(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.

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

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.

Take hard money to flip something, then sell it and make some money.

What I was told time and time again is that you make your money when entering the deal.

If you are looking to fix and flip, just make sure you look for a 12 month term, non-dutch interest on the rehab funds (this means you do not pay interest on the rehab money until you use it), no prepayment penalty, and avoid any lenders that escrow your payments at closing.