From there I’d save double the amount in reserves for the following three months after purchasing and then allocate a certain percentage to reserves every month thereafter (depending on age, size, and other details of the property).

My plan is to use my high income as a dentist and dental practice owner to allocate a majority of my money towards MFH.

The portion that is allocable to the business of renting the 2 units may be limited by a computation similar to EBITDA.

I have already over allocated my time:Currently doing home renovations at home, by myself, rather than hire it out. 

Mind you, I work full time and I am in a graduate program so I have to be very intentional with how I allocate my time, but I would like to up my time spent on this to 10 hours per week, or 1.5 per day. 

You can also allocate your proceeds in any way you want. 

You do not indicate the number of bathrooms or square footage, but I suspect 2 times that amount will be closer to reality (my pro forma would allocate even more). 

Expenses need to be allocated between the two.Read this blog post: https://www.biggerpockets.com/blog/2016-02-21-tax-implications-house-hacking

The rental property is securing the loan but you allocate interest based on where the money is used.Think about it logically, why would you be able to take a cash out refinance, then use the cash to take a vacation or some other personal expense, only to claim the interest as a business expense? 

That leaves nothing allocated for the other costs.I suspect you are going to find it difficult for someone to accept a cap rate evaluation because 1) their financing will not be based on a cap rate evaluation 2) you do not have the actual NOI that would allow a cap rate valuation.The cap rate valuation is not likely to work even if you had NOI because this RE does not require commercial financing.