I'm going off the understanding that you still need to spend 500+ hours in the business to achieve material participation (please correct me if I'm wrong). 

I'm trying to understand how frequent this is.  

I'm a pretty handy guy but this would be outside of my realm, but my experience helps me understand how much this type of improvement should cost.Improvements: remodel kitchen and bathroom, paint interior, fix exterior scafolding.How should I go about finding a contractor?

@Malcolm Brown it is great that you are thinking of the money to fund the deals you are going to get started with but understanding what a deal is, I think, should be the starting point. 

Seller wants $160,000 cash out which leaves $50,000 in equity for the buyer.I had a taker from CA but he couldn't come up with the cash.I was not aware of anyone that understands that kind of deal.  

This is a two-way interview, so have a short list of questions to ask the mentor (What books do you recommend I read to gain a better understanding?

Drive around the neighborhoods to understand the lay of the land - if you have someone who will take you around and explain, better yet. 

I understand it become tad difficult to refinance since some lenders wouldn't lend on the home in trust, but is it easy to sell a home in a trust, just like you are buying in a trust?

Since this would be my first long term rental property do you recommend starting with a property manager from the beginning or managing the property myself.I understand that there are pros and cons to all of these scenarios, I'm just looking for various insights.

Any samaritan willing to help me understand some?