Instead, you have to look back all the way to day one of the investment and do a fresh analysis of the total cash flow that came in (including from the sale) and add up all of the distributions that have been made to the investors and sponsor.Next, you will allocate 100% of the cash until the investors have received their investment back, then 100% of the cash until they have been fully paid on the pref, and from the sum of those two numbers you will subtract their total distributions that were made to date.  

@Brittany DentIt is extremely unlikely that those county liens can be negotiated for a lower payment or discounted to zeroIf they were nongovernment company liens like mechanics liens perhaps you could negotiate a lower paymentDon't get excited about a property unless there's enough equity for you to make a profit, and you need to subtract the liens from the after repair value to determine "net equity"

The numbers I have are as followsTaxes 236/moFlood ins. 100/moWater 150/moGarbage 24/moIf I make an offer I plan on subtracting repair costs off of the offer.I hope the limited info helps some 

Here is what I know the letter should look like:Anything to add or subtract from this list?

Once i subtract out Realtor commissions, closing costs anf other misc fees I should be close to $100,000 of profit.But then this is a year long project from start to finish.I will keep you updated.

I made a spreadsheet that subtracts my desired cash flow from the NOI to give me a mortgage payment.  

Out of ignorance and guessing, I'd subtract the two and just file actual rent is the difference

From there figure out your monthly expenses and subtract that from your rent sum. 

Loan payback was subtracted but I forgot to write it in.

I subtract out real estate fees, 7/3, is about 19K, closing costs about 5K,  court costs 5K, interest costs for the first mortgage, about 8KThere appears to be approx 62K left in equity.