Well, as a golf professional who's "directed" a lot of professional events I can tell you my pin placement rules.....the hole placements should be challenging, varied, and FAIR for the length of shot anticipated.....
- ALWAYS have a 3' - 6' diameter circle around the hole that is FAIRLY level which is what the PGA Tour field staff strives ta' do........don't gimick up the pins by making a guy play 6" of break on an 18" putt.........terrible IMOP......
- Don't put a pin 2 steps from the edge.....3 to 5 is close enough........IF you do and your course has fast greens guy's will be putting off the green, etc.......
- DON'T put a pin 2 steps over a severe false front/top of a slope.......chickensh#t pin IMOP........give it at least 3 - 5 + steps so that a guy can actually with a PERFECT golf shot get the ball fairly close.......and if your greens are fast your going to have guy's putting the ball off of the green.......slows up play TREMENDOUSLY and makes for some VERY unhappy golfer's who will be CUSSING you BIG TIME.....

- Don't place a hole location on such a severe slope that well struck shot might spin back off the green.....into a hazard, etc..........ANY well struck shot DESERVES to remain within' scoring distance of the hole.....20' or in......
- Don't place a pin on a 200 yard par 3 2 steps from the edge.......or in a position that's unreachable.......short wedge shot......ok.......but use your common sense when a hole is a difficult one......don't add insult to injury by tricking up the pin placement......
Ok.....now for the do's......
- USE the "corners" if the area around the hole is fairly level....make em' think.....make em' "work" to get the ball close.......tuck em' 3 over a bunker IF it's a short hole.......but place it in a position that a player could possibly use a slope to get the ball close to the hole.......that's my absolute favorite hole locations.......tucked, but, accessable IF the player can shape the shot correctly......
- Use the old 3/3/3.......3 left/3 center/3 right........3 front/3 center/3 back......you can mix them up anyway you like.......but don't trick up an already HARD hole.......IF you do you want have your "job" for long.....

- Set up at least ONE par 3 in a position that MIGHT yield a hole in one or two.......in a position that where a PROPERLY struck shot WILL "funnel" to the hole.......these pins are a hoot IMOP.......
- And, above all, ALWAYS keep the "type" of players who play your course in mind.......IF you set it up too severely you'll piss off MOST of the players and play will SLOOOOOOW to a crawl........bad deal....

Good luck!!