(Sidenote, cattle inventory in the US is at an all-time low and now we are shutting down imports from the south because of a parasite "new world screwworm") - so I guess my steaks are going to go up no matter what. 

The big picture is what matters.

If it’s rental property do you seek amenities in the locaton or that doesn’t matter.

It doesn't matter if there is no home inspection contingency, but if there is, Buyer and Seller negotiate the items.

Of course, to complicate matters (and here starts my dilemma), I am also rebuilding on my primary residence.

Metro areas in AZ for that matter are along the same lines. 

Quote from @Chris Seveney: Quote from @Jay Hinrichs: few things if these are sold to homeowners were the dodd frank rules rigidly followed when you did these.if they are sold to investors then DF doe not come into play.while credit and such matters keep in mind note buyers will want a 12 to 20% or more annual return..

Rent is paid in full, doesn't matter where it comes from. 

If what you need is an investment-focused lender or broker then it does not necessarily matter in-state vs. out-of-state.

@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.