The entity into which you can invest for the EB5 program can be located anywhere in the United States. As long as the project meets the EB5 requirements (job creation, infrastructure, etc.), then it can be a valid EB5 investment. You would be obtaining permanent residency (first with conditions, then removing those conditions after two years) as a result of a successful investment and petition, which allows you to live anywhere in the U.S.
Planning for your U.S. Immigration goals is best served with the representation by a qualified EB5 attorney, like the attorneys at our law firm.
To answer the question that was actually asked---YOU DO! If you decide to invest "on your own" or with a group that is "not affiliated with a Regional Center" then, you have to have a some form of involvement in the business. That often means that you have live somewhere nearby the business that you are funding. Suppose that you are the owner of a restaurant; you rely on a manager to open and close for you. Great, until that manager quits, dies, or perhaps is temporarily incapacitated--such as in a car accident on the way to open the restaurant. You get a frantic call that YOU need to go open up the business! It may be a temporary inconvenience to you while you promote the asst. manager to acting manager and hand over a key to him/her, but you can't do it from 2,000 miles away. It is possible to be a "silent partner" as long as you have the minimal rights as stated in the ULPA (Uniform Limited Partnership Act) but that is hard to do with a small group of non-Regional Center investors who want you to "share the burdens" with them. Achieving that level of minimal involvement that would allow you to live anywhere in the U.S. irrespective of the location of the EB-5 investment vehicle is easiest when investing through a Regional Center.
Call or e-mail me and I can help you understand how EB-5 really works in practical terms that you can understand.
The EB-5 investor does not have to live in the same state in which they invest in an EB-5 project. For example, our law firm has represented successfully many EB-5 investors from Canada who have invested in EB-5 projects located in states other than the state in which they desire to live.