A forensic cost segregation study will establish what costs will qualify for 100% bonus depreciation and is the only way to properly identify and allocate these building and land components.In-service date is vital: For newly constructed property, it is important to understand when the original and binding contract was entered into between the owner and the general contractor/builder for construction, as contracts entered into prior to Sept. 27, 2017 will not get 100% bonus even if the property is placed in service after Sept. 28, 2017.

Especially not us tax professionals.Here is an article by the universally respected Tony Nitti:https://www.forbes.com/sites/anthonynitti/2020/05/16/sba-releases-paycheck-protection-program-loan-forgiveness-application-a-deep-dive/Quoting, emphasis mine:"...the IRS took the shine off that “tax-free forgiveness” by recently issuing guidance that applies a decades-old tax principle to PPP loans; a principle which provides that expenses “allocable to tax-exempt income” are not deductible by the payor.

Personally, I would consider adding some value add allocations to the mix.

applying to the state for rental relief from defaulted tenants seems more realistic, but from what I see in the northwest the funds that will ostensibly be allocated by the states are anemic relative to projected outstanding rents.

I've had them combine it with purchase price- and then essentially allocating a portion of renovations to the land value because they kept it togehter before allocating. 

Thanks Randy.I suspect you've already done this, in case not: before looking at any platforms I recommend taking a step back and figuring out how much of your portfolio should be allocated to real estate.

I would also not go the gift route, for reasons already noted.While there is no formal LLC agreement, the IRS will respect income allocations that reflect the resulting economic impact of the deal, so regardless of whose name it is in you can treat this as any other partnership and file a general partnership / limited partnership return which reflects the actual income and economic impact.

Once you have properties, and you incur expenses that is not specific to one properties, then you can allocate the expenses between other properties such as website expenses. 

I was hoping to download transactions from my bank (PNC) and then I could allocate the transactions to the correct property/tenant/unit/expense, etc.  

Part of the purchase price can be allocated to that lot.