I'm working on a project that has a similar business model to pacaso.com (another interesting 2020 startup) - I'm curious if their model requires a real estate license. I've posted my concept mockup at  what it seems, Pacaso isn't claiming to actually buy or sell property on behalf of anyone, they're setting up an LLC for fractional real estate investment, and:> choosing and managing the property management company; maintaining the LLC and resolving any disputes between owners or the municipality; continually innovating and improving the Pacaso appBut it does seem like it's a gray area. Obviously I'll need to consult an attorney but I wanted to get a better idea of the situation first.