Make sure that your travel records are in good shape.You will make a major mistake if you wait until after the initial interview to learn the rules.The hours you spend as an investor reading reports and otherwise monitoring operations does not count for material participation purposes UNLESS you are directly involved in day-to-day management or operations.The IRS has learned that taxpayers seldom study the rules until after the initial interview, meaning that poorly informed taxpayers admit much in the first interview and then pathetically try to change their stories after they learn the rules (this is usually too little, too late).Goal here is to educate you, not overwhelm you.

.- just to give a sense of what kind of property i'm talking about, let's say the current plan is a 100k property in orlando fl. from what i understand, to pros of owning a condo is that most of the outside repairs are being taken care by the hoa, which means less troubles, downside is of course it will cost me 200-300$ a month (rough estimate, looking at the properties i checked so far) and from what i understand condos appreciation tend to go up less in time.so my questions boils down to the difference in repairs cost:- usually the rule i hear about allocating money to repairs is 1% of the house values. is that value the same for both condos and single family?

Airlines can deny a person certain kinds of emotional support animals.

(Numerous exceptions exist, this is just general rule).

Thanks for the welcome and support!

You should ask the bank first if they can provide additional funding, but be prepared to explain what happened with documentation to support it. 

Repeat.Find a mentor as well to help with the process.Doing an internship with someone that is serious about their business, and then making sure that you're just as serious about their business as they are, is an awesome way to gain invaluable experience and support for yourself in the long run.Intern with a flipper.

With my ultimate goal at passitivity that sort of rules out flipping. 

I'm new to all this but how am I able to make any money adhering to the 50% rule?

Initial impressions are key, as well as great follow-through.)Your documents, rental agreement, and property rules (These need to comply with the laws of your jurisdiction, professionally presented, and be top notch to serve both you and your tenant well.)Good Luck!