Here is a good link that provides broad topics that should be broken down before you allow for renters.
A piece of advice that I was told is to try to rent above your break even point. Meaning above what you are paying monthly for a mortgage and and other associated costs … ex. Home Owners Association (HOA) fees. Take your profits monthly and put that into a separate savings account (Money Market or high interest) strictly for that property. Slowly, you will accrue wealth in that account and in the event of a major cost such as a hot water heater or HVAC replacement, you can use money from that account instead of your personal one. I would caution against investing that money as you are probably going to need to use some of it for yearly property upkeep. You don’t want to be in an invested position where you are forced to sell.