I'm looking to purchase my 1st house, but not to live in, to rent out. Legal help - Virginia?

The house is in very good condition, very cute, in an okay neighborhood, but certainly not the best. Anyway, bank said my monthly payment would be $395 - including taxes and insurance. And the area it's in, houses rent for $550 to $650, which is what I'm going to try and do. Since I have 3 roommates and still in college, I don't plan on living there (cheaper to be here, we split everything 3 ways) but is this a good idea financially?
Added (1). Also, is there any legal advice you can give me? Like if I were to rent it out for $600 a month, would I owe taxes on that? Or is what's left over after paying mortgage mine to do whatever?

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