Knob and Tube in a buy and hold

[Dan Sundberg]

Just got into contract on my first buy and hold out in Sacramento, CA and inspections showed some of the house was still on Knob and Tube wiring. It looks like the house would be fine without touching it, but since I'm planning to own this long term, I'd prefer to just get it all replaced while other work is being done. 

Anyone have experience with getting knob and tube replaced in California in terms of pricing or regulatory pitfalls?