If you did, just have your CPA allocate the costs to the different components that were updated.

A soft lockbox, is after you received your income generated from your property you can allocate the excess funds towards distributions to your partners, maintenance etc. 

Whatever is allocated to the STR part, assuming you pass material participation test, will be allowed as a deduction.

There can be a situation when investing in a partnership where you are allocated taxable income from the partnership where there was no distribution from the partnership.I.E.

Track record is everything.As far as allocations...invest in what you know best.

The one you mentioned is a great example of what we are going for and extremely similar in the distances and ratios (ours will have smaller units, which would typically be allocated no or a tiny yard anyhow).

Why allocate $320 for 6 months when you could simply allocate $65k and let the bank do the rest?

If not you could have normal usage just more tenants using volume each month.After that HOW is the water allocated?

@Tiffany Shan Mint - Doesn't 'poke' you to allocate your expenses and sometimes it's automatic allocation isn't right, so you have to audit it often.  

However, I believe you'll find that FHA-approved Lenders will NOT allow any rent proceeds out of your current primary to be allocated towards your Income, UNLESS you're moving at least 100 miles away!