His whole business seems shady as all get up.

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.

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.

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.

@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. 

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. 

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

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

I'm new here and I have spent a couple of years studying real estate investing strategies.

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.