So I trusted him and sent the money.

You will need down payment money, You will need cash reserves Money, you'll need closing costs money, and you will need to get a bank loan.

Apparently there was a roof leak which has been fixed but the seller didn't want to spend the money to fix the ceiling.

Our biggest challenge is that we are not over 55+ and we would prefer to invest our money in the villages itself.

(I have read that CA likes to have their cake and eat it too by claiming any part of the chain of money/business no matter how small).2.

The owner had no money from the deal to cure the lien, and because we were already passed our 1031 exchange identification deadline, we asked what the payoff was and ended up paying out of the door $112k to close this deal.

Do investor relations for them,  or raise money, or underwrite. 

You need to know how to enter the deal and how to exit so you can cover your areas and protect yourself from losing money. 

Do I take a year's rent and the money spent on the rehab to look at my return?

If it's tight or you're uncomfortable with the tenant you have in there from a confidence perspective, especially if this is a first deal, maybe meet in the middle and get a lender at 75% or 77% (doesn't HAVE to be at 5% increments) that wont make you season, and leave a bit more money in the deal, but sleep better.Overall, if I cash flow well, have/keep reserves, and am comfortable I fixed everything in the house, I like to max out the LTV on refi.