Generac Q-55G Not putting out power

When you say charging, do you mean the charging system to recharge the battery or do you mean the AC output?

What red light are you referring to?

Where are you testing for the 5.6v?

OK, things change, the light on the VR comes on for about a second once generator starts. It no longer matters if the 50 RV cord is plugged into the generator 50 amp outlet or not. Tested small circuit breaker, it tests ok. Ran generator and got 4.1 volts at outlet, turned off 30 and 20 amp curcit breakers and got no voltage, 4.1 again when I turned them back on. Disconnected 3rd wire down on the VR, started generator and still got 4.1 volts, hooked the jumper wire from the what looks like the starter solenoid and no change in voltage, still 4.1 volts. So this is what confused me about the solenoid, on the big red cable side that looks like it should be the 12+ positive side there was no voltage running or not. Where I tested the jumper wire to the VR was from the smaller side right next to it and that gave me 12.9 volts with generator running 12.75 with generator running. What next boss?

What is the exact model number of your generator. It should be something like: 9xxx-x

Let me go over this test with you again to make sure you are testing it correctly.

Connect your jumper wire to the solenoid side that has at least +12v DC. Test with your DC voltmeter. Leave the wire hang for now.
Disconnect the 3rd wire down on the VR which I think is 2 wires on 1 connector. Correct me if yours is different.
Now connect your meter to your outlet on 1, 110v side. Either one will do and you can even do the test on both. Set your meter to AC voltage.
Start generator and let it run for a minute or 2.
Now connect your jumper wire that is hanging to the wires that you removed from the VR and see what you meter reads. Just run it long enough to get the reading and then disconnect it and shut down the generator.
Let me know what you get.

I connected the connector back on the VR, and left the jumper attached to the two wires and hooked the other end of the jumper to positive side of DDM and got 4.5 volts upon cranking. Then hooked jumper wire of VR and hooked to 12 VDC supply and got 9.5 volts while cranking.
 pulled  both wires off the VR and measured for resistance, I set the ohm meter at 200. I kept getting different readings, it started out about 112 ohms but every time I reconnected to it about 10 times ,the resistance went down. It finally settled down to about 59.5  so I attached my DDM positive to that wire and the DDM negative to the other wire and cranked it, got 9.9 volts at starting.

Now I don't know where to go next.

Ok, did exactly as stated, attached for no more than 2 seconds. The red led turned on and stayed on and you could hear the generator sound like it was working again but I could smell an electrical wire burning, just then right in the center of the VR, I could see the back of the VR start to melt, about the size of a half dime or so. I shut it down immediately, this whole procedure only took about 10 seconds or so. I turned off the 30 and 50 amp breakers and started it up for about 5 seconds and the VR light stayed on but I still shut it down. I did not have anything plugged into the 50 amp generator outlet.

OK, I just went out and double checked everything and everything was plugged in where it was supposed to be with no wires touching, everything looked good. So I started it up again with the 50 and 30 amp breakers off, the red light was on for about 5 seconds then went off so I shut it down and felt the back of the VR where it started to melt and it was cool. So i obviously needed a VR to begin with. Should I go ahead and get one then continue testing?

I see a new one on ebay for $115.49   Generac Generator 83049 Voltage Regulator 0830490SRV, The number on my VR is 83049HCJ stamped on the side of it, any idea if it will work or would you suggest one from someone else?