New landlords in Brisbane – self management q’s

We’ve just purchased our first IP in Brisbane and we are looking at managing the tennancy ourselves.

To give a run-down of the property:-

• property is within 2 km of where we live (I know this is a no-no but we know the market very well and were able to obtain an excellent price)
• existing long-term tennants who wish to stay
• tennants currently on month-by-month while property was on the market
• settlement is mid-Dec 2006
• property currently managed by Real Estate

As it’s our only IP and is close to where we live we are more than happy to:-

• Collect Rent
• Deal with any maintenance issues
• Complete relevant forms (lease, condition entry/exit, bond etc.)
• Manage paying expenses (rates, insurance etc.)

I have obtained some great info from the RTA web site and downloaded the relevant forms.

However, I can’t seem to find too much info on managing the change from the current property managers (the RE) to ourselves.

Can anyone got any info (or can point us in the direction) of how to manage this change? Info like:-

• When can we contact the tennants
• Can we sign a new lease with the tennants prior to settlement
• How do we manage the change of rent payments. ie. last payment to RE and first payment to us
• Transfer of bond ; is this just form 5 – Change of Lessor

Any info would be much appreciated.

PS. I’m especially interested in hearing from those that manage their own IP’s.