When you tested power at the thermostat, did you go from R to C and is your C-common really hooked up between the thermostat and air handler? If not, that may be why the bad reading with the meter. Does your thermostat run on batteries?
Have you tested power in the air handler itself, R to C? Bet you'll find you have 24 volts there.
You say the thermostat engages the air handler and the air handler works fine, is the problem that your condensor wont turn on?
Turn the a/c on and test between Y and C in the air handler and if you get 24 volts there, then the problem may be the wire that runs to the outside unit.
Have you tested power in the air handler itself, R to C? Bet you'll find you have 24 volts there.
You say the thermostat engages the air handler and the air handler works fine, is the problem that your condensor wont turn on?
Turn the a/c on and test between Y and C in the air handler and if you get 24 volts there, then the problem may be the wire that runs to the outside unit.