Knob and Tube in Rental Property

[David Ibrahim]

Hi everyone. I have knob and tube wiring for some of my lights and outlets in my future rental property. The house has 2 panels. The first-panel label states that the breaker panel is rated 40 circuits. There are 40 openings. There are 12 overcurrent
devices in the panel. Circuit breakers. Main Breaker Amps = 200. The second-panel label states that the breaker panel is rated 24 circuits. There are 20 openings. There are 17 overcurrent devices in the panel. Circuit breakers. Main Breaker Amps = 70. TO change all of the knob and tube I got an estimate for 8k. Should I replace it all of just replace everything other than the ceiling lights wiring? Any suggestions will help. Thanks.