Subtract the annual depreciation and add back in the portion of the annual loan payment that goes to principal reduction.  

If not, you might want to sell it and either just put the equity into your new home, or go get a better investment property.I would take current value of the home, subtract out the costs to sell (6% realtor fees + closing costs), and use that value as the basis for your rental analysis.

In the 70% rule do I need to subtract for profit or is that in the 30% extra since I already took that out?

I typically subtract 3%, of the ARV.Realtor Fees: What is the commission you are willing to pay your listing agent (unless you are the listing agent) and the buyer's agent.

I'm not sure how the HELOC works, but I think whatever you have tied into the new house in rehab costs, you're gonna have to subtract it from the 130k.

If it is really a steal of a deal just add or subtract $18,342.19 to the price offered; see if the seller could credit you for the liens.

You would not subtract any loan payoff nor would you subtract any operating expenses such as prorated rents, HOA fees, etc. 

2nd Question: what percentage do you use to subtract the land?

After we subtract the $240 in management fees owed to Elite, and add the $1000 reserve money in my management account with Elite, plus the $208 of rent that Elite neglected to collect from one tenant with no explanation, Elite Rentals Chicago owes me $4968.

Expenses are subtracted from your income to calculate your net cash flow.