Hi, Callene. There is no consequence that I'm aware of in the long term. We typically recommend toggling between the two types to see if one yields a greater loss than the other, or if one provides a better tax benefit. One method may carry over a loss that is greater or smaller loss than the other, so it will affect the K-1 in that way. But it will be different for every K-1. It's something the IRS allows taxpayers to do, so it's good to see which one (if any) provides a better result. 

Hope that helps!