I've seen investors allocate 5-10% for capital expenditures (capex) and vacancy, but you won't have a clear understanding until you've owned the property for a few years and established a track record.

Always account for the costs of upcoming capital expenditure items in your purchase price.

Always account for the costs of upcoming capital expenditure items in your purchase price.

Since this would be my first property, I'm assigned 10% for each repairs & maintenance, vacancy and capital expenditures (just in case). 

If CA splits into 2 states, which long has been a concerted effort to do and dang near happened most recently, oh-man S.Cal is in trouble because it's 80% expenditures and 20% revenues I have read. 

The 1031 exchange would allow you to indefinitely defer all of the capital gains taxes and use it to purchase multiple newer properties with lower capital expenditures, in a better market. 

I do track the progress of savings/expenditure and hope to someday see a savings someday.

Repairs vs. capital expenditures.- Find out how long the provider has been doing cost segregation studies and how many they have performed- Consider the resources available to the provider.

Repairs vs. capital expenditures.- Find out how long the provider has been doing cost segregation studies and how many they have performed- Consider the resources available to the provider.

Changes some of my answer below, but here would be most of the types of transactions you would have in these accounts and between them.Property transactions would be: all property specific rents and expenses, allocated expense transfer to the master LLC and transfers to master LLC bank account for profit AND/OR property management fee.Master LLC transactions would be: Shared expenses going out, reimbursements/transfers from properties for their allocated share of those expenses coming in, the transfers from your properties deemed as profit AND/OR property management fee and then transfers to your personal accounts deemed as owner distributions.Other transfers that could occur is if the master LLC needs to transfer to the properties for capital expenditures above and beyond the reserves you might leave in their accounts.