Assuming everything goes to plan, and the long term lease is secured, I intend to allocate 40% of the cash flow to a vacancy reserve and the other 40% into making the 2nd retail unit more marketable.

Would really really love some advice about where to start, how to allocate etc. 

My advise is not to skimp on using your advisors.From your Accountant you will need advise on - how best to set up the business (new tax laws & state tax laws may influence what is best)- how to price your quotes (how to allocate your costs, both fixed and variable)- what are the costs of different scenarios such as employees vs subcontractors, material costs in different purchase options, etc.Attorney- As tough as it is to think about, you need to prepare for the time that the business needs to be dissolved.

Back of house, which is making sure you are in compliance with all government authorities, tax allocations, build your team (accountant and real estate attorney to start), etc. 2.

Make sure you allocate some funds to capex, vacancies, etc. monthly.

This is also in a location that could be used for Section 8 allocation if the property meets it.I am currently still working with the agent on the details to get everything fully lined out on the property and then will provide more information. 

Yeah it does need a bit of tweaking, no rehab was taken into account because I haven't had anybody go and inspect the property. but from the pictures it doesn't look like it would need any.As far as closing cost goes, I think I have it set at 4% purchase price. what would you recommend to allocate for closing costs?

The property will be cash flow negative at purchase when allocating for all expenses when adding in PM, vacancy, cap ex/maintenance, misc costs.You have a real big range for ARV and no estimates on repair costs.As a buy n hold the negative cash flow will eat at the initial equity until rents appreciate enough to make the purchase cash neutral.

I've always been a data-driven person to know where to best allocate resources for success, so I was wondering if anyone knows of a place that summarizes the different avenues within the real estate industry and any analytics associated with each type.

It’s about permitting new building and needing water allocation.