To further that mission, we've managed P&L as a portfolio (vs. individual properties), consistently investing in substantial, necessary and voluntary enhancements over decades: new sewer systems, new HVAC, improving drainage, upgrading appliances, adding new porches, etc.  

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.  

I fully intend to utilize all available resources here to continue to enhance my RE knowledge. 

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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.

Since it is likely your purchase is legal non-conforming with respect to current building codes, any insurance needs to covers reconstruction of the structure to current codes - some policies consider code-related improvements as enhancements to the existing building.I would also closely check the co-insurance provisions, loss of rents limits ($ and time), boiler coverage and general liability caps.A good commercial insurance broker can really help assess the specific risks and you may be able to loop in your other properties under the same general liability coverage if you consolidate with one carrier.

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.

.), generally bringing in a total of something around $2T/year as a near-term historic averageNow play with the rest of the data at will -the answers won't be mood-enhancing, but they'll sure be enlightening.PS: "THEY" ALL KNOW THIS - every single "guru" making statements without a shred of basis knows this and many other absolute facts of the current debacle and the folly of any level of taxation as its cure.the problem's quite clear, the answer is even more clear - SPENDING is the problem.