In a 4 plex (one 2BR unit and the other 3 units are 1BRs), where in the lease agreement I have explicitly stated parking allocation is one parking space allocation per bedroom. 

End of story.On a triplex with two 1/1s and one 2/1, I have seven parking spaces, I have never assigned spaces, although in the lease I stated the parking space allocation is one space per bedroom, and the rest is guest spaces, and I reserve the right to assign spaces in the future.Now, even there are seven spaces, that's not seven single spaces. 

My thought process is I rarely use the 5% allotment for repairs or the 5% alloted for vacancy of the GRM I allocate over my entire portfolio. 

This question is very situation dependent, but I'd recommend allocating that $200,000 over 2 different assets.  

You do not do a written budget A budget is simply a written allocation of your money before it's been spent.

It will increase cash flow, reduce leverage, and the only downside is that the total asset value would be 50% lower, so I would get appreciation only on $150,000 and not on $300,000, but overall in the grand scheme of things I think it makes more sense, rather than scraping $100 a month but feel like you're fully optimized and every penny allocated according to the spreadsheet.I also realize everyone's risk tolerance and situation is different, if I have to sum it up this situation to me feels like a no brainer because numbers wise (trust me I ran the numbers) - cash flow would remain the same (assuming I went on with cashing out and buying more) but with lower debt so more room for error, and where I am "missing out" is debt paydown which again, with these rates is really insignificant, and appreciation on a higher total amount of assets, which I'm happy to give up on for the time being and swap it for greater peace of mind.What are your thoughts?

." - Albert Einstein.I believe every portfolio should have a significant portion allocated to real estate.

We calculate that upfront - for example, if the kitchen appliances are old, even if they're working, we allocate a budget for it as part of our renovation budget.

You will simply pay the tax on the part of the gain that was allocated to the parcel you sell plus any new gain.You can subdivide and build on that property immediately. 

Atlanta tried to clean up a disadvantaged part of town by building the Brave's stadium, and it didn't help they failed to allocate enough funds to clean up the surrounding neighborhoods.