Regarding what you need to do as a landlord and how to protect yourself:
We strongly recommend completing National Tenancy Database / TICA blacklist checks before approving any tenant (you can arrange this through PropertyNow). In addition to checking tenancy blacklists, you should also consider checking the ACCR criminal court attendance database here: https://auccr.com/free and may order full police background checks through PropertyNow if you wish
Most importantly, consider taking out Landlords Insurance – this covers you for theft, malicious damage, or loss of rent if the tenant stopping paying – http://www.canstar.com.au/home-insurance/what-is-landlord-insurance/
There are many different providers so make sure to shop around.
We also strongly recommend reading renting pages and factsheets on the Consumer Affairs Victoria website: https://www.consumer.vic.gov.au/renting
Don’t hesitate to get in touch with us if you have any other questions at all.