As far as the lease, use what you like and add or subtract whatever you don't but still make it yours to fit your management processes/systems etc..  

one mistake I realized, when I subtracted my principle and interest from my total mortgage payment, taxes and insurance run closer to $400I also had it pointed out, that having insurance for a rental is less than a primary residenceI think I'm more curious on my estimates for repairs and cap ex.

HelloYou need to run some numbers first before you make a decision to determine if renting out your property will produce positive cash flow.If it produces negative cash flow it probably isn't worth your time even if the property appreciates and you still have your equity builtIf you were to rent for 1500 a month you should calculate all other expenses involved in the property and subtract from 1500 to determine cash flow.

I have a leads list that gives me the following:Estimated valueEstimated total loan balanceAssessed value I'm thinking I can just subtract est. loan balance from the estimated value to get my estimated equity...

If you subtract out 10% or 20% of rent for v&m you don't have much of anything left.Going back to the fact that my area is different than mine, here is how I calculate things.1. 

Now depending on what utilities are provided by you as the landlord yes it is possible for you to receive less then $1000 if the Housing Authority needs to subtract some utilities from the tenants monthly budget.So if I were you I would not rent to someone who did not have a voucher for the full amount of rent you are asking unless you are asking an inflated amount that is not inline with what your rental should actually receive.You should purchase the Section 8 bible book it is a great book for learning about section 8.

Once you calculate the actual value of the home based on the comps, you take 70% of that (or whatever your local end buyer's prefer) and subtract out the repair costs.

@Joe HenryCorrect me if I am wrong but are you subtracting your principle payment from income to get NOI? 

If you use a more conservative rehab budget of $30,000 and subtract that from a purchase price that is no more then 70% of the ARV the most you should pay is around $54,000 and this does not include a profit for yourself which should be about 15% of the ARV, so dont forget that.  

NEXT - Take YOUR used entitlement, and SUBTRACT it from that 104,250 number.