The money is allocated porrata inside the same account but into each class type. 

Most target date funds will simply increase the allocation of fixed income and other lower risk investments over time. 

Brandon Turner (BP Co Host), when analyzing rental properties, likes to allocate some portion of the rental income to what he calls "Variable Costs".

I guess I am more so interested in how I can best allocate my income and reduce the taxes on my W2 job, while steering me in the best direction to achieve my real estate investing goals.

How much money do you allocate to this per listing?

Investors that allocate into places with good market indicators will fare much better in the looming recession and will avoid making an extremely costly mistake.By looking at the data you will be leaps and bounds ahead of the competition.Let me know if you have any other questions, hope this helps!

So when you buy the next property, allocate more basis to land.

The rest decide how to allocate between stocks/bonds/cash/real estate.  

But if it takes you 5 years to save for a downpayment, you should probably rethink your strategy and find ways to increase your income and/or savings rate rather than worry about where to keep your money.As for a more general rule (i.e. overall portfolio allocation vs. saving for a specific goal) I think it make sense to have at least a portion of your investments in stocks.

The first year is where everything is established, set up, depreciation allocations- this is OFTEN where the inaccuracies occur and then just keep going forward.