Converting to managing my own property

[Derrick Carpenter]

I have a property with some great tenants that pay on time and the house is a newer home with very few issues.  I have had a property manager in place for the last two years because I was only a landlord due to moving to a new home.  Now that I have decided to expand and have additional properties (purchased my 2nd in June), I am looking to take over as the property manager.

Any advice on how to best do this?  Here are a couple questions that I have.

1. Does the current lease stay in place?  I am assuming yes.

2. Do i meet with the tenants and send them a professional letter explaining the change in management?  I assume lay out how to pay rent, contact information and address any questions they may have.  

Regarding point 2.  How does the tenant know that I am who I say I am?  Should I work with my current property manager to inform them that the management is changing.

Please share any best practices that you may have used.

Thanks and let me know.

Derrick