InvalidBasesError: Cannot resolve bases for [<ModelState: 'cms.PageUser'>]

If you get this error:

django.db.migrations.state.InvalidBasesError: Cannot resolve bases for [<ModelState: 'cms.PageUser'>]

Then the problem is in 0001_initial.py migration of django cms. This migration try to refer to migrations of User model:

class Migration(migrations.Migration):

    dependencies = [
        ('auth', '__first__'),
        migrations.swappable_dependency(settings.AUTH_USER_MODEL),  # refer to migrations of User model
        ('sites', '__first__'),
    ]
    ...

And doesn't find, because there aren't migrations yet for our model of custom user. So before the creations of migrations you need comment djangocms_text_ckeditor and cms applications in settings.py:

INSTALLED_APPS = (
    ...
    'django.contrib.auth',
    'my_custom_auth',  # our custom User model
    ...

    # 'djangocms_text_ckeditor',
    # 'cms',
    ...
)

Run makemigrations:

manage.py@my_project > makemigrations

Migrations for 'my_custom_auth':
  0001_initial.py:
    - Create model User

And then remove comment for djangocms_text_ckeditor and cms applications. That's all.