Of that 50M, 25M was allocated for the construction of a new recreational faculty that has since been completed.

The capital gain exclusion only applies to the time the property was your primary residence, so 9% of your capital gain due to appreciation will be allocated to primary residence use and the rest will be allocated to investment property use.This means that $675 ($7500 x 9%) can be excluded from capital gains (well within the $187.5K exclusion limit you calculated).  

I think money should be allocated in such a way as to to provide decent health care to the citizens of our country of every age.

That would also solve your parking dilemma as you would be able to allocate 3-4 spaces for each tenant (that is the norm in Flex Space).

This is to all broker/agents out there.If you stand for nothing you will fall for anything.Define your business and what you will and will not accept as a working business relationship.I see many residential agents desperate to get any business and they fall for anything.Some things close and they get money and some don't.The agents bad allocation of time and not getting paid for the time invested wipes out the profitable transactions.This is like an investor buying one good deal and then buying into a second bad deal.Now the 2 properties one making profit and one losing cancel each other out and you are no further along in your goals.Derek why don't you take a continuing education class on bpo's or apprasials,etc.??

At this point, I'm more inclined to continue with syndications as my sole real estate allocation, but it's possible I eventually desire to be more active.

The court have said that expenses allocable to the common areas are not deductible (Anderson).2) You will have to find a reasonable way to depreciate based on # of room, or square footage of room that is rented. 3)Yes, utilities and those kind of other expenses can be allocated to rental activity based on the allocation percentage.

It may be more for your property which will already negate your cash flow without anything being allocated for repairs, vacancy, and CapEx.

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

@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.