G, I've done just this in the last year. We went with a well known rental company. They take 10% of collected rent. That "collected rent" is important as if the tenant doesn't pay they do not get paid. Also, I pay $5 a month to the rental company as insurance so they will take care of and cover the cost of any eviction needed. The house was on the market for three weeks before they lined up a great tenant. So far we're very happy. If you decide to do this on your own I would suggest buying an American Home Shield type policy as this will give you some certainty in things. You will not get whacked with a huge bill and you have an automatic resource to call and get things fixed.
Okay, tax situation. What your AGI is will be important. Rent is passive income so if your property for the year is a net negative that's passive loss. The IRS, to prevent the HIWS from becoming landlords, has ruled that you cannot claim passive loss at some point. I'm not sure what that limit is I just know it prevented me from deducting my passive loss for 2012. That's okay though as it is carried forward and my worse case scenario is I claim 100% of it the year I sell the house (which should be in a few years.)
To whoever that was that asked about accessing rental investment value there is a ton of easy to understand stuff from most real estate schools. Start off with reading this: http://en.wikipedia.org/wiki/Gross_Rent_Multiplier
and then go on to http://en.wikipedia.org/wiki/Capitalization_Rate