Thanks for all the good advice so far.

Besides potential penalties from trash and recycling, what other potential fees could be incurred by the tenants?

Anything else?

As far as the lease, we were told by realtors that there is a standard version issued by NJ (or perhaps the NJ Realty association or something like that), and that it is widely in use. Is that the case? Is there somewhere we could go for a really "standard" version that provide good coverage?

Make sure any additional penalties / fees shall be charged as additional rent. If you don't have that in your lease, it gets extra difficult to collect that money should the tenant go into default.

First off, what is the "Standard" NJ Lease rental form? Your Standard form may be different than mine.

Having said that I use a Blumberg lease designed for a 2-5 family dwelling.
To it I add:
Provision that tenant is responsible for all Recycling/Garbage including fines received.
Late Payment fees $50 if rent not pd by the 5th. $50/day fee rent not pd by the 10th.
Dishonored check fee of $50.
Depending on the property I may add a clause about tenant responsible for snow removal and lawn care.

Make them give copies of SS cards, drivers licenses, paychecks and do a credit check. If they are not willing to give you these things, look for a different tenant.

Mostly I try not to rent to #SSWhoeles. If you make the mistake of renting to them, the piece of paper called a lease can be worthless IMO.

Hope that helps.

What should be added / changed to the standard NJ lease / rental form? Would love to hear from existing landlords!!!

Any help, and any suggestions or tips would be much appreciated.

Thanks in advance.