I need some Cash-Out Refi Help

[David Levin]

Hi all. Need a little help here. I am currently under contract for a 6 unit. Building will be vacant at closing. Extensive rehab. Strategy is BRRRR method. There is no seasoning for cash out refi and we can get 70-75% LTV. My question is, how is NOI calculated without expenses factored. I am assuming it based on my pro forma expenses? Thanks!