Solution for "Cannot complete action. Try again later" error while activating ListInstance in sharepoint

Each ListInstance in ListInstance.xml file must contain "FeatureId="00bfea71-e717-4e80-aa17-d0c71b360101"" to avoid this error. 

Basically, your <ListInstance> node should look like as shown below;

    <ListInstance
           Title="Requirement Management"
           Description="Requirement Management"
           Id="A26D9F72-5F3B-477d-8E43-CB20698BC669"
           TemplateType="101"
FeatureId="00bfea71-e717-4e80-aa17-d0c71b360101"
OnQuickLaunch="true"
           Url="Requirement">
    </ListInstance>

The feature ID listed above is the FeatureID of the a normal (OOTB) sharepoint feature. This is required to find the TemplateType 101; which is a default doclib.