Further, if I know to expect "bumps in the road" I can at least plan for them and have a checklist in place to mitigate them should they arrive.

Everyone will work with what they have at hand and mitigate risk by running numbers correctly and still come out ahead.

I look at all the comps very closely and in detail, borrower, neighborhood to try to mitigate my risk.  

Okay Steve, I will tell you my answer to mitigate acrimony but I choose to withhold specific details and documentation until later because the purpose of this dialogue is to invite open discussion for creativity regarding a common scenario.

I'm eager to invest, looking for any investors/flippers who would like to team up on a couple deals to get my feet wet, and mitigate some risks.I have cash on hand and access to additional funds. 

I am trying to mitigate to lessen the bid price by not taking on a money partner, I have a budget of 10% for interest rates, and I could easily bring it down to 5% (0 if i absolutely have no risk of going for a fund partner, but not going to risk it) if they agree on the DP.

If the goal is risk mitigation, and your exposure isn't huge (maybe you have a property or two and are just starting out in life), some investors will go the insurance route and choose a large umbrella policy over forming one or more LLCs.

It's a cost of doing business but the impact of the cost to investment yield can be mitigated by selecting the right notes. 

With the right tenant selection and manager, you can minimize, mitigate, and transfer most of the risk involved in renting it out.

Unlike Brandon recommends (which probably works fine in his state) I can't just take the full deposit without first trying to fill the unit to mitigate losses and itemizing what the deposit was used for (additional advertising, number of days rent missed, etc.)