Cash on Cash Calculation: Is borrowed down payment money "Cash?"

[Billy Brown]

I've seen it both ways. Down payment divided by annualized net profit on the rental. However, if you are using borrowed funds as the down payment (ie HELOC), do you plug that in as "cash" even though it's debt? To me, debt isn't cash and if it can be leveraged, yet the project still cash flow, isn't that the definition of infinite cash on cash return?

Thoughts from my other pro lenders out there coaching their clients?