Suggestions for setting up a home to rent out !?

We are going to be moving due to the ultra low home prices here in Michigan and will be renting out our first home that we have lived in for 9 years. I would like advice on how other people have set up an llc for the tenants to pay rent to and any tips you have for a first time landlord. I know there are thousands of horror stories out there which means a lot of people learned many things doing this. I would like to know what you have learned so I do not make the same mistakes. I hope to hear a lot of responses so I do this correctly and I can get an idea of any tax tips also. I will be renting the home out for less then the house payment by about 100.00 .... but it is still better then foreclosing because it is not worth what the note is....