What Is It?
The total amount of capital you have invested in a property.
For most 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, because you will often get some cash back after refinancing the property. It is even possible to receive more cash back than what you originally invested, making your total investment in the property $0 or negative.