is this a long-term play or short term?   

NOT POSSIBLE....

I know I'm getting the tax benefits of depreciation, the minimal positive cashflow, and the appreciation on the property, but It's pretty much a long term play of slowly raising rents annually to increase cashflow, which will eventually get basically reset when my loan goes P+I in 10 years.

thankyouseparate question on Tariffs possibly causing trade war and inflation and higher 10yr yield and cap rates?

Turning a "SFR 3bed / 2bath with a bonus room" , into a 4 bed / 2 bath with the simple addition of a closet, is one of my favorite value add plays. 

It's unclear on how that plays into your question about taxes.

I just had tenants move out of my investment property (duplex) without paying for the last month's rent, and the damage they inflicted onto the property exceeds their security deposit amount. Security deposit will tak...

These areas could all be excellent long-term plays.

Personally, I would never live in PHX, but that is all personal biases (I prefer seasons and greenery), and clearly lots of people choose to live in PHX.At the end of the day, I would argue market selection almost only comes into play when you are talking assets that cater to institutional buyers that have to get investment committee sign off. 

Umbrella insurance will never come into play for Property damage (fires, storms, floods, etc.)It is liability coverage only.I'm an insurance agent and have seen umbrella claims from fatal car and boat accidents.