How much of your cash flow should you live off of?

[Steven Barr]

How much of your rental property cashflow should you live off of? 

For example, if I cashflow around $30k/month, how much of that should I ACTUALLY be spending on my lifestyle? What percentage should go towards my personal mortgage, toys, travel, etc..

Further, I wouldn't want to develop spending habits that had me on razor thin margins, so what should my OVERALL spending percentage be relative to my cashflow? 50%? 70%? 80%?

I understand the goal is to work to continually increase your cashflow by acquiring more properties over time, and that annual rent increases will give you a natural boost, but I imagine you want some cushion built in to your spending habits for inevitable bad times economically?

Thanks!