First IP, what should I do to get ready?

Hi, everyone

Finally I have been sucessful in buying my first IP!! yah (already have a PPOR) I just wanted to see if anyone had some advice on the following few things before settlement in Feb 08. Any help would be great.

Situation: Just purcahsed a 2 bedroom unit in eastern Melbourne paid $ 275,000. Unit is about 30 years old and  bascially in original condition inside (has been rewired, new oven). In excellent structual condition. Settlement is start of Feb 2008. I plan to lease this unit just after settlement as an investmant property.

1. When should I look at getting Landlord insurance? I got a qucik quote from AAMI which was a strata title and tenent cover policy that was quoted at $160 per year ($600 excess) with $10,000 contents cover. Does this seem about right, seemed quite cheap? is $ 10,000 enough for contents as building is covered by body corp. Is there anything I should look out for or be aware of?

2. The unit is about 30 years old with basic upgrades (wiring, ovan, carpet is about 5-6 years old) is it worth getting a depreiaction schedule considering the builing is quite old and has no really new upgrades?

3. How should I go about finding a leasing agent? should I get a few quotes from the local real estate agents, is there any advice on picking one, or are they all basically the same. What is a reasonable price? e.g 5 or 6% plus one week rent and advert fees? Can I get all this organised before settlement so I can hit the ground running?

4. I was given some advice that I should not claim the tax variation each pay week from the IP (if I could manage) and wait till tax time to claim the bigger return to use on my PPOR loan as this is non-deducatable? what are feeling on this concept if I could manage without the tax relief each pay week?

5. Between now and settlement (or just after) is there anything I have forgotten or should be aware of?

I know I have asked many long questions and have a fair idea about each, but I would really appreciate some feedback or experiances on any of the following or anything I might have missed.

Thanks guys,