How are depreciation & taxes factored in to a property's finances
So when I google Real Estate Income Statement, none of them have depreciation or taxes on the them, like a normally company would.
So where the heck is this factored in?
Is there is a typical LP/GP structure, with an LLC owning the equity in the property, doesn't the property get depreciation deducted on the income statement, and then there's pre-tax income, then that's taxed at the corporate rate, and then after adjusting for capex, net free cash flow is available for distribution to the partners?
Or is the depreciation and taxes passed through to the partners of the LLC?!?
For the life of me, coming from corporate finance, I don't get why all these models and income statements I'm seeing don't have depreciation or taxes (other than property taxes) listed, like every other business does...