However, the listing agreement for any property type would dictate if this practice is allowed or not.

Let's break down the pros and cons of each approach:Forming an LLC in the State Where the Property is Located:Pros:Compliance with Local Laws: Establishing an LLC in the state where the property is situated ensures compliance with local regulations and laws specific to that jurisdiction.Legal Clarity: It provides clear legal jurisdiction and may simplify any legal proceedings related to the property in that state.Perception: Operating with a local LLC may give tenants and local authorities confidence in your commitment to the community.Cons:Additional Costs: Setting up and maintaining an LLC in another state means incurring additional registration fees, taxes, and possibly hiring local legal counsel.Administrative Burden: Managing multiple LLCs across different states adds complexity to your administrative workload, including extra paperwork and compliance requirements.Tax Implications: You may face tax obligations in both the state where the property is located and your home state, potentially leading to double taxation or complexities in tax filings.Managing Through Home State LLC:Pros:Simplified Management: Handling all properties under a single LLC streamlines administrative tasks, reducing paperwork and simplifying tax filings.Cost Savings: Avoiding the need to establish multiple LLCs in different states saves on registration fees, legal expenses, and ongoing maintenance costs.Consistency: Uniformity in management practices and legal structures may contribute to efficiency and ease of operation across your real estate portfolio.Cons:Legal Exposure: Operating out-of-state properties under a home state LLC may expose your personal assets to the laws and liabilities of the other state, potentially diminishing the liability protection the LLC offers.Compliance Challenges: You'll need to ensure your home state LLC meets the legal requirements for conducting business in other states, which could involve additional filings and fees.Perception and Credibility: Some tenants or local stakeholders may prefer dealing with a landlord who has a local presence, which could impact your reputation or relationships in the community.Ultimately, the decision depends on your specific circumstances, risk tolerance, and long-term goals.

I have a few questions about how the Memphis Land Bank operates in practice. 

Find Brandon's videos on YouTube for the "four square" method of analyzing homes and practice.

Having an LLC in that state may simplify compliance with local regulations, tax filings, and property management.

What are the best practices for listing a property to virtue signal that there will be a buyers agent commission paid by the seller based on buyer agent behavior such as ensuruing that the offer contains an appraisal gap coverage, waives inspection and other elements that are desirable by sellers?

I would recommend practicing with families first.

Find Brandon's videos on YouTube for the "four square" method of analyzing homes and practice.

There are new regulations.

At $20,000 for lifetime access you have the option to will to your descendants, 2 generations at $10,000 each is cheap,  (same price for over 15 years, they just recently increased prices) and no upsell when they upgrade all the education for you because laws and regulations change so they keep education current, plus access to a network of investors and practitioners you will need for your team(what's this worth to you?)