Since first month's rent is due and payable before move-in, electronic funds transfer payments will begin on the second month of the lease and will continue each month and end on the last month of the lease.

DIG often has some news published as well. 

Should the check be made payable to everyone who signed the lease?

Like: "Please make your rent payments payable to ___________________, and deliver them by the 3rd?

They get the guarantee that their rent won't go up for a year, but I still retained the ability to change other terms or kick them out with 30 days notice.Here's a legal article about breaking a lease and includes references to CA:http://www.nolo.com/legal-encyclopedia/free-books/...The same publisher put out a great CA landlord book, that was my bible. 

Additionally, case law decisions for or against a law within your state are published, yet difficult to find or interpret.  

Our rent is due on the 1st, payable by the 5th.

Anyway, depending on your new property manager they usually can handle the rest up to giving the actual notice to the old PM and facilitating the transfer of deposits and other payables such as taxes, common electricity and so on.

Maybe with a clause stating payable after a hassle free year of paid tenancy.

The Atlantic recently published a report saying 47% of middle class Americans cannot afford a $400 emergency.