I don't think there are any PoS rewards with Terracoin, since it is a PoW coin (mineable).

To set up a masternode, you can probably follow the DASH guide for the most part:
https://dashpay.atlassian.net/wiki/spaces/DOC/pages/1867820/TAO+S+SETUP+GUIDE+FOR+DUMMIES+12.1

But make sure to get your sentinel from: https://github.com/terracoin/sentinel and not from the Dash repository.