What games are you wanting to LP? Obviously console games are more difficult due to the requirement for hardware to record them. The hardware can be relatively cheap, but it is more likely that they will not be fantastic in terms of quality. Otherwise if you can emulate a game on your PC, it makes it way easier as PC screen capture software is a dime a dozen.

Tips? Well, LP a game you really want to LP. It takes a lot of personal motivation to keep them going. Especially if you're maybe not getting as big a response as you'd hoped. Do it because *you* want to do it, not because other people make you want to do it.
Also it's good to decide what you want to do in your LP - are you going for 100% completion, are you going to role-play throughout in your commentary, is it going to be primarily an informative experience, or are you going to be making a ton of jokes, etc etc.

You can have a look at our own Let's Play forum to see what we have going on there.