Before Tax Cash Flow Projection

This page details the results of the operation of the property (and the payment of Partnership / LLC fees), resulting in the cash forecasted to be received by the Partnership / LLC as a result of operations.

The Before Tax Cash Flow Projection is computed in exactly the same fashion as the same page in the Real Estate Investment Analysis . For that reason we don’t fully describe the page here, but rather refer you to the Real Estate Investment Analysis section of this man- ual. There is one important difference in this page in the Limited Partnership / LLC Invest- ment Analysis, however. The “Operating Ex- penses” column shows the results of any Fee Pages that have been requested. Thus this col- umn shows the sum of all Expense and Fee Assumption Pages as well as any Management Fee designated in Revenue Pages.

For this reason, the “Operating Expenses” are $10,000 higher in 2001 at the acquisition, due to the inclusion of the Fee Page for that amount in the Assumption Set. Correspondingly, the Rate of Return Before Debt and Rate of Return Before Tax are slightly lower than in the example for the Real Estate Investment Analysis because of the extra $10,000 investment in the Partnership / LLC mode. We have omitted the Net Present Values shown in the Real Estate Investment Analysis because we believe that a presentation to a Limited Partner / Group Member is best served by that omission.