By "better", I mean in terms of (1) return (2) licensing restrictions, and (3) state law. 

What's the lowest loan amount you can do and how long do they typically take it?

@Hardy Davis  As long as you've lived in the property for two out of the previous five years, you could qualify for the 121 exclusion.

What are the typical terms when putting an LOI in your market?

I am curious to use the hive mind to learn about best practices for revenue management for short-term rentals.One trick I have used is to crash prices for undesirable dates, or dates that would otherwise go un-booked.

The two biggest challenges I hear are not realizing the condition of the property (for example, finding out the property is in a worse condition than it is) and working with contractors (not finishing the job, taking too long, etc).

Hey Colby, as long as it's your primary there is no guideline saying 15% down is needed. 

I have too many questions for one post, so keeping this post broad and will ask more specific questions in the coming weeks/months.I have a good 6-figure job and some limited real estate investing experience (own one short term rental in the Denver area and recently Airbnb'ed a second property under the rental arbitrage model). 

Do I get to be part of the process, in terms of vetting out potential tenants ?

I bought a house with my ex, and after a few years, we split up (on good terms).