In my experience it is completely unrealistic to expect 7-10 years for carpet in a rental. 

After running numbers, it seems he's very unrealistic about his numbers. 

Is it unrealistic, is there something I should be aware of?

I do believe his idea of 32+ units to start with is somewhat unrealistic, however he does lay down some very important and interesting points that let's you know it is possible.

Unrealistic expectations for rent increases for that sub-market.

Gary, I think a $5K note yielding 15% is very unrealistic unless you by a non performer and get it reperforming.

I own a few other properties with a partner so I like to think I know the numbers, but, man, am I nuts or have my expectations for returns been unrealistic all these years? 

He wanted an unrealistic time to close that just wasn't going to work with HM.

Sophisticated buyers -- who usually offer best price and terms -- will label you as unrealistic.

Of course, it is very important to know that these people have a track record of success and know what they are doing, and most importantly that they show a conservative investment culture where they prioritize a solid, conservative, yet high yielding investment protected from downturns more than looking for non-protected, volatile investments with unrealistic high returns that whenever a correction comes, they are done.Let me know if you have any other questions, and I wish you a great investing journey!