Allocation of ~60% into multifamily including manufactured housing, and senior housing, A and B properties, existing assets, value add and core plus strategies. 

My state is allocating substantial COVID relief funds to mortgage and rent relief programs, so that will reduce defaults in my market.

@Adam Bileckyj - Depends on how much money you are looking to allocate.

But you can perform a 1031 exchange when you sell the building and purchase new investment property with the investment allocation of the old building. 

Roofstock enables its investors to treat their real estate investments more like stock portfolios, focusing on asset allocation, rather than researching and buying vacant homes that need to be repaired and leased.

Guidance line means they are allocating that capital for my projects annually.

You might want to check with the county to see if they'll let you pull a permit as an owner / builder or you'll need to allocate some expenses for a licensed contractor to handle this for you.

However, this can be minimized by keeping the property for 3-5 years after the cost seg study was performed as well as allocating more of the purchase price to real property rather than personal property.Are you or your clients utilizing these tax credits and incentives?

Since there's nothing I can do about that type of risk, I'll focus on what I CAN influence.Diversifying geographically and amongst asset classesOffering multiple investment opportunities with differing strategiesEncouraging investors to invest in multiple offerings instead of putting their entire allocation into one (and to invest with other sponsors too)Understanding that risk increases when I stray further from my core competencies, which means I need to bring in expertise or take the risk myself with my own funds before accepting investor fundsRecognize that properties have flaws, and don't ignore them to make the deal work...if the flaws make the deal un-doable, don't do the dealWatch economic indicators to seek clues to future market conditions and react before everyone else figures out what is going onExercise discipline, don't get caught up in bidding wars that put your successful execution at riskDon't accept unsuitable investors--they must be utilizing risk capital.  

However, for other costs -- property taxes, mortgage interest, repairs, maintenance, cleaning, insurance, utilities, and yes, depreciation -- you must allocate them based on the amount of time the property was rented and the time it was used personally (using the total number of days the property was used during the year as your denominator).