How Do You Calculate Your Cash on Cash?

[Account Closed]

I am just curious if when other BP'ers calculate your cash on cash return numbers, if you include your closing costs in the initial capital outlay you use as your basis?

I've heard and seen both ways where some investors calculate their COC based strictly on a down payment equity stake being deployed whereas others base it on that plus the out of pocket closing costs that the deal requires.

Was just thinking of this and am curious of the opinions of others.