You should subtract the operating income from your operating expenses (including property taxes) to get your net income.

In general JADU subtract value from the RE and many agents recommend their removal at time of sale.  

Then compare against potential rent, subtract vacancies (5-10%), subtract property management (8%), subtract maintenance (8%) then subtract insurance and property taxes.

Then we need to subtract transactional cost of selling (broker commission), so that brinks us down to $64.5 million.  

Take your gross rental income and subtract it by your PITI and thats your cash flow.

not really after taxes and realtor fees.I think we are talking about the same deadline: If you did not live there for 2 years of the previous 5 years, you cannot take that 500K subtraction from your capital gain, assuming you file jointly.  

I didn't know the 70% (and then subtract out repair costs) rule.

I subtract those off the top to compute cashflow. 

Calculate your NOI (Net Operating Income) by subtracting your operating expenses (including mortgage, insurance, HOA, maintenance, and property management fees) from your rental income.5. 

Calculate your expected rental income and subtract operating expenses such as property taxes, insurance, maintenance, and property management fees.