I've had success cutting the contractor in on the profits- you can do that in many ways, but for example- they get a bonus for finishing on time and they get less for dragging it out- say $50 per day past the original completion date.

Just the bonus income alone is 1.5x more than the average family earns in a month.What excuses are you hearing from your tenants?

However I've learned about the tempting tax incentives in US like bonus depreciaiton, material participation for active income deductions, etc which I think is more limited in Mexico.

Time to watch the bonus content.

Most softwares are free to landlords as well which is a bonus!

My thoughts are that true wealth comes from appreciation, cash flow is only a bonus and if I put it into the stock market instead I wouldn't be making cash flow either (besides what's likely very little in dividends). 

Bonus - Going back to my 1st point, I think you may have a hard time finding cash flowing 1 family homes here in Northern NJ due to the high taxes.There are several other benefits but I don't want bore anyone ;) - Although as you mentioned in some cases single family renters may be a bit more caring for the property, this is not always promised.

OT and bonus income has different guidelines to count the income 

You also wouldn't be able to benefit from things like bonus depreciation. 

Some know they can rent quick and for more so they are ok with collecting the security as bonus.