^Latest major policy change was 31-Dec-2016 visa-exempt entry now limited to 2x per calendar year by LAND, but by air no stated limit, and it's 30 days by air or land (before most just got 15 by land). But yes you can now do consecutive visa-exempt entries. Back to back tourist visas also no stated limit of consecutive times, at the discretion of your friendly consular visa boss.
Allow around 60-90 minutes for simple border hop. There is 8am bus arriving 1230 then one coming back at 1400, or take the next one to allow more relaxed pace.