Thanks for you reply Wylie, its good to hear other peoples experiences.

I will still be living close to my investment (only 5 mins away) so I would be able to keep a close eye on the place.

I suppose I am just a little hesitant as I have never managed a property privately before and tend to think the safest option would be to get a property manager to take on the place. I am very much in 2 minds just at the moment although diving in the deep end and doing it myself may also be the quickest way to learn.