I just really don’t like initials that spell something unless it’s meaningful in some way, I really like this name but the initials would end up being LIP so what would you do? Keep searching or just use it anyway? Thanks!
If you love the name and it’s the one, I would go for it without qualms- it’s not like “lip” is a negative or offensive word, so I doubt your daughter would get teased. Initials are barely used unless you want them to be, particularly including the MN. Usually she’d probably just be writing LP.
However, if you’re not attached to the combo, keep looking and you might find a name that doesn’t spell a word out with its initials (totally get why this bothers you!) Then if you don’t find one you like better, circle back to LIP and go for it. 
I would use it. I don’t think initials are a big deal. I’d only avoid if it were inappropriate, which lip is not.
Unless you’re planning on monogramming everything she owns, I don’t think the initials matter all that much as long as you love the name itself.
It would not bother me. And if you do plan to monagram something it would be LPI. Monograms use the surname initial in the middle. Mainly the only time I have used my initials where when I was buying a home and a vehicle.
I don’t think the initials LIP are big deal. So if you like the name, go for it!
I personally would be upset if my initials spelled a word. It would embarrass me and may embarrass your child as well.
Not a big deal at all.
To me its not an issue. My husbands name spells [name_f]BET[/name_f] though and he doesnt like it. Maybe put in an extra middle name if you think it will bother you or your little one.