As a foreign investor who has been there and done that, let me be the first of many on BP to warn you - Detroit is not for foreign newbie investors.

You can use standard depreciation, 1031 exchanges, or cost segregation.

Should I encourage my friend to make this investment happen, even if it is without me (or for a small share of it in exchange for assisting him, finding it, managing, etc.) or just wait for a couple of months until I'm in a position to invest my half of cost but risk losing the property?

When my company sources homes for out-of-state or foreign investors, we usually find the deals off the MLS.

Using roughly the same amount of money you described from a 1031 exchange, I was able to buy two cash flowing properties right here in Denver this month.  

-Tax strategies, such as a 1031 Exchange (which totally blew me away when I read it)-If I stopped working tomorrow, how long could I survive? 

A responsible ferret owner will be supervising them anyways due to the fact that if these little babies consume any foreign objects (which includes anything at all that isn't food) it could result in a costly remedy or worse, death.  

If the property owner intends to reinvest the sales proceeds into another similar property, then they could do a 1031 Exchange.

I've become more interested in two foreign LLCs in my areas that just started buying at the beginning of 2013.

I am currently rehabbing 2 homes for a flip but there is nothing in the pipeline for me since the "all cash foreign" buyer is overbidding for homes.