Separate from the lack of necessary information, I'm not aware of any market in this country that can support the costs of ground up construction, particularly in the scale you are envisioning  where 2 bedroom units are renting for $1400 without significant subsidies. 10% max cost as a percentage of asset value on completion is a good rule of thumb. that is how we underwrite every market. 

Clients in the mountains outside Denver and outside Colorado Springs get at least a higher percentage of bookings from VRBO.To me, that's always been the case -- cities are more Airbnb, resort areas (mountains/beach) are more VRBO.

So if a listing agent wants to get a home sold and get the most eyes looking at the home in person, they'd be wise to keeping offering a coop percentage.

I have never been a LP on something this small, but on bigger projects the GP charge an acquisition fee and mgmt fee, but their profit share is no where near 50% (possible exception for far exceeding projected return then GP get larger percentage of profit above the expected return.I am unable to tell the GP capital commitment. 

I'm looking to figure out a rough estimate on the percentage that can be used for bonus depreciation if I were to purchase in this area.

Crunching rough numbers you need a significant percentage of depreciation in that first year to offset not only your tax liability but also the income of the property. 

There are a very select few who will allow use of the entire lease or a percentage of the difference if the leases have been in effect and you can show payments received for at least 3 months...  

Census data - median household income, employment stats, bachelors degree percentages, crime, vacancy rates, appreciation2.

In that scenario, you would pay PMI for the life of the loan regardless of your equity percentage.

In this strategy, all parties have a vested percentage of ownership in the deal.