I think we might see some allocation for these plants if this lack of rain continues....

However, your accountant should have already set it up when you placed the rental into service for purposes of depreciation and expense allocation.  

You are allocated only 24 hours in the day, and once those minutes are "spent", they are lost...never to be recovered.Time is a huge part of the "investing" part of REI.

Here are a few things to consider:As mentioned previously, be sure to allocate a larger percentage of your gross rents (i.e. 10%+) for CAPEX and repairs. 

And you can allocate the cash in anyway you want. 

Since most private note lenders cannot borrow the funds to make those loans, however, this same concept would likely not translate to a note investment.... and frankly, there are a lot of folks out there who just say "sure, so long as you keep everything property allocated, there is no problem."  

. ($670,000 pre-approval)          - Problem: After down payment and money being allocated to other areas, I will not have an extra $50,000 for renovations.

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.

Capital also has a funny way of allocating itself to opportunities, wherever they may be. 

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.