As a licensee, depending on laws in your state, you "hang your license" under an employing or managing broker for at least 2 years, after which you may make application to become an employing (responsible) broker, or an independent, non-employing  broker (some states allow independent status, while others do not). 

Also, please don't leave us hanging on the outcome, for happily-ever-afters are best shared.

For a 1M home, the commission is 10's of thousand of dollars.Should I just go with a fee based broker who gives me 100 percent of the commission or is it worth it to hang my license with a more traditional broker like Keller Williams?

It may look complicated at first but once you get the hang of it, it really is not that complicated.  

Agents hang their licence with a broker and the broker is then held liable for their actions.

He could even hang with me on anonymous ownership via LLCs owned by out of state LLCs. 

I'll keep hanging around and keep posting updates as I run into new things to learn.

I just looked into it and discovered what both of you mentioned about hanging my license.

One where they hang on to my informal offer for a period of time while waiting to see if something better comes along.

More like friends hanging out, but the friendship started from the fire work.