How to determine leverage?

[Tj M.]

When people talk about being leveraged at 50%,75% or what ever what number are they using to determine that. Original purchase price,current value or something else? Just use my example I have a mf property that I paid $143k for and I owe $93k now and it's worth about $300k so what percentage am I leveraged at? I am learning more about dead equity but don't want to get over extended while trying to maximize cash flow.