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.

Then the arguement is of cash allocation can you make a higher return on capital by paying off your mortgage sooner than investing in _________.

You will need to read them and do some math, but this would allow you to calculate costs and evenly allocate them if they go 50/50.

You're monthly allocation of "roof future cost" doesn't happen when you want it to, it'll rear it's ugly head when it wants to.

Being able to pick their brains is always helpful, both their successes, red flags, war stories, etc.And as Jonathan mentioned, the very first step of actually taking action is knowing how much money you have to allocate to buying a property, fixing up a property (if needed) and how much a bank will lend to you.  

I think that is their largest single asset/stock allocation actually too. 100k sounds lofty.

Changes some of my answer below, but here would be most of the types of transactions you would have in these accounts and between them.Property transactions would be: all property specific rents and expenses, allocated expense transfer to the master LLC and transfers to master LLC bank account for profit AND/OR property management fee.Master LLC transactions would be: Shared expenses going out, reimbursements/transfers from properties for their allocated share of those expenses coming in, the transfers from your properties deemed as profit AND/OR property management fee and then transfers to your personal accounts deemed as owner distributions.Other transfers that could occur is if the master LLC needs to transfer to the properties for capital expenditures above and beyond the reserves you might leave in their accounts.

As long as the aggregate net purchases are at least as much as your net sale you'll still defer all tax.The other consideration is that you can allocate your net proceeds in any way you want on those multiple purchases. 

It represents allocation of the sales price when they sold this property later on.

Imagine you bought a property for $2M.The land (excluding any structures) is valued at $400K.Since land is not depreciable in the eyes of the IRS, we subtract the land value from your purchase price to get your depreciable basis.Your depreciable basis is simply where a cost seg engineer starts from when allocating your eligible assets into either 5, 7, or 15 year property.In the scenario above, your starting basis would be $1.6M since your basis = your purchase price - the land value.Having an accurate land value is essential to getting your depreciation/bonus depreciation calculations right.This is the starting point for any cost seg study that you do.