Starting a website, looking for any tips from somebody who has experience.

I have been throwing around the idea of trying my hand at creating a website, I have a good domain name, and have alot of questions I would like answered before I commit to anything, namely who to use to register, (godaddy?) best advice to monetize the site. What I can expect as far as traffic to money ratio. Really any advice you can offer would be appreciated! also.. what copyright obstacles I would be looking at by mirroring a website such as Reddit, where I link directly to pictures/videos? Thank you for your help Reddit! TL;DR: Help Me!