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.

I am unmarried, very frugal (only spend on investing, necessities/essentials, and travel), and I recently bought a house worth approx $320,000 at a 5% interest rate (with $5k in equity already) - I used an FHA loan as I plan to live there for a year, refinance into conventional, and then move on to my next investment.For my next investment, I am unsure of which is wisest considering the following: I currently owe $85k on student loans, my salary is $85k/year (not including EOY bonus), I have approximately $52k invested (stocks, index funds and CD's), no credit card debt, and no car debt.

You can take all of that depreciation over the shorter lives, or even take it all up front in the first year with 100% bonus depreciation.What you said:He also stated that whatever funds I received from the accelerated depreciation, I would have to pay only remaining years of the depreciation if I ever sold the property.