PM's have the luxury of taking out what they feel like they deserved and kindly send the remainder to the landlord. 

I can see the inspectors now, walking up to some luxury rental in a prime location in Seattle , where the tenant is paying thousands per month, saying "we're trying to protect you from your slum lord!" 

It is a 2,634 sq ft, 4-bed and 3 bath luxury townhome with views in Prescott, AZ.

When she's looking at rentals, it's always the luxury apartment complexes. 

Hopefully that will be when the cash flow generated from passive investment allows that luxury. 

If you allow for out of state investment:  You have the luxury of choosing positive cash flow or better appreciation prospects if the area (MSA) is at an earlier stage of the cycle. 

Times are good for luxury homes, your first property does not really fall upwards to that market.

All of these things help add to the reasons why investors, and visitors from around the globe come to Orange County and invest their money, or to spend time with their families.From the most luxurious mansions, to simple cottages, multi family dwellings, and office buildings.

"Risk of loss" cannot be construed as passing by virtue of the strength of the contract.  

As a smaller investor, you probably won't have that luxury.