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?

A very, very conservative asset allocation between Vanguard Total Bond Market Index Fund (VBTLX) and Vanguard Total Stock Market Index Fund (VTSAX).  

@Devin Wilkinson not sure about the tax records in TN, but here where I'm at you see this occasionally when someone buys a bunch of properties in a bundle, i.e. the $249,909 may represent this property and several others all sold at the same time and of that only approximately $56,700 is truly allocated to this property.