Househacking with Duplex_ Built 1937- Cloth Wire and Potential Asbestos

[Bertho Augustin]

Hello Everyone,

I am trying to get into multi-family investing with a Duplex built in 1937. The house has a lot of potential to add square footage and create more value, and we got under contract. The Inspection report reveals Cloth Wiring in the house (apparently only one insurance company insured this type of wiring issue in Florida due to fire hazards), also one GFI in the entire house, almost 30 windows needs replacement (all shut) . I also want to open a wall in the kitchen to make it more open concept for my family. The fact that i would need to re-wire the entire house and also open a wall scares because of potential asbestos exposure. I am thinking of getting out of the contract. Am i worried for no reason? Is that something that's common in Old house? My wife and I are planning to have a kid next year and i am terrified of potential exposure the kid. Any advice will help! Thank you in advance