Have your portfolio or net worth allocations follow your knowledge. 

A partnership was later established which has allocated income and expenses from the operation of the rental property via form K1 back to the tenants-in-common who have owned the property all along.

I have a Limited Partnership agreement that seems fairly concise and addresses provisions such as: formation, partnership business, rights and duties of LP and GP, partner contributions, capital accounts, LP/GP withdrawal/replacement, Tax allocations, GP compensation, transfer & encumbrance of partnership interests, death/incapacity, dissolution/termination.Our intent is to purchase and rehabilitate SF/MF properties on our own and also as partners with at least one other investment entity on larger deals.How have other BP members addressed a similar scenario?

Will Y’all be converting the Units to Individual Metering…How do you allocate space for Monument Signage…How does Conversion usually affect the Existing Parking and Drive Areas currently in place…Do the Conversions typically have room to provide even minimal Yards…Is Sound a problem between Common-Wall Units?  

Like how to allocate rent for a home that is acceptable for HUD, repairs cost if any, home requirements, locations of the home ect...

Hey Benjamin, The difference between the target date fund and the other index funds like VIIX is all about Asset Allocation or where the dollars are invested. 

You would want to allocate expenses on a sqft. basis. 

You could set up and LLC and state in the operating agreement that all profits and losses will be allocated per the capital contribution of each member/partner.

Make sure you allocate extra funds, maybe $50-$100k for demolition and removal. 

I like to use subaccounts when using equity accounts for draws and allocation of net income/loss each year, but that's for a different post. :) Hope this helps.