Hello,
I've done a similar setup some time ago using guides from HowToForge. I found they were correct, very clear and easy to follow.
MySQL Database replication
Master Master replication (easy enough to 'adapt' for master-slave).
My setup involves two virtual servers running Debian, both with one NIC, and MySQL in master-master replication.
If you're handy with CentOS (don't have experience with it) then you should be able to substitute the installation commands from the latter HowTo I provided above.
Kind regards,
Eric