To know the bottom line of each property - if you are only flipping properties, you will have expenses not allocated to a specific property.

Asset allocation is critical to an "all weather" portfolio.

The confusing part would be, how much of the 38K is allocated to recapture and how much is allocated to LTCG.

@Logan Allec nailed it with the allocating the expenses between personal and rental.

@Jason Moran, if your funds are not eligible for transfer, consider contributing less (perhaps enough to secure matching funds if they are offered), and allocating your investments toward the safest investments from what is available.

They put everyone through a wizard which supposedly allocates you basically risk.

You can breakdown your total Capital Outlays and allocate the total over 5 years and calculate that into your maintenance and repair expenses.3.

Again allocate part of the price to that.  

given its asset allocation of some sort (rei), then opportunity cost would be a consideration.So currently 12% is "good"

Your life circumstances heavily influence your appetite for risk and where the money should be allocated.