But....wouldn't any lender prefer being in first lien position vice second in a given situation?

Also the maintenance man probably knows a lot about the tenants and vice versa.

I'm currently operating off the assumption that from here on out, unless I'm using creative financing, I'll have to pay 20-25% down on future investment properties.Another reason you should talk to @Tim Swierczek :)  If you purchased on a 5% conventional you could get an FHA loan or vice versa.  

I could be that the highest appreciating areas just happen to be all older houses or vice versa.

Shorter holds can yield higher IRRs but lower multiples, and vice-versa. 

One calculator includes capital improvements but doesn't include annual leasing costs or vice versa, etc. 

We fully expect the breeder to be a big part of our dogs life and do not think there will be any issues with either you contacting the breeder and vice versa.

Things like never using LLC funds to pay a personal bill or vice versa.  

Eg, if your basis was 100k in the partnership, but the property had the basis of 150k, the property will get a new basis of 100k when it gets to you. and vice versa)And when you contribute this property to you SMLLC, the new basis (100k)of the property transfers to LLC. 

It doesn't matter if you are a flipper and they are buy and hold or vice versa.