(but i usually formulate for costs (even if unrealized) in my projections.As far as the refi...i didn't take any cash out.  

I'm back from a hiatus and trying to formulate a real estate investment plan.  

I work with flippers and I am there finding the properties, evaluating comps, walking thru with the client and contractor and then working with the investor to formulate the best possible deal for them and taking into account a cushion for the unexpected.

On distressed debt, the Total Amount Due (TAD) is the number I look at to formulate my offer, since that is the amount that I can collect at the auction should the asset go to foreclosure.

What really stands out for me, because for the most part I agree with @Jay Hinrichs and @Keith Thompson, is the way the articles from the press were formulated.

It can get expensive quickly, asking questions, understanding how it works and formulating a plan. 

My wife and I both have great paying jobs, we both make six figures so it is a daunting task to formulate a plan to replace our incomes and still have excess to reinvest in our business.

When I do my initial walk through to formulate an offer that is what I base my numbers on. 

This will help you formulate questions specific to your tax return when you speak with your accountant.

The building has recently been completely gutted and renovated, and why it is currently 100% unoccupied.Our previous deals/ offers have been on active properties with prior year actuals to analyze to help formulate an offer based on NOI so this approach is unfamiliar for us.Some additional background: - Current owners have had the units listed on the usual third party sites for a few weeks.