I am purchasing an out-of-state luxury rental (6k sqft + high end furnishings). I am new to this type of real estate and want to be sure not to get taken when hiring a property manager and any other advice for this type of investment. 

How are you going to maintain the personal property and not have it damaged or stolen? A single executive who travels may want a furnished unit BUT most luxury renters have all their own furniture and kitchen equipment. Furniture has little value once it is used, even antiques don't quickly sell for much, and are subject to "taste." 

Originally posted by @Shari M Port :

I am purchasing an out-of-state luxury rental (6k sqft + high end furnishings). I am new to this type of real estate and want to be sure not to get taken when hiring a property manager and any other advice for this type of investment. 

@Shari M Port depends on what your goals are in investing in RE. I really like Columbus OH because its beginner friendly (in the sense that prices are appreciating so almost anything you buy is worth more the next month) and there is a huge tenant pool to choose renters from.

Originally posted by @Shari M Port :

I am purchasing an out-of-state luxury rental (6k sqft + high end furnishings). I am new to this type of real estate and want to be sure not to get taken when hiring a property manager and any other advice for this type of investment.