I'm obviously an amateur (especially compared to Brandon) so I'm probably wrong... but simple plug and play with numbers suggests it's a typo.

That was my first BRRRR, but not my first rental, but they still treated me with the first property as an amateur that knew NOTHING - had they had a conversation, we could have gone into it with a bit more trust.

It's almost always an empty threat intended to scare off amateurs, and this is an example of how well it works.

On the one hand you have the big guys with in-house property management, who take what they can get away right up to the line, on the other, you have the amateurs who will do practically anything to make their one or two rentals work like their spreadsheet says it should.

Rentals will get a lot of interest, particularly if you appear to be an amateur landlord.

It’s not for the amateur no matter what city your in. 

Amateurs!

@Wesley HooverMy 2 cents...if this is an unrelated party, encourage seller to consult an independent attorney and tax CPA, and don't try to be the friendly neighborhood amateur tax advisor. 

I do not know why they are calling if you recently bought it, probably a bunch of amateur wholesalers.

Hard money vs private money is really more of a professional vs amateur thing.