The first time I heard this term was from Donald Trump (the real estate tycoon, a master of using OPM).

Donald trump had a saying never use your money unless it is necessary.  

Does initial intent trump the length of hold in regards to changing tax status of long term cap gain to ordinary income?  

A good deal for me and a good deal for you and a good deal for donald trump are all going to be different.  

I have paid experts to trump inspectors many times, but some buyers are gun shy and you  loose them.  

Furthermore, a property might only bring in $100/mo in positive cash flow, but it could have a really high cap rate if you got a great deal and have a good bank lined up to for your refi.On the flip side, I've also wholesaled properties to foreign investors with a < 5% cap rate...While it seems absurdly low to some, there are people out there who just prefer to park their money in something in the US, and that trumps all other metrics.

@Ben Leybovich I agree, an infinity return trumps any %return all day! 

Bear in mind, that advice from your attorney, accountant and/or from the State Department of WC (if applicable) certainly trumps what I communicate here.The most important consideration is to understand that how you compensate your labor may or may not excuse you from carrying WC coverage on them.

During the latest and greatest podcast featuring Jay Papasan, Jay brought up an interesting point made by Trump that he learned nothing when the markets were good and everything in down markets (I'm sure I butchered the quote, but I was driving and wasn't able to write it down!).

Further, I'm reading The Millionaire Real Estate Investor and Trump's The Art of the Deal (seems to be required reading in the REI circle).