My advise is not to skimp on using your advisors.From your Accountant you will need advise on - how best to set up the business (new tax laws & state tax laws may influence what is best)- how to price your quotes (how to allocate your costs, both fixed and variable)- what are the costs of different scenarios such as employees vs subcontractors, material costs in different purchase options, etc.Attorney- As tough as it is to think about, you need to prepare for the time that the business needs to be dissolved.

I'm helping another client right now that is doing a 1031-exchange with $10M in proceeds from a sale, and she's looking a similar dilemma -- how do you allocate your cash. 

You could allocate space for every unit to use the basement as storage. 

Would really really love some advice about where to start, how to allocate etc. 

Back of house, which is making sure you are in compliance with all government authorities, tax allocations, build your team (accountant and real estate attorney to start), etc. 2.

The property will be cash flow negative at purchase when allocating for all expenses when adding in PM, vacancy, cap ex/maintenance, misc costs.You have a real big range for ARV and no estimates on repair costs.As a buy n hold the negative cash flow will eat at the initial equity until rents appreciate enough to make the purchase cash neutral.

I suspect $850 would be conservative maintenance/cap ex estimate (versus $624 you currently have allocated) assuming no large deferred maintenance items. 

Make sure you allocate some funds to capex, vacancies, etc. monthly.

Thoughts on how to determine a just allocation in this situation? 

Do you know anything about the local tax laws associated with recreational marijuana and how the money will be allocated?