or it’s better keep as is with small updates doneI'd start by speaking with an architect or local permit expediter, then someone at the City. 

Start with BiggerPockets Ultimate Beginners Guide (free).

What would be my best approach, I assume find a private lender and work out some deal with them.All questions and answers will help thank you.Normally the lender for the reverse mortgage will start a foreclosure.

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@Kevin Waymire - it's great to start thinking about this now.

🏡 Hello, would love to hear from you, just bought a property and starting demo to do a fix/flip, but I'm really not good with choosing tiles, fixture and colors, can you help me?

Just started our own firm investing in and managing property in our relatively new (~5 years now) home in Charleston, SC.Happy to be a resource to anyone and look forward to making quality local connections!

Congrats on getting started on your journey.

I would start with them.I am not based in LA, so I don't know your exact laws, but I think I can still provide some initial direction for you to find answers, and maybe offer an idea to research.  

If you haven’t already, start saving for major capital expenditures.