You need to significantly improve the property (spend as much on improvements as the amount allocated to the building on purchase) and you need to  have a capital gain to roll into the fund.

There's potential for less fraud, and for more seamless allocations of dividends if done correctly.

You have ~$2600 allocated which is just over $100/unit per month. 

Should I allocate the interests accordingly to the two properties?

When the extra income comes in you can allocate those funds to paying off student loans and car payments.

In other words, records must be maintained “in a manner so that the assets of the series can be reasonably identified by specific listing, category, type, quantity, or computational or allocational formula or procedure.”

How much should I be allocating for repairs?

I believe Maintenance/cap ex is higher than most RE investors allocate and that condo HOAs can get maintenance and cap ex cheaper than smaller unit count investors.  

While we lived there, we lived in the larger unit, this unit currently rents for $1,700, upstairs smaller unit rents for $770, not sure if this matters if we have to allocate costs as a percentage of what we lived in?

But if I actually allocated at beginning, I'd at least have a better mental image.