1906 2 story flip advise

[Doug Rich]

I am looking at a very old house, circa 1906, to fix and flip.  The concrete in the basement seems to be "flaking" for a better term.  The surface is crumbly in places.  Is this terminal and what can be done to save/remedy this ?  There are also many small cracks in the foundation, all vertical and none displaced.  Again, what would the fix be ?  It used to have oil heat, the tank now is removed but plumbing and vent stack of bricks exist through the center of the house to the roof.  I plan to remove it all.  

Any major hurdles I am about to encounter with this old a project I need to hear about.

Thanks,   DnD