So I'm sorry for surely revisiting, I couldn't find what I was looking for through SP and Google. I've found lots of walkthroughs on what software to install, and how to install it for preparing some replication. What I can't find some material on is, where to store my replications / slaves / masters, when and how.
Also what are your thoughts on xtrabackup? Should I maybe just on mysqldump on a slave? What happens to the replication data while I'm running mysqldump on the slave while my master is still being updated with live data?
Really I'm looking for a nice top level explanation and options for data backup.