At 65% occupancy using comparable nightly/weekly rates in that area,what would your net return be before subtracting any mortgage costs?

What he told me was more like your case 3 situation, where the debt is subtracted from the property value and then the tax is computed on that remainder if it is a positive value.

That's assuming each of the two units rents for $1200 (my estimation based on a quick search, could be totally off), and a vacancy rate of 8%, as well as $200 subtracted for monthly maintenance (and of course taxes and insurance).

But what use is the NOI without subtracting the necessary costs of the mortgage taxes? 

From that I subtracted 50% of that as operating expenses plus an additional 10% for CapEx.- Financing details are for 30 AM with a term at the end of 8th year.

Then work backwards subtracting profit, costs to build and sell or rent, cost to develop the land if it's raw and cost to permit if the lots are improved etc. 

I'm guessing the easiest thing to do in this situation would be to subtract those costs from the down payment / renovation fund.

., subtracted 25% from the Q2 total, with services accounting for nearly all that drop.

If you pay child support or alimony, you can count that as a subtraction if income rather than an obligation which is huge.

Subtract 125 for a property manager, and it's still cash flow positive by around 150, which keeps the balance for unexpected expenses even while paying off the principal.