You subtract out ALL expenses.

If you haven't filed your tax return just yet, the lender will use your lease agreement minus 25% for vacancy and maintenance, CAP X and management and then subtract the PITI.

Let’s assume $50k$550,000 ARV -$425,000 purchase -$2,125 closing costs (at purchase) -$50,000 rehab -$41,250 closing costs (at sale) = $31,625Now subtract the holding cost such as insurance (is more expensive than your typical homeowners insurance), utilities, and loan costs.What if the rehab costs more than $50k?

Once you have what the ARV is then you can begin subtracting costs. 

So if 80% was the case, that would mean a maximimum of $152,000 in loans...subtract your $125,000...so your Line of Credit would be $25,000 or so. 

So you would just subtract the basis from the sale price, and report that as gain or in your case most likely loss with selling expenses.The catch is your LLC should have already maintained its book accounting for your initial investments. 

You need to get a top line of gross revenue and then subtract costs.

When the BP is due, if you have to pay all cash, then you go whatever that pmt is in the hole as a negative cost taking subtracting it for the month it is due from the normal CF formula. 

The only difference is that you are paying that cost to YOU, and work the calculations backwards, beginning with the ARV and subtracting all fees/costs to get to the maximum purchase price that will make sense.

there are a couple "rules of thumb" that people use around here.1. mortgage payment should be half of rent2. rent should be between 1 and 2% of home value3. subtract 10% of rent for vacancy, 10% for capital expenditures, and 10% for management fees (basically subtract 30% from rent, but the 3 numbers vary by location) and the difference between that number and mortgage is your cash flowthese are very broad heuristics that vary wildly by market though. if you are interested in learning about real estate investing, spend a lot of time reading these forums and podcasts. you can learn a lot here.