Setting up an LLC as a real estate agent

[David Nacco]

Does anyone have any experience setting up an LLC for their real estate agent business? If so do you have any reasons why you would or would not do it again or why you chose not to in the first place? I am considering it for the tax benefits and for legal protection against personal assets in case something happened that results in a lawsuit (rather have it and not need it than need it and not have it is how I look at that)
Also if I did this and say I made 100K, paid myself a 35K salary and then paid business expenses out of the LLC's money and then paid whatever is leftover to myself as a dividend, do you guys think that would be pushing it a bit trying to lower my tax bill or is that a reasonable salary?
Also I understand I should (and will) meet with both my CPA and attorney. I just wanted to come here and see what you guys had to say in case someone here brings up a point I haven't considered that I can add to my list of things to discuss when I meet with them.

[Basit Siddiqi]

@David Nacco

When you meet with your CPA/Accountant, you should discuss with him if an LLC will benefit you and if it will, how much in taxes you would be saving.

Normally, real estate agents are taxed on their net earnings without an LLC. This means gross proceeds less expenses. 
Normally earnings such as this are subject to income tax and self-employment taxes.
There are no "dividends" within an LLC unless you are seeing to be taxed as a corporation.
There is also the issue with salary and a real estate sales person if you are doing all or most of the work.

When you meet with your attorney, you should discuss with him how the LLC will save you from a litigation standpoint.