Trying to get started

[Rick James]

Forgive me for asking questions that may have already been asked.

I would like to know the best worksheet to use to evaluate a property. I tried the one that is on this site. It looks comprehensive but I don't even understand what all the numbers mean.

I did my own using excel but it only covers the cost of the mortgage payment, taxes and insurance (this cost is subtracted from the rental income). It also divides the initial costs (down payment, closing costs) divided by the net positive cash flow to get a return on initial investment.

With pricing being down a little, this is the first time I've been able to show a reasonable positive cash flow (based on my evaluation form, which does not take into consideration any tax, appreciation or equity value).

What is the single best way to learn how to evaluate a property?