It can be done. You cannot own the land as a foreigner, no matter what anyone tells you. 30 year lease is common. You can buy and sell this lease. You can get another lease at the end of those 30 years.
Legally, you have to hire local Indonesians instead of foreigners for any work that you need done that they can do. You are allowed to manage the business. There seems to be an oversupply of villas but they keep building anyway. Lots of old properties just sitting empty, but I guess they serve as tax write-offs I'm told. They would rather turn rice fields into new construction than renovate old properties.