Have you considered investing in Columbus since you already have a grasp on the market? 

@Jonathan Klemm is right, seasoned investors are buying as part of a portfolio, have a firm grasp on the associated financing/rehab/management costs, and as a result, are able to accept a lower rate of return than first time or independent investors. 

They’re the ones who will be taking care of the day-to-day operations so they have a good grasp of how much you need to set aside.Even better, start networking with other underwriters - join masterminds, facebook groups, follow people on Linkedin and as you get opportunities to see other people’s underwriting, you’ll absorb benchmarks over time.#17My biggest tip on improving your underwriting skills - pay someone for their time to get 1-on-1 coaching.I’ve spent tens of thousands on real estate education across masterminds, courses, bootcamps, events, etc. but I took my underwriting to the next level with personalized coaching.Most masterminds and courses cover the entire spectrum of multifamily investing but I knew underwriting was going to be my superpower and needed a specific feedback loop for this particular skill.

So the seller needs to have a pretty good grasp on these concepts to take advantage of them....and usually we aren't buying properties from people who have made good decisions in the first place. 

And many investors really do not grasp how much expense is involved in the property, not even counting financing costs.

However, I'm wondering if your former loan officer is spouting off a bunch of separate issues, none of which he fully grasps.

According to the DBPR agent I spoke with, it is most often the elderly and people with a poor grasp of the English language that are the victims of the cons.

This means two things: your income is way above the $150k passive loss limit and your wife will need to be the one to qualify as an RE pro.It seems you already have a decent grasp on what an RE pro is and how that affects you.

Talk to him belly to belly and be humble.In the meantime, get a grasp on what insurance you have on this and every property. 

I've been reading the the BP book, Rental Property Investing, to get a good grasp on things before I jump in and the 'forced appreciation' was something that was vague (only halfway through the book).