@Heather LuuWelcome to the forums...As a rule, the final installment always needs to be paid once work is complete.

Lots of 1% rule deals, cash flowing, and has amazing potential for appreciation.

I think this is a State specific legal ruling in WI if I recall correctly.

Is it because people that operate and manage their own str can hit the 100 hour participation rule?

You’ll need to meet the 100-hour material participation rule by actively managing the property—tasks like updates, repairs, and managing bookings count.

I know that with HOAs, there are a bunch of rules about what you can and cannot do. 

The sophisticated money is not buying in stagnant markets with poor fundamentals because they can achieve the 1% rule, can complete a BRRRR or because of more favorable landlord tenant laws exist just to highlight what’s rarely part of their acquisition criteria which is a stark contrast to the mindset of most within the BiggerPockets community.Since your focus is specifically on landlord tenant law component I’ll add those who follow the law, properly maintain their property, respond timely to tenant requests, use well drafted and fair leases and don’t unreasonably withhold deposits  find themselves in far less tenant controversies. 

I use a $5000 rule, where I est everything in incriments of $5000.   

For no/low-cost seller leads, I'd also recommend FSBO via zillow or realtor.com.As far as commission structure, the post-NAR settlement rule is that you are only allowed to collect the amount negotiated on your buyer agreement.

I would set ground rules on decision making.