Question about the 70% rule

[Stephen Gregory]

Sorry if someone else already asked this question. I often hear on the BP podcast that the 70% percent rule states that you should purchase a potential flip at 70% of ARV minus the repair cost.

My question is this: well, 3 questions

Where does the acquisition cost fit in?(all the misc. closing cost of the loan)

The holding time cost fit in?(mortage and taxes, potential past HOA fees, etc)

and selling cost fit in? (3% buyers agent commission, closing cost on the sellers end, etc)

Sorry if this isn't clear!