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.

and shuffle that 'fiat' currency around WORLDWIDE, so the ratcheted leverage just keeps increasing, while the  markets for those currencies and everything else "fluctuates," according to individual currencies and nation states, controlling and competing, marketshare.

Newer, older,  renters, home owners, fixer uppers, beautiful houses, residential, commercial.The reasons you are looking for pockets like these is in these pockets there is what is known as price fluctuations.  

The downside is that the housing prices there can fluctuate down as well (as demonstrated when the last bubble crashed).

If nothing ever breaks, cash will be available for you for any other purpose.As long as your property will provide you with positive cash flow on a consistent basis, you won't be rocked by market fluctuations, including rapid depreciation of real estate values.