The value of the property excluding the land allocation can be depreciated.

For starters you're going to have to create strict allocations for depreciation tables and expense allocations and have a very forbearing and understanding accountant.  

It's not going to matter how you allocate that 50K, either way it should be protected from taxes which is the entire point of the 1031.

I incorporated the cost to pump the sewer into the maintenance allocation since it is a biannual expense. 

If you think real estate is something you can get successful at by doing it 2 hours a week, you're going to get frustrated when you don't get anywhere...Allocate enough time, and spend that time focused on what you need to get done.The biggest reason I see part-time investors fail is that they are lazy.

Any new money added to the basis to complete the purchase, that is allocated to the replacement property improvements, is depreciated on a separate 27.5 year depreciation schedule.So, you see that you only get ten years of depreciation on the first $250K of the replacement property basis, not the 27.5 years that might be allowed over the class life of the property if it were purchased outright rather than acquired in an exchange.HTH

In the nine situations specified,lenders may not enforce due-on-sale provisions in real property loans“secured by a lien on residential real property containing lessthan five dwelling units, including a lien on the stock allocated toa dwelling unit in a cooperative housing corporation, or on aresidential manufactured home.”If you are interested and want toknow exactly what the law says, as applicable to you, you can read ithere,https://www.law.cornell.edu/us...

You can find the proposed budget, allocations of funding and the justifications for allocations if you're really concerned after being excited by a "news" article.

For us, i would rather allocate the time my maintenance staff uses to turn apartments and take care of maintenance calls.  

Does your lease contain a clause allocating money received to money owed first and rent last?