do you include down payment when analyzing for cash flow?

[Tiffany Ralston]

Hello!

Many of the books (the millioniare real estate investor) and posts on BP I read, seem to not include the down payment when evaluating a deal to see if it cash flows. 

Is the down payment included in the evaluation, or is the down payment considered your "buy in" and excluded from the evaluation?

I'm doing evaluations based on bank financing, with 20% down.

Thanks for your input!