@Rich Thomas I am not an attorney, but the advice I have heard attorneys give my clients is to form the LLC in the state where they are investing.

I proceeded to hire a contractor, recommended by my banker who was also a client of the contractor, and work began.  

Technically, you are not actively working with clients, but you can refer people who are looking to buy or sell to an active agent and get a 25%-30% referral fee on any commissions generated.

Lenders certainly look for it, but many of my clients are getting $4-10 million loans, but net worth maybe only 1-2 million.

My wife had clients that had bought a house through her and their old house was slow in selling so she had OpenDoor price it.  

I work mainly in Bucks County but consistently have clients in the city, and can get the job done.  

When I've taken cases like this, the investor-buyer usually refers the client to me. 

I represent client's in code enforcement court and it's never fund. 

My clients and my family will not consider a deal under 20k net.

The broker enters into that agreement with the client.