Dave Ramsey has a good article about how to allocate your TSP funds. 

I still allocated that 10% property management expense just in case I choose to hire someone in the future.  

Decades of neglect, mismanagement and diversion of allocated monies to pet projects have put us here.This deal will in the long run be great for NYC, especially LIC and the adjacent neighborhoods in Queens.

Conventional, VA, or FHA and I kind of came to two conclusions if I had the down payment and wanted to allocate money toward my first property I would do that because it would allow me to get the best rated and lowest associated fees and what not.

If someone else is paying down my loan I am happy  All investing is a risk based activity in which you allocate capital to achieve a certain return for the risk profile that the investor finds acceptable.

You become both a better lawyer (because you know the business side of the deal) and better investor (because you know how to play the string out and can allocate risk better than a lay person).

I agree with @Eric A. for sure about making sure to keep some extra reserves on hand and factor in a monthly maintenance allocation. unless you're already doing that of course, just wasn't clear.

Allocate expenditures that are for both units one half each.

I think that you have well intentions of investing some money into this vacation rental but perhaps it needed to be allocation towards professional photography and more staging guides. 

Money coming in/out for each property and allocated to its proper tax expense by property/unit.