What criteria should I consider for choosing paper for watercolor pencils I have been researching about the types of paper that are well suited for watercolor pencils. But so far, I've come across hot, cold, and rough pressed paper. I'm not entirely sure if these are the only options and how they're different from each other.

What are some factors to consider when choosing paper? With some paper I've used  the paper wet and when I draw over it with a watercolor pencil it pills severely (or would that happen with any watercolor paper?). I would rather not have that quality in a paper. 

Is there paper that provides tooth for detail, but that also accepts water and layers of color well enough to not pill? What are my options?
One of the first things you’ll want to remember is that you should always be using archival quality acid-free paper. Also, the heavier the paper, the less the paper will wrinkle when wet. In fact, after about 2mm of thickness one will generally be speaking of board, not paper.

Hot pressed papers (and boards) are smoother than cold pressed, and although there are many pulp options, you should really consider 100% cotton rag. Don’t try and be a hero saving the environment - use virgin non-recycled materials.

Many artists attach their watercolor paper to a wooden board with masking tape along all the edges. This prevents the paper from curling too much, however I never liked the fact that the tape generally rips off the top surface of the paper. That’s why I spread acid-free bookbinder’s PVA glue across the back of 350g cold-pressed paper and bond to the smooth side of a sheet of Masonite (HDF) reinforced with a wooden struts, all of which is later used as a backing plate to attach the frame.

My advice specifically for your use case is to use the pencils only when the paper is dry - otherwise you really run the risk of damaging the surface. That and to start using a brush.