Stupid question - what is "Before Tax Cash Flow"? Does it refer to property tax?
I always thought property tax was a standard line item under operating expenses. I cannot find a clear answer on google - as it relates to Real Estate: Is "Before Tax Cash Flow" simply the cash flow after Debt Service  with the Real Estate Taxes added back into it?
[{"id": "d8nr3bu", "text": "I'm fairly confident that taxes in this case refer only to income taxes. RE tax would be included in op. expenses.", "replies": [{"id": "d8ns5s6", "text": "Yes.  It's not included because not everyone has the same marginal tax rate.", "replies": [], "depth": 2}, {"id": "d8o7ytb", "text": "Correct", "replies": [], "depth": 2}], "depth": 1}]