Be sure to look into how much depreciation you can allocate towards the building.

@Bette Hochberger is your question for annual property tax assessments or applying it to the land versus building allocation when it comes to listing it on your depreciation schedule for taxes? 

If one correctly allocates it will hit COC, ignore appropriate allocations and like magic COC looks better.

These decisions should look at whole picture of what will you doIt does not always need to be a “higher return” investment but also allocate to lower risk Hope this helps

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

Notes cover the entire risk spectrum and can be appropriate depending on the amount allocated and terms.

@Ben MosierIt appears this cash is allocated as an opportunity fund for you.  

This is known as "bonus depreciation".This has the potential to create substantial passive losses, which are allocated to those who invested in the property. 

If you allocate enough for maintenance/cap ex, you would be the first newly that I am aware of to have done soRecognize there is a poor relation between initial cash flow and actual cash flow over a long hold.  

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.