u/IndependentFuture520

I'm a investor and I'd really value your view on two real estate models, because I'm getting conflicting advice.

Context: My wife would be the principal applicant. My long-term goal is fix & flip / new construction, but I understand pure real estate is seen as passive. I have around $100-120K of my own capital, and I want to preserve as much as possible for the actual real estate projects later.

Two models I've been pitched:

1. Turnkey: I buy the land, a company handles permits, construction and the sale, everything through my own LLC and accounts. For the financing, I would put in about 30% of the construction value myself and get a loan for the rest. I would travel to visit and check on the construction progress, but I know I can't operate it actively because I only have a B1/B2 visa — at least not until I can obtain the E-2. Given that I'm not the one actively operating it (the company builds and sells), does this qualify for an E-2, or is it considered passive?
2. Property management as a "Stage 1" active business to get the E-2, then expand into construction later. One advisor told me I'd only need to commit $20-30K (plus office rent and 2 employees) and just "show" the rest of my capital in the account. But I've read that idle/uncommitted cash doesn't count as investment, and that low amounts are risky.

My real questions:

• Is the turnkey model (I provide capital + loan, they build and sell, I just visit but don't operate until I get the E-2) viable for an E-2, or too passive?
• Is property management a solid E-2 base, and roughly how much would you realistically want committed (not just shown) so it isn't denied for substantiality/marginality?
• Is the "show a lot, commit little" approach actually safe, or a red flag?
• As a foreigner without an SSN yet, how do I handle the real estate broker license that property management requires in most states (FL, NC)? Broker of record?

Thank you so much.