I see holding a mortgage as much like holding a bond in terms of your asset allocation.

Since the FF&E (Furnishings fixtures and equipment) and good will cannot be exchanged they will owe tax on that allocation anyway. 

I allocate a certain percentage to each asset class and re-balance them once a year.

RUBS is (if I remember correctly) Residential Utility Billing System, it's basically a scheme for figuring out how much of the utility bills should be allocated to each apartment unit, based on factors like unit size, occupancy, etc.

You can just allocate the equipment costs to your rentals, no need to set up a separate entity.

LLCs with strong operating agreements specifying who the managing members are and who the non-managing members are second in popularity.On the tax entity side, it's generally preferable to have a syndication taxed as a partnership.Partnerships are very flexible with income and loss allocations as long as those allocations have substantial economic effect. 

Some do monthly, quarterly and yearly and some on refi or exit.Depreciation allocations are up to the syndicator and if shared are generally on a pari passu basis.

The HOA fees are definitely going to kill your cash flow potential each month and you will need to analyze the HOA's viability and their reserve account and projected capex allocations for the future.

I would recommend doing some more research of the allocation of the average retirees retirement accounts.

I allocated the whole morning of Friday just working on the business.