The lender may have calculated the NOI differently.

Sometimes what we do is go to edit (In the accounts section with the HELOC selected) and under visibility hide it from net worth calculations. 

I have done some conservative calculations based on my current cashflow and I can be confident that I will have at least $46,000 by that September 2025 milestone.

Furthermore, you should calculate your cash on cash return instead on what the FMV is of the property instead of what you brought it for.The value of $500,000 tax free is about $125,000 if you assume 15% federal taxes and another 10% in california state taxes.

And it would actually be much lower than that because I didn't calculate for maintenance, vacancy, bad renters, capital expenditures, your time, or anything else.You must plug in the real numbers to see if this will work.

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

Also, do banks include property taxes included in the NOI calculation?

It's basically a marsh mellow test for adults :-)My recommendation: run it through a BP calculator and let the numbers decide.

Sounds like there isn't a set formula or calculator for it.

I wasn't sure if maybe TurboTax did this automatically, but there's no indication that it does and I wasn't sure if I should enter my real estate taxes under personal or rental or both, or manually calculate the split.