Congratulations Leander, it's scary at first but it'll get easier to manage them with time.
First off management companies are great for taking the burden of being a participating landlord off you, but don't be fooled when they tell you how cheap they are, they nickel and dime you with hidden charges every month, so I now avoid them. I prefer to find a nice older couple and make them my manager, they collect the rent, take care of small problems and maintain the property. In exchange I give them a lower rent.
When you take an application, look inside their car. If it look like a slob lives in the car, so will their apartment. Never give any prospective tennants any indication whether they are being considered or not, if they ask, just tell them you are still taking applications. If someone calls and asks why they didn't get the apartment, don't say anything negative. People are sue crazy these days, and you will get sued.
Also there are companies that provide a service for a fee, you give them a social security number and name and they will do a credit check for you over the phone. There is a monthly fee, but it's worth it.
It's best to get a first and last(rent), and a cleaning deposit also. Do a walkthrough before they move in and take pictures of the apartment while they are there so they know you have proof of the condition of the apartment.
If I want 1200.00 a month, then I will write into the contract that the rent is 1275.00, but if they pay their rent by the 3rd of the month then they get $75.00 discount.
And go buy landlording for dummies and read it, you will learn valuable lessons, that might help keep you from getting into trouble.
-fin