I called cops saying “Hey, my tenant is not responding and I want to wellness check on them”.

When it was fresh it was nice and soft one use and it's hard as a rock.

So totally near $40/sq ft since I have minimal soft costs. 

(i.e. does it include permits, architectural plans, other soft costs, etc?)

This often changes the conversation from "I am an investor" to well I want to be an investor.You also have to determine if what they want to do is really realistic and a good use of your time and resources.   

To bring this full circle and to get to my WHY - I decided to acknowledge how I was feeling, ponder the advice offered by my colleagues and wife and explore what life could look like if I left the CPA world.After this awakening, and taking the PAIN of something I didn't want, I added emotion and clarity to the life I was seeking and desired.I made the decision to make a change and felt I needed to do something fast before my girls got much older.This success journey didn't happen over night and there were many long days and nights.What you need to do is focus on your "WHY" or "Purpose" or "Inner-Game" or "Whatever is gonna keep you motivated".Regarding your tactical questions on where to start and career advice, use BP, network, build your own circle of influence.Most people give up and I was close so many times to throw in the towel. 

Evidence is stacking up that residential real estate has at least hit a soft patch.

Sheets, beds, towels, etc.

You don't seem to well informed landlord. 

It's legal and saves major headaches if there are problems.Ironically, in the above situation, the owner (being a soft-hearted man) paid the tenant the equivalent of a one-night stay in a decent local motel.