Land is valuable as I could purchase a new mobile home and install and less costs since utilities are already on the land. 

Hopefully someone with tax accounting knowledge can jump in here with more detailed analysis, but I looked at this a bit several years ago...1) You still have to pay the depreciation recapture on the sale decreasing the net benefit of this approach due to the large tax payment in the 'sale' year2) The LLC would need to not be a passthrough entity so that it can be taxed separately from you, so you have to add another tax return cost for the years going ahead3) Taxing it separately from you likely means corporate status and corp. taxation rates which are higher than yours and I've heard many times over the years to avoid titling real property as a corp...Overall from what I've seen this only makes sense in a select few scenarios, which for most people aren't in play. 

DSCR could be a good option if you are refinancing quickly and if the value is higher than your cost basis.

By creating the Texas Stock Exchange, Lee hopes to address the high costs of going and staying public.TXSE closed its initial capital raise at $161 million, which the company claims makes it "the most well-capitalized exchange" to file a registration.

If comps are scarce, you might also consider the replacement cost approach, looking at what it would take to rebuild and adjusting based on market conditions.

Additionally, S-Corp compliance costs (payroll, tax filings) typically range from $1K–$3K annually.

I'm in the San Francisco Bay Area and my FIRE number isn't $15k a month (with kid costs it is but I wouldn't be retiring early/quitting W2 job with child costs).I don't have much feedback on Michigan but I do agree with affordability with California and Florida and insurance costs, people may be moving to the Midwest. 

Since you're new, start by narrowing down a strategy—house hacking is a great way to get started with low upfront costs.

What's the location, purchase price, expected Reno cost, ARV, etc.?  

I agree with John, we are seeing renovation costs of $150k- $200k for a basement unit and $250k + for a coach house.