Yes, when I say, "added to the cost basis of the property", that means added to the purchase price of the home and allocated to land/building/land improvements/personal property, which are respectively depreciated over NA/27.5/15/5 years.Hope this helps.

I think this is one of those situations where asset allocation and manangement would dictate the answer.

Definitely restructure your contributions/allocations. 

You can allocate your proceeds in any way you choose toward your purchases.So if you use your 1031 to purchase one for cash and then use maximum leverage on your others you can refinance the debt free property easily immediately after the 1031 is complete. 

Plus, I take into consideration how often the properties turn over and allocate the monthly expenses for each property as though I don't have a tenant.

I tell the seller that in order for me to allocate my resources (and time) to find them a buyer, I have to have the exclusive right to the property.

Here we go again.We need to stop classifying broker/agents as REALTORS.Not every broker/agent is a REALTOR.That doesn't mean they are less competent just that they got tired of paying bloated fees to the old NAR.The real estate commissions for each state give a rat's #ss about the NAR.All they care about is license laws and protecting the interests of the public.REALTOR designation is subscribing to their CODE OF ETHICS.Doesn't mean you have no ethics if you are a broker or agent an not a REALTOR.Theoretically you could also argue banks could lose their shirts not having qualified brokers on the ground level handling their assets.What banks pay is cheap in commissions compared to the infrastructure that would be needed to do everything in house.Whether that buyer buys direct with the listing broker or uses a buyers broker the cost is the same BECAUSE the bank allocates for the total commission payout at the time the asset manager assigns the listing to the broker/agent.It will just be xx percent on the HUD to 1 brokerage or split between the buyers broker and the sellers broker.I am talking about the REO side in general and not short sales,etc.

Carry costs (interest, insurance, taxes) are not capitalized unless the property is a flip and those expense are directly allocable to the property.

To my knowledge, it looks like the federal government grants money to the state to be allocated for the use of funding activities such as building, buying, and/or rehabilitating affordable housing for rent or home-ownership or providing direct rental assistance to low-income people.

My new PM is helping me find properties and then allocate part of his commish to PM - good deal for both of us.