In real estate investing, it's generally prudent to separate your reserves for emergencies from funds allocated for capital expenditures (CapEx), maintenance, and vacancy costs.

I allocate a good chuck of my assets to direct investments of my own rather than through my developer contacts to help mitigate that risk (plus I want control).On a side note, when you have a windfall like this, you may want to reconsider your overall asset allocation and also what assets you hold in taxable versus non taxable accounts.  

I have intentionally allocated more of my personal capital over time to real estate from other asset classes that I felt were more unpredictable and susceptible to the items mentioned here.  

Those companies trading with algo's have huge trading budgets allocated specifically to technical analysis.

After allocations for  property taxes and insurance, the underwriter calculates a Debt Service Coverage Ratio for the property, which is a key factor in the product’s pricing.

An LLC makes some expenses easier to allocate to a business, it has it's own accounting, so buying office supplies is generally accepted by the IRS as opposed to you buying paper for your printer at home.

Going back to the number one, consider allocating a specific amount for commercial syndications.

Unfortunately, I don't have a lot of funds to allocate to my mailings just yet, so I can only do a small batch maybe 100 at a time.  

This one might be a bit of a wash because housing prices slow during Dec-Feb, but I definitely ate into my vacancy allocation while trying to rent it out.Great thread.

You'll have to re-allocate your portfolio every so often, but that's about as passive as you can get as a real estate investor.