I have no idea how to set them up, I'll be using them for the big toothy fish, would you guys who use them give some pointers,do you use steel leaders?.
you can use steel leader if you wish, I do not, I use mono and have never really had any issues.
gonna want a line stop of some sort, button, bobber, some guys tie slip knots or some thing to mark your depth. Gonna need a sounder to find you depth initially.
depending on what you are using for bait, it may be tough to prevent false flags if bait pulls too hard and pops flag. for that, you may need to use thin rubber bands to hold bait but allows them to break if a fish grabs the bait. this also goes along with quick strike rigs if your using large baits. Youtube has a ton of vids on setting tip ups and quick strike rigs.
I am sure others will chime in with more tips for you.