Rewiring a cigarette smoke-filled home: Demo to the studs?

[Matt Greenfield]

Hello BP Community, 

The time has come for me to deal with one of my biggest real estate fears... rehabbing, and specifically rewiring, a cigarette smoke-filled home. Hopefully, at the end of this journey I will view this problem as more of an opportunity, as I am sure there are plenty of other cigarette smoke-filled homes waiting to be restored. 

A bit of context... I purchased this home back in 2020 knowing full well that eventually it would require a good bit of rehabbing. I have recently reached a point where the existing electrical components of the home are in need of replacement. I'm not exactly sure the extent of the project, but I know the panel needs to be relocated and replaced and most likely a good bit of the wiring throughout the house will need to be replaced as well. I am planning to move into the home for at least a year once the existing tenant's lease is up in a month, and I intend to keep it as a rental for the foreseeable future. I want to make sure I do the rehab correctly, but I also do not have an unlimited budget. The house is 1,800 sqft.

When it comes to a cigarette smoke-filled home, combined with the need for a rewire, I am assuming the correct answer is to perform a full gut, right? Is there a world where it makes sense to leave parts of the dry wall up and try to just clean them? What about insulation, trim, appliances, the wood floor, etc? Does all that need to come out too? Also, It is an older home so lead-based paint may come into play during a potential demo vrs a kilz paint over. 

Appreciate any insight you may have into these types of issues. 

Thanks,
Matt