Any successful Landlords on here??

I have a rental home.
You have to report the additional income on a 1040.
You can write off expenses such as repairs though. I am able to write off a few other expenses as well. It's going to vary depending on where your home is.
Now for all new monster, renters. You have 400' of river frontage, there is no way in hell I would rent to any one with kids. To big of a liability. But here's the cravat, you can't say "no kids".
Depending on the location, I wouldn't think selling river front property would be tough. The housing market is coming around.
I've had really good renters, have a wonderful one right now. I hope she never leaves. But I've had some turds too.
I can tell you some horror stories, but I'll just share what I learned.
1.)Make sure all utilities are in the renters name within 5 days.
2.)Renting to lesbians is the same as renting to 2 guys.
3.)No pets!
4.)No commercial endeavors or businesses on the property or out buildings
5.)No black or dark paint.
6.)No blankets to be used as window covers.
7.)No alterations to the house.
8.)Make sure the renter understands you are to be called and ok any outside repairs.
9.)Get a check list and go over everything with the new renter. If they have an issue with something they need to note it then.
10.)Don't forget #1 and #2!
Make sure you get a contract, that piece of paper has saved my butt more than once.
You have to allow for wear and tear, things like carpet and paint.
You're going to have to fix things that break. I've had to replace my furnace, water heater and other things. But you can't get excited about that. Write that off, it's a cost of doing business.
My home has paid it's self off twice now. You just have to be willing to put up with some crap now and again.