Since I'm betting that interest rates and rental rates will rise long term, purchasing a home can be a excellent return on your money even ignoring appreciation, which is likely in the long term in CA.  

My bet would be to just fix 'em up and sell then through an RMLO... if your state allows that.

I bet this was just a mistake on the sellers end, contact your lawyer and take the necessary steps to get your money back.

I bet @Steve Babiak is right, maybe this person just had  a longer live in time frame.

Your best bet to learn real estate is to learn from someone that knows it.

Over the next 15-20 years, I so no reason I can't put 12 together like that...then consider selling and living off the proceeds...without being pressured or constrained by bank loans.I'm not looking to rule the world, or to be the next Donald Trump (who has been in and out of bankruptcy multiple times)- I'm looking to live life on my own terms...and I can do that by paying cash :)For every real estate guru out there telling you to make millions by leveraging, I'm willing to bet there are at least three others that have been in bankruptcy...and one of those three turn around and write books telling you how to get rich on real estate and end up making money that way instead...or they turn into a Dave Ramsey who makes money selling you on how to get out of debt.

Your best bet is to run a test ad on Craigslist or set out some bandit signs.  

Even if the answer was a begrudging "yes" then I bet they are happy they did.

I notice now they also do monthly rentals on their web sites (intended to rent for 2-3 months)... which would be ideal for me.

Be patient, learn, and be ready when that winning Texas Holdem comes up.... and BET it.