@Guillaume Vidallet no matter what state you create an LLC in, all other states will require you to register any LLC that does business in their state.So, you buy a rental in Michigan and place in an LLC, you'll have to register that LLC in Michigan. 

I have a some of high interest debt I used to start my business along with some personal debt I would like to pay off.

They are very win win oriented and they say each lease is unique and creative it different ways because each of the 130 businesses there are in buildings, factories, hangars, and shops all located on federal ground.

I always recommend that you have significant cash before buying as real estate is cash intensive business

Speaking from the Arizona perspective, we are experiencing continued growth, attracting lots of new residents (Californians choose Texas and Arizona as their top 2 places to move).Here's an economic forecast:https://www.azcentral.com/story/money/business/economy/2019/12/11/arizona-state-university-annual-economic-forecast-predicts-slower-growth/4398074002/Not sure where you are getting your "low rent" thoughts, maybe compared to CA.

Advice: Like others mentioned, I would launch as soon as possible despite business of the year. 

I’m also aware there could be tax advantages to running a rental business, which could help offset the shortfall.I’ve had experience with short-term rentals in the past, but I found them to be a headache.

If these groups are significant, it suggests there’s pent-up demand that could enter the market when one of two things happen:Rates Drop - Rates fall to levels that allow more buyers to qualify for the homes they want.Buyer Expectations Shift - Buyers realize that 5% rates aren’t coming back soon and decide to move forward.Based on the increase in activity I saw in Sept and Oct in my business, when rates hit low 6s, I'd say my market has plenty of pent-up demand. 

Hey James, I'm sure you've found a solution by now considering this post is 2 years old, but for future reference here is what I have found as far as software solutions for managing a handful of rehab projects at once.Construction/Rehabbing Specific PM Software vs Generic PM SoftwaresWhen choosing your software solutions you will need to decide if you prefer a house flipping software that is specifically built for managing a house flipping business or use a generic project management software.  

I’ve seen this with small business owners that all the sudden end up in a cash crunch a few months into the next year.