@Amy Hu I am in the same boat as you, no passive losses because my income is too high. 

There's never been a time in history where building equity through adding value wasn't possible, that's just stinkin' thinkin'.That being said- processes and quality matter greatly and thats where most people lose their shorts, not on the actual deal.  

Specifically in finding quality contractors servicing the Island. 

Quote from @Daniel Rabinov: Hello,So I am ready to get going on flipping or BRRRR.The thing is, my local market (Los Angeles) is not a great place to start as entry points are really high for beginners and it's very hard to get good deals here.

No serious, legit, high-end GCs will allow you to get materials...it's not how this is done.

Meeting seasoned investors, brokers, lenders, and property managers face-to-face at these events is highly recommended.

The basement itself is an unfinished basement, as well as unlivable (5ft high floor to ceiling).

Also, if you have any other recommendations of a servicing company for a beginner note investor I would highly appreciate them.

You really need to spend a lot of time learning the area first and building a quality team.  

We Honestly see this all the time, all over the City, and the fact that you're looking to do it in a Safer way speaks highly.