Do not allocate more than 10-20% into one investment3.

The portion allocated to qualified use is tax free. 

I am looking to allocate a portion of my investment portfolio into cash flow focused properties.

So $163k in extreme overconservativeness (taxes) and miss allocations (reserve).

I see no allocation for PM.  

The farmers were getting less and less allocations to grow food because of overpopulation and wild life wet lands were getting drying and dryer.

In this universe, which I classify as groups writing $5mm checks+ and allocating in the tens of millions per year, they do not follow sponsors for years.   

I've seen investors allocate 5-10% for capital expenditures (capex) and vacancy, but you won't have a clear understanding until you've owned the property for a few years and established a track record.

Buy the same amount(in regards to downpayment allocations) in debt notes.

California has allocated more than $20 billion to alleviate the state's homelessness crisis since Gavin Newsom became governor in 2019, but there's precious little data on how the money was spent and what effect it's had, other than the number of unhoused people has continued to climb.