Roughly 75% of cash flow to buying assets and 25% paying down debt is what allocation works for my risk tolerance. 

I suspect most high LTV purchases are cash flow negative when properly allocating for all expenses and impacts to income.  

You can expense it but only up to the % that you allocate for business use.

Everyone is busy , yes for sure, but if you can't allocate 1 hour of your day to meet with someone, your lying.

Doing a zero based monthly budget and an allocated spending plan (& using cash instead of plastic) helped us to look at our spending objectively and start chipping away at lowering our expenses.

As I'm investing into the deal as well, just trying to determine what is fair to allocate as the fee for managing the portfolio since the investors will be limited or non-managing partners. 

Of course, finding such a professional with expertise in real estate is a little challenging, but they are out there.Most successful investors use multiple strategies, but that may not be an option for some based on their available capital, age, etc.If I were to choose 100 of my clients at random, we'd probably see 40+ different approaches to income and investing allocation across after-tax and qualified funds.

:)Besides, if the option agreement is seperate, it governs the allocation toward the purchase regardless of fair market rents, the issue does not surface at all.

Though I recently moved my allocation to  some longer-term Vanguard funds and the returns should be sensibly better. 

your adjusted cost basis will allocate gain attributed to depreciation.However, You will never recapture depreciation as long as you do not sell the property.