However if you’re in a municipality that charges for storm water, how does that get allocated between two metered water accounts?

It does come down to your goals, your time to allocate, your business sense, your ability to bring or raise capital, and what you are trying to accomplish.I am personally not a fan of short term rentals, as it appears regulations in many cities keep making it harder.

But even more importantly you can allocate your proceeds any way you want. 

The plus is you will save money on underwriting fees, and they allow those lower loan amounts 50k allocated.

Thus, I advise all my clients to allocate some extra funds towards the month 18 re-amortization because you are not guaranteed to get the full 26% at year one.

BTW, now a majority of our clients are not capital allocators but sponsors doing their own deals as they like the investor experience and significant savings vs doing one syndication at a time.

I do not work with investors who created a partnership and want to allocate income/expenses for a property, mortgage, insurance in a personal name.Way too messy.Best of luck.

And, as a Condo project everyone is sharing in the water bill by allocation of the HOA fee which should be increased if common area expenses have risen.

Generally I'd recommend not living in any of your investment properties regardless of whether you have a business partner or not just so that you don't have to allocate all the expenses between business use and personal use. 

This extra cash flow can be reinvested into the property, used to pay down debt, or allocated towards other investments.