How to best prepare for the 1st tax year of having a rental

[Brenda Eichner]

I have just loved reading all the different posts on BP.   We are purchasing our first rental property and with tax season on my mind I want to prepare for next year since it will include the rental property.  Any advice or suggestions on things to keep in mind early on and/or can anyone share what they learned "after the fact" that they wish they would have known before going to do their taxes the first year?  Thanks everyone.