It may be best to allocate some of your $100k to paying down some debt.  

That's only if you have excess capital to allocate. 

And if I should split them, then how would I allocate the marketing budgets and the deal paperwork?

1) It depends - If it is a repair - It is expensed in the current year.It if is an improvement - it should be capitalized(if the amount is below $2,500 and you make certain elections - it can be currently deducted).repairs maintain the propertyimprovements increase the life of the property, increase the value of a property or make the property more efficient.2) The great thing about real estate is that they allow depreciation.based on a purchase price of $100,000 where land is allocated $20,000 and the building $80,000 and purchased on January 1st. you would be entitled to a $2900 deduction to net you to $100 of taxable income less any repairs.Are you managing the property yourself?

Remember A.D.A. compliance in planning allocations and costs. 

Arch and eng are real expenses and as long as the amounts that you self allocate here are in line with market then these can count towards down payment.

How could allocating tens of thousands of dollars in living expenses to someone else instead of me be intelligent?

Then depending on the foreclosing lien holders position and what it sells for would determine were any potential surplus funds would be allocated. 

Most people will calculate some sort of hold-back in gross rents to allocate to cap-ex (or what-if) funds but that only works over decades. 

I believe we were also told that shareholder distributions needed to be allocated according to the ownership percentage as well (i.e. if distributing $10k to shareholders, that should also be split 60/40).