Also, knowing that any house built before 1980 will need to have the knob and tube completely replaced.

Start reading books: Millionaire Real Estate Investor (Gary Keller) is a good start.Watching Videos in You Tube: Bigger Pockets has a ton of content.

. $20-30 for a caulking-gun sized tube. https://www.homedepot.com/p/100653148It’s obviously not a structural repair, just something a step up from using silicone caulk to seal the small cracks.

Rules on that seem to be changing by the hour.Meet Kevin   the U tube kid does a good job explaining it. 

It may be helpful:I can give you some general info on insuring the property:Here are some things to look for from an Insurance prospective:1.Any in-ground tanks (active or inactive)2.Any Knob & Tube or Aluminum Wiring3.If built before 1978, does the building have Lead Safe certifications4.Any wood stoves or secondary heating units.

I would like to have seen photos of the basement, especially the HVAC, electric panel, main beam and supports, though with 1950 construction, you're well past the era of cedar posts and knob & tube wiring. 

I've been watching various you tube video. 

DONT DO THAT, top rail flies off with upward pull, plus just thin tubing that will bend when you don’t want it tooBe safe and make sure your attic is vented right so you don’t “cook” the new shingles.  

It happened when it happened, I was ready, and I went "all in" knowing that if those companies tanked, America was going down the tubes shortly thereafter. 

@Nabil A.I would double check the type of wiring they used aluminum wire or knob and tube for very old properties were and it can be hard to get insurance and if you can it may be expensive.