My question is around what is the best way to allocate personal expenses which occur in the LLC's I do not own 100%.For example, when I flew from MSP to SEA to look at several deals I closed on with my business partner in my 50% LLC, I incurred deductible airline expense.  

The lease will need to discuss financing and how the rental payments are allocated re: interest/principal.

That'll help your cash flow since you are allocating $52/month for vacancy. 

Why do you allocate value-ad multi/SFR/new-builds?

Usually, tenants must simply work among themselves to allocate funds, and as landlord, I simply handle full payout.  

We travel 60-90 days per year and allocate an always variable amount of time to grow our REI ventures.  

Although, there are of course some important differences to consider when valuing raw land vs. a redevelopment property.When redeveloping a property, there is often less risk involved in the pre-construction phase than the risks involved in a typical raw land development (ie. entitlement risk and timeline, servicing costs and timeline, water/sewer allocation availability, geotechnical aspects of the land, uncertainty as to the number of professional reports required, etc).

It might be possible to structure the sale and/or 1031 Exchange inside of the partnership and apply special allocations, but there are risks with special allocations. 

***Ok ill be glad to talk you thru this BUYING SMART part, on the phone...you will be amazed at the knowledge and power you have to buy SMART once you activate your Brokers License.Ill send you a colleague request and we can talk any Tues or Thurs-- i allocate those days for helping beginner investors.

I calculate that with $250 per month allocated towards repairs and CapEx, $100 per month for vacancy, the $590 per month in utilities insurance and taxes, and about $160 for a mortgage payment ($25,600 at 6%), I would still cash flow almost $300 per month.