Assets identified in this study include:Building Systems: plumbing, HVAC and electrical distributionInterior Construction: flooring, drywall partitions and ceilingsStructural Components: doors, roofing, windows and wallsPermanent Fixtures: emergency lighting, restroom fixtures and signageThis engineering-based cost segregation study included the following methodology:Physical Inspection through a site visitDocumentation review including architectural plans, accounting records and construction documentsA cost analysis which utilizes engineering principles in order to allocate costs to their applicable asset classificationsCalculation of the depreciation schedule using MACRSAs a reminder, bonus depreciation started to phase out in 2023.

I'm thinking a house hack with a V.A. loan so you could slide with that 0% down and allocate funds for repairs. 

The farmers were getting less and less allocations to grow food because of overpopulation and wild life wet lands were getting drying and dryer.

You will need to read them and do some math, but this would allow you to calculate costs and evenly allocate them if they go 50/50.

So, I would think your distributive share is more of a priority allocation of net profits, and I would expect to see K-1 Line 1 ordinary income reporting. 

You're monthly allocation of "roof future cost" doesn't happen when you want it to, it'll rear it's ugly head when it wants to.

Changes some of my answer below, but here would be most of the types of transactions you would have in these accounts and between them.Property transactions would be: all property specific rents and expenses, allocated expense transfer to the master LLC and transfers to master LLC bank account for profit AND/OR property management fee.Master LLC transactions would be: Shared expenses going out, reimbursements/transfers from properties for their allocated share of those expenses coming in, the transfers from your properties deemed as profit AND/OR property management fee and then transfers to your personal accounts deemed as owner distributions.Other transfers that could occur is if the master LLC needs to transfer to the properties for capital expenditures above and beyond the reserves you might leave in their accounts.

It represents allocation of the sales price when they sold this property later on.

Being able to pick their brains is always helpful, both their successes, red flags, war stories, etc.And as Jonathan mentioned, the very first step of actually taking action is knowing how much money you have to allocate to buying a property, fixing up a property (if needed) and how much a bank will lend to you.  

As long as the aggregate net purchases are at least as much as your net sale you'll still defer all tax.The other consideration is that you can allocate your net proceeds in any way you want on those multiple purchases.