Layer the bacon in the air fryer basket. You can overlap the slices a bit because that bacon is going to shrink and shrink.
Set your air fryer to 400F for 10 minutes. You should have not have to flip the bacon at all.
If you use very thick bacon it will take longer. In contrast, thinner bacon will get done faster. Many times I find turkey bacon cooks up in about 7-8 minutes so keep an eye on it from time to time.
Remove the bacon on to a plate covered with paper towels, and let it drain.
You can carefully pour the bacon grease from the foil sheet into a mason jar.
To reduce smoke when cooking bacon in the air fryer:
Water. Put a little bit of water in the bottom pan/basket of the air fryer. You put some water in it, you put the bacon on the rack/grill part of the basket, and you have at it.
Bread. Place pieces of bread at the bottom and let them soak up all that lovely grease!
Foil. I would not recommend parchment paper if you plan to use the bacon grease, as it is very hard to pour it out of a sheet of parchment. You are better off using foil to gather than bacon fat instead.