if you believe people are going to invest money with you in a blind pool, letting you choose the investments, pre fund your potentional deals before you identify them, and then allow you to use "new money" to cover "old money" loses, you are far off base.IF you are able to convince someone to invest in one of your deals (unless it's your father whose essentially giving you a gift), they are going to want to know the property their money is buying, what percent ownership they get for the money vs what you get for finding and structuring the deal, and how the profits, income, or loses are allocated.  

They also recently allocated $4.5M to the audit group to increase audits of sales taxes paid.

No pm allocation implies you are not getting paid for your effort.  

My question is...how much should I allocate/factor in for Cap x and monthly maintenance on a new construction?

If you are doing flipping, an LLC would be very beneficial as could have the dealer status allocated to it, and not to you personally.

Due to the fact that all CapEx items are new and the property was fully rehabbed, the money I'd allocate to maintenance and CapEX would be a tad lower.

I will run my numbers with and without this allocation, but including this will result in the most conservative approach.

Would like to see the clause on how the payment is allocated in what order and what happens if rent is short.(3) Someone had a tenant in jail.

The JV agreement would spell out the revenue and expenses allocation and how the deal is wound down. 

If you do not use the funds, you will just have to pay the interest every month to keep the line of credit active.As for cash out, you can draw up to 80% for primary and use the funds to allocate/payoff your debt.