I came up with $385,000 to build for material/labor.

There are plenty of places that will offer assistance to a tenant who has fallen on tough times. 

Sometimes I think, well maybe that newby is an expert at draining swamps....or they have a helicopter to reach the landlocked property and want to practice aerial concrete and building material transport.There was a guy on here the other day, challenging me that he could not possibly go look at all the "deals" he was going to buy in Florida for 10c on the $1. 

Advice wise  I would look for area on the fringe and be tough on your areas as you are on the house.  

My GC license ( which is not tough at all as its all law basically).

It may be a tough pill to swallow if you feel you’re totally right, but you may be surprised at the LEGAL opinion rendered by counsel.  

I understand the basis is all the remodel cost or labor and materials. 

i appreciate you mentioning that you're OK with breaking even - i believe it means that you may have more reasonable expectations than many others in your position - but the market is just tough right now. 

Socal is tough to find investment properties that work.I have a great realtor in Sacramento that can find properties that cash flow.

They are well known and are very tough markets to find deals that pencil out.