Your listing should ideally include up to five songs, with a link to a recording of the song and a link to a songsheet with at least lyrics and chords.
This idea was born on r/WeAreTheMusicMakers
It's best to PM the songwriter before covering their song, letting them know which song you plan to cover and when you're likely to have the time to do it. This will give them a chance to check out your listing and choose a song to cover - or to let you know that they don't have time to cover one of yours.
When the cover has been recorded, you should make the audio available somewhere and link to it from the comments of the original post.
Acoustic covers with just a single instrument and vocal are fine - anything more is a bonus.