What does fluctuate however, is vacancy rates.  

I don't care if they fluctuate in value. 

The market price of your rental may fluctuate with the cycle but with a long view (see Buy and Hold by Shumacher) the rental market/job market and economy might be more relevant to landlord, because or vacancies and market rents. 

When does 70% fluctuate?

Poorly managed business fail by not planning for the inevitable fluctuations in business.Our business cliental is fairly consistent in up and down markets.

I find it best to have the tenant cover these expenses as they fluctuate, and you can be at a disadvantage if you try to include it in the rent amount and they increase past your projections. 

Paid too much for the property,  went over on your rehab budget, didn't upgrade the property enough, upgraded the property too much, market fluctuations, and a multitude of others. 

I am a buy and hold guy so I'm not necessarily concerned about short term fluctuations with my MF properties (not completely true since I buy with cash and then refi so short term fluctuations can affect me if a MF rehab/turnaround takes 12-18 months) but I was just curious for those that DO believe we are at the peak.... 

Might as well invest in stocks if you truly want passive income, albeit with potentially more risk/fluctuation and factors out of your control.Frankly though, its hard to tell you what you should do, because we don't know you.

Nope - and there are still seasonal fluctuations.