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

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. 

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.

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.

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.  

Sometimes the best way to find the right type of mentor is simply growing your network and going about your business. 

Furthermore, there is likely an Affiliated Business Agreement Disclosure that you'll need to sign. 

One thing to remember is that while BP is amazing, it is a business owned by a VC firm.