Let me add:
1) Have an understanding spouse/friend, especially while you're on reserve when you have min days off and you're spending those getting to and from work. Once you hold a line, life gets better.
2) Be prepared for the possibility of sometimes spending your off days in base, if it looks like weather is going to make travel iffy. (This is where the understanding spouse/friend is very important).
3) If necessary, be prepared to drive if you can/have to. I live 9 hours from base and have done this once. The forecast for EWR didn't look good for the next day and I didn't want to risk having my flights cancelled or delayed. I used the opportunity to carry some extra crap to my crashpad.
4) When you're home, make sure you take care of your understanding spouse/friend. If you both survive the first year, you'll probably be golden for the rest of your lives. If there's constant friction because you're never home, you both may have to do some reassessing.
There are advantages to living in base, but I love where I live and have no desire to move. I've decided that commuting is a worthy tradeoff. Also, a friend and long-time airline pilot told me, "Live where you want, and work where you have to." Think of all the Delta/ASA crews who thought they had it made in DFW. This is even more critical in the regional airline business, where you could switch bases as your mainline partner changes.