ISP Peering

Here is an overview of my situation and I felt that someone here may be able to help out. I work for an ISP and also run a cottagenet. One of the cottagenets in the area was interested in running a t-1to my location. We would then act as a peering of sorts. I could send traffic through him while he sends through me. We are both on different backbones so I felt it could be beneficial. I know BGP would have to be run, but I am curious what other sort of thing I will have to read up on before this is possible.