(The portion not allocated to land)If you depreciate that for 10 years @ $13,638/yr for 10 years. ($136,380)Your new basis when you sell is $491,000 minus $136,380 or $354,620.  

If you need to build reserves after acquiring the property, allocating a portion of the rent towards reserves is essential, aiming for at least 10-15% of the gross monthly rent until you reach a comfortable level, ideally 3-6 months of rental income.

Be able to answer questions regarding average price points, rental rates, new developments, local policy change, population density, job/business allocation or relocation, etc.

My underwriting (which I suspect is more conservative than most) shows $14.5k/month cash flow after allocating for all expenses. 

Raising equity, learning to become a property manager and fund manager simultaneously, and balancing the risk between asset allocation, core returns, and density of portfolio. 

Each regulation a+ will list how money is allocated and the fees.

Or you would work with your accountant to dissolve one or both and leave the property in one LLC with the same membership interest allocation.

Since you can allocate those proceeds any way you want, one of your purchases will be for cash. 

Of that 50M, 25M was allocated for the construction of a new recreational faculty that has since been completed.

., When you purchased the 4 properties to complete your 1031 exchange your accountant allocated the basis (and profit) from your sale into each of those.