You can use Cost Seg studies to help take advantage of bonus deprecation. 

I’m also finishing a part time masters in real estate from NYU (separate conversation as to why I’m getting a masters) and it’s given me additional exposure, but always good to have the search handy!

Domestic team being the two of us, we share the same $16k cap, reduced monthly fees, and all our collective transactions count toward the same stock bonuses.  

Again, I know its not certain but at least one that it will be plausible.The last thing is only as a bonus and that is that the state will have laws that are over seas investors friendly.

We are narrowing down to a select few for the in person showing in order to limit traffic exposure but if all things being equal (background check, credit check, personal connection, etc.) would it be proper etiquette/legal/ethical/moral to do/allow for a bidding war as we have all frequently seen during high demand home purchases?   

If I get at least a little bit of an unexpected bonus from time to time, I don't get FOMO

The only time below ground makes sense is if its bonus income as an illegal unit for a multi. 

Location isn't crucial, although in or around Tucson would be a big bonus.

Politics aside, I'm wondering what suggestions people have to reduce exposure to nonpaying tenants.

Your lender, consultant, contractor, realtor - it's important they have exposure to these loans, or in the very least a great track record in every other part of their business.