All this should be detailed in A letting agent or solicitor can help you draw up a tenancy agreement, or there are a number of templates available to download from sites such as the Residential Landlords Association (rla.org.uk). Sourced from: http://www.thisismoney.co.uk/money/guides/article-3106649/How-good-landlord-without-taken-ride.html
If you are a busy landlord but still want to ensure that your investment pays back on time you can hire property management services. Do not just get anyone to do the work for you.
You may find that an agency where the director has an active involvement of the property management department will take the business of property management more seriously. Sourced from: http://propertyupdate.com.au/11-questions-to-ask-your-property-manager-shannon-davis/
To keep things in perspective, the Harvard study claims that the total number of renting households surpassed 43 million in 2013. Sourced from: http://lifehacker.com/is-becoming-a-landlord-worth-it-1579689701