For example, allowing payments on the deposit is bad practice.

I am wondering what this means in practice.

It's best practice to start early and build those relationships. 

Is this normal practice for contractors?

When buyers especially Bay Area buyers ask me if I will get them part of commission I tell them find someone who does that practice and I lost few of those Bay Area buyers.

Which could be seen as a concerning to a tenant that might not be familiar with that practice.

Find Brandon's videos on YouTube for the "four square" method of analyzing homes and practice.

Written by attorney investors, it's full of practical advice about the management of investment property, has sample forms that can be edited, and - most importantly - tells you what your primary state laws are and where you can read them.

Should I do both simultaneously?

In practice, the landlording equivalent of "ambulance chasers" will proactively market to renters, offering to sue their landlords over trivialties so that they can collect this funding and profit.Get out of Colorado.