I am a practicing attorney (that also invests in real estate) and have litigated dozens of trials in the courtroom over the years. 

Disclaimer: While I’m an attorney licensed to practice in PA, I’m not your attorney.

It is just a conservative practice.  5% for Repairs may be ok since your property is virtually new.   

I also need practice evaluating the repairs needed.

Just wondering if this is a good practice or if I should wait a few weeks.

The demand for all trades in the area is so high that these contractors can practically extort clients. 

My backyard has been used for a family members wedding in the past, but I'm not sure about the liability of having someone I don't know that well use my back yard for their wedding.They could have a huge wedding tent set up, have the mobile bathrooms parked, and have all the caterers operating in my backyard.Has anyone tried this or have any advice as to if this is practical?

AS I said it something that has been ingrained in every property Management Course I've ever taken as an Agent / Property Manager.Makes sense really, you want to get it rented as soon as practical.

Disclaimer: While I’m an attorney licensed to practice in PA, I’m not your attorney.

It's a big book full of practical advice from marketing, screening, leases, collecting rent, etc.