Once you file a 4562 with a certain land allocation can you then file a 1040x to amend the land allocation if you think you allocated too much of the purchase price to land?  

. - thanks for the breakdown on how rent allocation is viewed.

Having an idea of how long a job should take and the level of knowledge (skills) to get it done can tell you about what to expect to pay.Understand too that a contractor has "lead time" in preparation for a job, getting the tools loaded, job assignments, phone calls, letting sub contracts and accounting can be of the allocation to a bid price.

These are usually cheap (.5% expense ratio or lower) and are a great place to park your money, until you read up some more on asset allocation and low-cost investing.

Once you figure out how many hours you have, you will now need to sit down to figure out how to allocate that amount of time.

Since this is being done within an LLC (as it should), and since there are different classes of membership interests (2 that I can ascertain), there are multiple factors to work out, some of which apply even when there's just one class of membership interest:How initial capital contributions, for each given class, are booked.How subsequent capital contributions, if any, for each given class, are booked.How member loans are booked.How each member's capital account will be handled pursuant to Treasury Regulation §1.704-1(b)(2)(iv), and how reevaluation of said accounts will take place per Treasury Regulation §1.704-1(b)(2)(iv)(f), to conform with §1.704-1(b)(2)(iv)(g).How distributions will be allocated, including profits and losses, along with any resulting adjustment of percentage interests.How tax allocations will be handled - and if the book value of any company property is adjusted per Treasury Regulation §1.704-3, how that affects member allocations.I have not even covered every item that must be addressed (including voting rights, depreciation allocation, cash flow vs liquidation allocations (as in "when we sell a property - who gets how much of the appreciation, but what about the recapture, etc, etc.")).Insufficient information... and it's time to meet my wife for dinner.

I am already involved with real estate in many different ways but I've got funds I'd like to allocate to buy some tax liens.  

The article above is a great read if this is your goal.The trouble with the article is that it assumes an asset allocation strictly made up of stocks and bonds and analyzes that over various periods with varying mixes.  

Matt, I'd like to know how a single member LLC saves taxes beyond allocating operational expenses which can still be done individually, any twist there?

That is sort of a big swing and miss in my book and while folks make their own destiny, it seems blame can still be allocated, if not whole at least in part, to these programs.As far as the mentor thing, to some degree that is guru magic speak for finding someone who knows more about the asset and industry than you.