Best practices for building RESTful ASP.NET APIs include keeping the API design simple to meet consumer needs, using a limited set of HTTP status codes consistently, and structuring resources hierarchically. The API implementation should accept and respond with JSON, use URL versioning, implement authentication securely, and handle errors gracefully. Documentation should be maintained with developer readability in mind, and performance considerations like caching should be made. Overall consistency, clarity, and standards adherence are important.