The RDPD philosophy is correct, in that money should be spent on income-producing assets rather than luxury items.Save the 50k and use it to buy houses, IMO.

@Jacob Michaelsyou will pay a premium for the luxury of having the GC coordinate all the subs, handle any surprises that come up, etc.

This could be luxury properties, condominiums, land parcels, commercial, resorts, REO, investment with high holding costs, estates, etc.

Obviously this number changes based on each person's life circumstances, whether they have other commitments to attend to, Etc.For most people property management is a luxury, not a necessity.

I do not have the luxury of  a large list of high quality tenants.

Even though the house is not luxury, it was quite expensive to purchase in this area; so with cleaning and maintenance costs, our monthly expenses are around $7k.  

They shine up really well when they have original paint due to the high quality of the luxury factory paint job.  

When (not if) it breaks you have to face the decision of fixing it or explaining to the tenant that it was a luxury item and you are not going to pay for the repair at this time.Garbage disposal? 

@Tom Yungit is in an area has transitioned from an old warehouse/industrial district to a hip neighborhood for young professionals with hundreds of new luxury apartment units, retail shops, restaurants, etc. 

Then it was a nice luxury, but people were not dying for lack of air-conditioning.