Each time you enter Thailand you get 180 days. If you dont want to do a border run after 180 days, you can extend each entry once for a further 180 days, after which you would have to leave Thailand and come back. So the choice is yours - leave every 180 days or leave every 360 (180 + 180 extension).
Take the same precautions you would in Australia - read the contract and make sure you document any existing damage (photographs and on the contract). Another thing to check is how the power and water are billed - ideally if you can you want a place where you are billed directly by the government, not by the owner/building, as it's common that the electric and power bills are marked up by owners, sometimes 2-3x the government rate.
if you're referring to the RW4U's interview with an MFA spokesperson, they were discussing unlimited entries on the Destination Thailand Visa, not visa-exempt.
Because the DTV is new, any suggestions are informed guesses at best, but from what some reports suggest, a fair few embassies and consulates are asking for proof of residency. But apparently Vientiane isn't - you'd have to check for each individual embassy and consulate.