I've found a reseller plan and everything, but I was wondering if I needed any licenses/tax ids or something to get started. Not sure if selling hosting to make a couple hundred dollars a month is considered a small business. I won't have employees or anything, just be doing it on the side.

If its a online biz you don't need any
But keep your customers satisfied.;)

Thats the final question I needed answered before getting started. Ill probably purchase the host tomorrow and hopefully the DNS will propagate by December 1. I'll keep the customers happy and try to avoid overselling. Paypal seems like a great way to handle payments for the first few months (no setup fee).

Yep. and also checkout PaySystems

blind leading the blind? :D