However, in the last couple of years, GLVAR modified their PM agreement to include an option for PMs to collect fees while the property is vacant.  

This should include potential rental income, expenses (including property taxes, insurance, maintenance, and potential vacancy), and your expected return on investment. 

S8 standard voucher amounts INCLUDE all utilities.

no one, including my score, is going to be much higher.  

As used in this Section 18, "Interest in the Property" means any legal or beneficial interest in the Property, including, but not limited to, those beneficial intereststransferred in a bond for deed, contract for deed, installment sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at a future date to purchaser.If all or any part of the Property or any Interest in the Property is sold or transferred

Interested in getting some extra income with converting the extra space in the basement into a rentable unit.Basements in a one-family home can be lawfully rented only if the following conditions are met:Compliance with the Housing Maintenance Code for minimum room size.There is a minimum ceiling height of 7 ft.The walls, as high as ground level, must be damp- and water-proofed if HPD determines that subsoil conditions on the lot require it.The basement is occupied by one family and does not include boarders.Every room must have at least one window.The bottom of any yard or other required open space cannot be higher than six inches below the window sill of any required window in the room.

Sewer line backup, ordinance & law, and replacement cost coverage are coverages I include. 

Sounds like a good plan, should have plenty of options available.I would be cognizant of any group you talk with on two areas, the location of the property including any potential concerns of it being 'rural', as well as the minimum purchase price and/or minimum loan amounts.

We don't allow any "deal-making" in the forums, which includes advertising your services or properties, looking for partners, etc.

I just wanted to quickly clarify what the $149/year cost for Lula includes.