Just practical.

There are those who are either too confident, ignorant of the product, or whathaveyou to wait until the property is priced correctly, telling the seller's, "Oh this must be the accepted market value", and thereby creating the climate we're approaching, where everything is overpriced due to poor buying practices.

CPAs are not permitted to practice law.I will frequently help a client set up an entity if it's single member LLC because the Articles of Organization are usually just name, address, organizer info and fill in the blank on the website for contact info. 

If people were wholesaling the way they should (buy the property below market value and sell it for a profit) I wouldn't take issue with the practice.

What are the best practices for participation?

In MA you can be a licensed ageant and not practice.

Might not be the answer you're looking to hear @Nik Moushon, but really just comes with practice, familiarity with the code, and the build costs.

They sound great and get you enthused, but offer nothing of substance that you can practically apply to get paid. 

In addition to Matt's sound business practice of fixing the home, most states which includes mine GA, tenant law says; landlord may not contracturally transfer responsibiltity of maintenance to the tenant, its always the responsibility of the landlord.....   

I always practiced that you can not deny a tenant's pet if that said pet was a certified "service animal".