I had already hung, taped, and textured 30 sheets of sheetrock for that project, so I hired someone to do the part of the basement we wanted done quickly, my wife's art studio. 

It can take a couple days to frame, rock, tape, mud, texture, trim out and paint a new closet and might cost $400 or more in materials.

While your at it, cover that brick fireplace to match your final exterior texture (stucco or concrete).IMO it looks like a great So Cal property to rehab with a combo of retro (50-60s) and modern elements, much of which can be done cost effectively.  

That's not too far from where I was/will be (and a nice place to take the jet ski's too).Chris

This does not mean that you have jets, yachts, mansions, etc. and are wealthy.

Asbestos could be in the drywall mud or plaster, flooring materials, ceiling texture, window putty and many other things which will surely need to be disturbed to perform the renovation and repair work.

So I updated the bathrooms and laundry room from vinyl tile to ceramic tile, removed wallpaper, textured and painted walls and added slate tile to front porch.

So far we've fixed all the cracks in the drywall, replaced toilets, sprayed new texture, primed, painted, put in new vinyl flooring in the bathroom, took out old carpeting.

Ought to be require reading for anyone new to BP.Textbook example of emotions taking over (greed and fear) flying in close formation like fighter jets.

They include but are not limited to a private jet with a water slide....Inside!