Value 1.3 MillionObvious expenses Taxes, Insurance,  allocating 12% to maintenance.

So, my main question is whether or not we are overshooting or undershooting with our 15% budget or should we allocate more since it was build in the 1950s. 

Meaning  If you have a partnership agreement that has special allocation and other terms that more like a business, than this more likely be considered a partnership. 

This will actually give you some room to make a profit.  10% of the ARV is already allocated to selling costs (realtor commissions, closing costs, and property transfer taxes), another 10% will be towards your financing costs and holding costs, and then you'll have 10% leftover in profits. 

I know someone at GSU and much of the money allocated for other projects is being pushed over to their soon to be new campus, the old Braves Stadium, and there's a brewery and some retail scheduled for later this year on Georgia Ave.

This is no different than stock investors allocating more of their portfolio to bonds and cash as they get older.

However, if you have support for the deduction(HUD/closing disclosure) and a proper methodology of allocating cost to the property and land - you should be fine.

I have 30+ properties and tag and allocate mine twice a month so it is easier at the end of the year (yesterday I did taxes on 24 of them in 6 hours)  How are you able to determine what property is performing and what isn't without tracking it by property?

Divide the sale proceeds in half and allocate one half of your capital gain due to appreciation to the sale of your former primary residence. 

If it does include that - I would use that valuation.There are multiple methods the IRS allows you to allocate the purchase price between building and land.