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After-tax cash flow < before tax cash flow < levered cash flow.

If operating expense per sq.ft. is $5, and the expense stop is $4, then the building owner pays $4.

Investor's cash flow in the final year is lower in the presence of a loan, and is even lower in the presence of taxes.

Arbitrage investment strategy is when an investor buys a property at the right time when it's cheap and resells it at the right time when it's expensive.