(I believe this PPSF to be a little high)Our total soft cost, including architecture, engineering, and site prep, was an additional $30K.

If it is a masonry fireplace, then there are ways to "decommission" it so it cannot be used to burn wood.

Considering the cost, engineering, town and permit issues and all that can go wrong. 

If you have a wood burning fireplace I've also seen folks do decorative brickwork across the front of it to close them down. 

I work for Amazon as a Software Engineer, and am very interested in purchasing my first rental property.

Hard money lenders look at the profitability of the deal while a personal loan from a bank looks more at the financial standing of the borrower.If the money is just for a rehab, you can secure a personal loan at any time, but it'd be best to have the property already lined up as the loan begins to generate interest as soon as it issued and you don't want that loan burning a hole in your pocket while you're looking for a property.If the money is for acquisition and rehab, then you'd want to get pre-approved before searching for a property.

I know it is not always easy to and and guilty sometimes of trying to help someone too much and I usually get burned or have to deal with drama.You did the right thing by not renting to them.

I’m currently a software engineer with no real estate experience aside from a 1 credit intro to real estate class in college.

The minimized gains from your first deal is essentially you investing in training and "insurance" that you don't get burned.

My husband is an engineer and all of my friends are engineers.