@Steve Vaughan  That is correct as I've run through that scenario with multiple tax advisors as well and its better to depreciate based on your claimed terms then to have the IRS back track and use their Land/Improvement value allocation to calculate your recapture on what you should have paid since they are probably going to calculate it to their favor rather than yours.A lot of accountants will use county tax records to allocate value to land or the actual improvement/building so determining this upfront can be of huge importance since residential is depreciated over 27.5 years or about 3.63% of Improvement value per year (1/27.5 = 3.63%).Sometimes using an actual appraisal may be better or worst.

., You can allocate your proceeds in any way you want on the purchases. 

What are the differences and when can you allocate some of your building depreciation to equipment...

I don't think the thread is dealing with the issue of whether or not someone is married but with how do you allocate income when multiple unrelated people are wanting to live in a property?

How much are you allocating to reserves.

I do have a FT job so I just want to make sure that it does not take more time than I would like allocated in taking care of there said duties.

I currently have about $10k to play with right now (and probably could allocate more if needed) and in 10 years I would like to be making $10k per month in rentals.

I am intentionally allocating more capital right now to cash flow versus higher GRM properties for safety, not vice versa.  

There is maintenance/cap ex, vacancy, property management (even if doing it yourself it is a job and should have expense allocated), and miscellaneous. 

It could be a simple contract that outlines what each person brings to the table (the homeowners agree to the future sale of the property and all sides agree on the allocation of the sales proceeds).