Return-on-Equity using debt financing for rehab (203K ie)

[Tom Henderson]

Team, 

Looking at firming up on my portfolio recently, one question popped in my mind. If I've used debt financing to help with my renovation projects, how would you factor these into cash-on-cash return? Or, for that ratio, are you simply only taking cash spent out of pocket (non construction loan) into the equation? 

Thanks,

Tom