Second as a contractor  I have found lower cost subs equals lower quality , or uninsured , etc. 

Below is more context:- We all have full time jobs and in our early 30's- 2 of us live in New York City and 1 lives in Boston, if that matters- All of us are planning to do equal investment and buy the property in all cash- Our strategy for the first property is to go for cash flow - We are only going to buy one property under this LLC. 

I also have verbiage that states the new lease must be at least equal or better than the rate they were paying.  

If they are VERY professional, they will have their processes in writing as verification that it is enforced equally and fairly by their entire staff. 6.

Not all HMLs are created equal. 

Unfortunately it's not that easy, IRR is discount rate that makes the net present value (NPV) of all cash flows from your deal equal to zero.I would only use it in a situation where you are looking at two deals and all other factors are the same (which is almost never the case).Or if you are looking at deals with a IRR of 15% to 20% and you run across a deal that says they are estimating a 10% IRR then that's not going to work and you can eliminate it.

If ONE unit is vacant and both units are equal in rooms/bathroom composition, then the new owner will need to move into the vacant unit and then the owner can either evict to take the occupied property completely off the rental market (5 years off the rental market), evict to take back the occupied unit for personal use like moving in immediate family (2  years off the rental market), or they can evict given the tenant is a nuisance or conducting illegal activity (this is a harder method to evict since you have to provide evidence and have a case but if they're selling drugs and you have video footage or something, then make your moves) and there are a few other reasons for at-fault evictions. 

@Jordan AkinsAll things being equal, you would be correct.

These aren't issues that are specific to flipping and should be a primary focus for any real estate investment - The bottom line is that you made a profit despite the challenges you faced - and congratulations for that - but it seems to the bystander that you gambled with another investor's money while investing very little of your own - you put yourself in the position of a teacher or mentor when in fact you are not extremely experienced in the business of flipping - consider how you would feel if you lost a portion of your partner's investment....Today I am closing on the purchase of my 15th flip for the year, and I wouldn't dream of taking on an investment partner who wasn't equally experienced and had an equal say in the decision process.Good Luck with your future projects and Happy Investingjeff 

One MAJOR advantage to renting the property out for a year is if you decide to sell it after renting it out for a year or longer it's considered an investment property and you can 1031 exchange it into a property of equal or higher value and not have to pay capital gains taxes on the sale of the property.