As a new landlord can I charge just first months rent and deposit?

You want your security to at least equal a months rent. You don't have to charge the last month, but be sure it states in the lease you will have them sign that the deposit can not be used as the last months rent. Be aware that not matter how good a tenant you get there will almost always be damage. I advise you to take pictures of what the rental looks like when they move in. Be sure those pictures are dated from the place where you develop them in case you ever have to use them in court. I'd have that friend do a walk through about every 90 days. Don't be afraid to evict when things aren't being taken care of and accept no excuse for late rent. What I do is offer a discount for prompt pay. If their rent it $750, offer $25 off if you have your rent on or before the date it is due. If they are late beyond 5 days start your eviction process.