Before getting to which investment, you may want to take stock and address other fundamentals first.Ensure that you have adequate umbrella coverage for the new (and existing) net worth and amounts above that.Get a will.Maximize tax deferred retirement contributions.Ensure that kids education is taken care of and take advantage of tax deferred accounts.Make sure that you have adequate life insurance, if applicable.Pay off any high rate debt.Make sure your mortgage is at a market rate and, if not, refi.You may have an allocation of your savings among various asset classes (stocks, bonds, real estate, other).  

We're in no rush and want to ensure we're strategic about allocating investment dollars.

Each month 20% of the campaigns would be allocated to a different manager, to see if the new one could outperform the current one. 

If you're looking to be passive then maybe a portion of your funds should be allocated to a DST but only you know what you're comfortable with.

You can allocate your proceeds any way you want. 

Most folks feel comfortable at any period more than a year.You can allocate the proceeds from a 1031 however you want, you just have to make sure to buy at least as much as you sell and use all the cash proceeds to do so (this is if you want to defer ALL tax).

When it comes to real estate investing when you are not just starting off with enormous wealth to allocate, the game from my knowledge and experience is to be patient, take a slow and steady approach, and trade up as you indicate you are doing.

Then, you can determine how much you need to allocate each month to budget for potential repairs.With apartments, you have economies of scale.  

It is just an allocation formula that sp,it's the water bill up among the residents.

Hey ChaimRepairs/Maintenance are accounted separate from the CapEx allocations when I underwrite....not sure if you were combining the two or if I may have misunderstood your statement.Anyhow...the reality is the Maintenance/Repair percentage is more than likely somewhere in the middle of the Seller's reported 2% and your projected 10%, but as Brie stated, it really depends on the condition of the property, how diligent maintenance repairs have been performed and the quality of the tenants in the building.Good luck!