The concerning thing with pitties and dogs like that is their jaw, when they lock on, they lock on really well. tey arent the biggest of dogs, but they are very very strong.
Personally i wouldnt keep it, but thats just me. i also wouldnt visit if the dog was inside, or let my kids play outside with it if it were out.
We have a teeny tiny little little jack x chiwawa (spelt wrong i know) and she is so lazy and gently with the girls, but even then, theres no way in hell id let them play unsupervised, and im alway vigilant with new children going into the backyard to play. i make her sit by my feet. shes used to my girls, but another child might do something different that she doesnt like, or gets a fright from. i'd never forgive myself if she went anyone\

In purchasing a pit bull you have supported an illegal business. i highly reccomend u get the dog desexed asap, if you're found with an undesexed pit bull u can cop major finds as theyre trying to stop the breed from being in autralia

Found this on wiki, specific to qld
A person who owns a "restricted" dog must:

keep the dog within a child-proof enclosure
display warning signs at the entrance to the property where the dog is located
muzzle the dog in public and have it under effective control at all times
ensure the dog is spay/neutered, wearing a collar and a prescribed tag, and is microchipped