Also wondering what snags people have run into with regard to zoning laws and/or deed restrictions, etc.Thanks in advance for any thoughts!

This gives time for some time to remarket.May be take back up offers as well.Check with attorney for proper language and local laws on all these options above.

Real estates are more expensive than those in US and banks are pretty strict.

What do you do to ensure that the tenant is responsible for security deposit disputes since that is the largest reason for owner lawsuitsHow familiar are you with the newly changed laws that can affect you the owner if they are not used correctly?

It's the law of supply and demand.There is the supply and demand for real estate, and a separate one for rentals.

As an active out of state investor, I like the idea of knowing that at least I can reduce my overall investment risk by having the eviction laws favor the owner rather than the tenants.

Depends on what your landlord-tenant laws are for the area this 3-plex is in, as to what is required to change the lease terms. 

I am curious for anyone owning rental property down there how the landlord tenant laws are and if you have any resources I could turn to for some information on the subject.

Marquette Bank- Pat Touhy Guzaldo Law Firm- Real Estate Attorney/Specialist Barley Construction

They will be familiar with the agreement you signed, and local real estate law.