Net Operating Expenses

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What do you qualify as net operating income? I've been using the Property Analysis Tool and removed all of my property expenses - taxes, mortgage, insurance, water, advertising, and some other small expenses directly from the rental income profits. I don't really consider that "net operating income". But some people said to take out 45-50% for "net operating income" (out of the income profits) but didn't explain if that is what it is for (advertising, utilities, etc.).

So, what do you consider net operating income?