Electrical is about to kill me... Really need some advice.

[Adam Avinger]

Okay so my wife and I are flipping our very first property. We got a older craftsman style home in a very desirable neighborhood, filled with homes like this one. The issue is that its basically all 2 prong electrical outlets... with open grounds of course. Ive consulted with an electrician and he has said that he can install GFCI's for a pretty good price to convert from a 2 prong to a 3 prong. But I also just read that they must be marked "No Equipment Ground", and if and when an inspector comes around to test them, it will still show "Open Ground".

Im a little confused. To those who have some experience with this, would you upgrade to GFCIs to make sure all the plugs were 3 prong? or would you leave be with 2 prong. or what would you do? Im sick thinking about having to fully rewire....