Fully explain the bounty hunter transfer method

Fully explain the bounty hunter transfer method to me, the part I really need information about is surviving once you get the loot from the person, and ways you can expect to die.

 

Once you pick up the loot, you incur a 3 minute penalty. During this time, you cannot log out and you cannot use item protect. This means if someone kills you during this time period, you will lose the loot.