Any successful Landlords on here??

I may need some advice. I am in the process of buying another home and need to make a decision on what to do with my present house. Plan A is to sell it but I am preparing for Plan B in the event it does not sell within a reasonable amount of time.

In the event of plan B, how does one go about screening and selecting a good tenant? What kind of tax advantages are there with rental property.

The home I would be renting is a very nice 1800 sq ft one story home on 10 acres with 400 ft of river frontage. In this economy, I fear not being able to sell it for what it is worth within a reasonable amount of time. It is paid off and I am exploring the good/bad and ugly aspects of using it as investment property to help pay for the new home.

It would be much appreciated if anyone who is or has in the past rented property would pass on some real life experiences or advice. It will be much appreciated.

Thank you,

Russ