What Is It?
The total amount of capital you have invested in a property.
For traditional rental properties and flips, this amount will equal to the total cash you have spent to purchase and rehab the property.
For BRRRR deals, this amount will usually be less than initially invested cash, as you will get some cash back after the refinance is complete. It is also possible to receive more cash back than what you originally invested, making your total investment in the property 0 or even negative.