I did you a favor pointing the errors in your way, and it is you to be smart enough to realize these errors. 

You could read 100 books and still not know enough because certain things must be learned through trial and error.

The IRS has multiple ways that these errors can be fixed.

While you are at it, learn how to manage your properties well because a large percentage of investors lose tons of money through rookie mistakes with non-paying tenants, unscrupulous contractors, long vacancies, etc. 

I'm a big time rookie myself but always trying to learn. 

Be sure to allow some margin for error in your first deal because you'll make some mistakes but be sure and try to get into action quickly! 

However, shortly after securing the property under contract, the lender notified me of an error on their end, stating that the property's is rural for them and hence mandates a reduced 70% LTV.

Our experience has been that when this happens (we have had this situation at least 4 times) it always plays out the same way, there is some sort of clerical error and we usually have it resolved in 1 -2 months AND they pay the back rent.

I regularly listen to the bigger pockets rookie podcast.

I am a rookie and trying to buy my first rental property to start my real estate portfolio.