Invite your neighbors. That way you build community and avoid potential complaints.
Ask for donations instead of charging admission. That way you don't have to deal with taxes and issues about selling alcohol. Suggest a minimum amount for a donation. Arrive at that figure after you decide if you need to break even, make money or want to consider it a party that you're underwriting.
Provide free refreshments, including beer and wine if you like -- or declare it a potluck.
Promote the event, whether through old-school methods (fliers, postcards) or new-school (e-mail, website, Facebook), but don't advertise too much personal information about your home.
Ask people to RSVP so you can plan accordingly and give out your address to a limited number of people.
Check the noise curfews for your city.
Check with performers to determine if you need sound and light systems.
Check with your insurance agent. Although this is akin to throwing a party, you might need a one-night coverage rider.
You'll need more chairs than you would at a normal party because you're setting up for a concert. Borrow from neighbors, a school, church or community center.
If your performer is from out of town, make sure he or she has a place to stay -- even if it is your home.
Have a greeter by the door and announce house rules at the beginning of the event.
Stock extra toilet paper in the bathroom. Just in case.
For tips and resources, Google "house concerts" or "living-room concerts."