The rental property is securing the loan but you allocate interest based on where the money is used.Think about it logically, why would you be able to take a cash out refinance, then use the cash to take a vacation or some other personal expense, only to claim the interest as a business expense? 

At least NY State has a guideline on how to allocate the ventilators in case of shortages, Italian doctors are on their own making decision on who to treat.https://www.health.ny.gov/regulations/task_force/reports_publications/docs/ventilator_guidelines.pdfState of WA already closed all the schools for 6 weeks starting Tue Mar 17 (I am sure other states will follow), which means some of our tenants won't be able to go to work if they have small kids at home...I am worried about paying mortgages for my rentals because this won't end at least for 2 months, and up to 4-5 months.

If you take a loan against your 401k and consider it as your "bond" portion of allocations- I think this is the best way to frame it.  

Now allocation of dollars and budgets can be varied.

Did these companies allocate their new capital in the most effecient manner (like by bolstering reserve funds to weather a black swan)?

I see you have allocated a very small amount towards utilities yearly.

So some governments are forcing these funds to allocate some of their homes for social housing, and also want to cap the rents they can charge.

I allocate 3% of the rents I receive from my apartments for replacement reserves/capex in addition to a repairs and maintenance budget.5.

He is against passively managed index funds, but his asset allocation has a lower return than the S&P 500 when using backtesting to evaluate his claims.

Back of house, which is making sure you are in compliance with all government authorities, tax allocations, build your team (accountant and real estate attorney to start), etc. 2.