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. 

IE if all 10 partners receive a straight 10%, would be alower fee than if there are special allocations of any kind.Without knowing any other information, at the firm I am at, $2,500 would be a reasonable fee for a real estate property with 10 partners.

What they are producing is being allocated to health care.I realize they are telling people that masks don't help or are not needed, but much of the reason for that is to keep people in low risk situations from buying them.

Yes it is possible with an aggressive allocation but that carries more risk. 

One big reason that institutional investors allocate a portion of their capital to real estate, is that it doesn't correlate strongly with the stock market.

With that said, my question was more in terms of time allocation and personal success you've seen leveraging each different channel so we could all learn what has worked for others and get more efficient together.

There is no way with proper expense allocation (especially maintenance/cap expense allocation) that this will produce anywhere near $400/month positive cash flow.Analyze the appreciation outlook. 

If you are going to allocate the costs without a cost segregation, I might suggest requesting more detailed invoices.

Doing it this way may delay maintenance issues from getting addressed but you will have a bit more control over where and when your money is allocated.