I have my separate allocation of funds exclusively for investment property.

I had been using Stessa, which I really loved, but it is buggy and the banking connection to Chase was continually breaking, which I needed to re-connect, but when I did that I had to go through 200+ transactions and re-allocate the expenses. 

The portion allocated to qualified use is tax free. 

Do not allocate more than 10-20% into one investment3.

I am looking to allocate a portion of my investment portfolio into cash flow focused properties.

This implication is if a successful Brrrr results in no Money invested in the property and non negative cash flow when allocating for all expenditures, then price of acquisition is not relevant (because you acquired it at no financial cost).  

I see no allocation for PM.  

So $163k in extreme overconservativeness (taxes) and miss allocations (reserve).

In this universe, which I classify as groups writing $5mm checks+ and allocating in the tens of millions per year, they do not follow sponsors for years.   

I've seen investors allocate 5-10% for capital expenditures (capex) and vacancy, but you won't have a clear understanding until you've owned the property for a few years and established a track record.