of our actions, inactions, ommissions, mismanagement, breach of fiduciary duties, or fraudulent acts as the property manager.