Her D-to-I is high due to the purchase of our primary home and with us starting to supplement her W2 income with 1099 income.

This may not apply to everyone, but it does show that great deals can still happen and there's still power in house hacking! 

Asset depletion/utilization loans with no income docs for primary are going to carry a higher rate like @Erik Estrada mentioned, but this seems really high.

There are DSCR based seconds available for investment properties, however the rate and fees are high. 

How are the property taxes in Nevada; fair, high or low? 

The price seemed reasonable but apparently it is too high.

Being a builder, my first thought goes to the construction type items: Tile or wood floors, vinyl shower kits, high quality wall paint like Behr Marquis, solid wood furniture, good appliances not cheap rental ones, easy to maintain yard outside like DG, artificial turf and gravel. 

Do like any wholesaler and market to high equity properites in you "buy box".

Not to mention the paperwork pain involved with each claim Any thoughts on just not having any insurance at all, or just some sort of liability and really high deductible ?

Market the property effectively: High quality photos; video; competitive buyer agent compensation; marketing to agents via email, social media, broker Open houses; etc.You and your agent may already have this covered!