Income property

[Jason Garrison]

I'm a newbie when it come to income property so I have a question about how the taxes work and what I should do to prepare for tax season.  I want to ensure I do this the correct way.

I've been in my house since Dec 2013 and I'm now turning the basement into a income property.  It's a two bedroom with one bath, utility room, kitchen, living room with working fire place.  

My goal is to rent this space for $1,000 each month.  I will handle the utilities to make things easier/less complicated.  

What do I need to be thinking about when it comes to an income property?  A few things that come to mind; Taxes, how do I market the space, should I do a flat rent and pay utilities.....  

Thanks in advance for the great feedback.  You are my inspiration!  I want to be financially free just like you.

Jason