What was explained to you is a single "hot" wire coming into the house, there also needs to be a neutral.

I found this house as a FSBO and negotiated a deal - brought in a neutral agent as a liaison to handle communication.

For the floor tile I recommend a neutral 12x12 or 12x24 tile with minimal to no design patterns.

That way all IRS reporting would be covered, a neutral third party would be collecting and your private financial info would not have to be disclosed to the buyer.We are licensed in FL so if you would be interested in learning more please reach out to me.Thanks...and good luck on your sale.

Illinois is landlord neutral.

Moment she reported I replaced the fridge and later found out it was lose neutral issue which electrician fixed and installed grounding. she cancelled twice the appointment before we could get access to fix this.5. its a 1950's build house so it does not have grounding, i needed to get into home to fix the grounding issue for all outlets.

Last thing I wanted was a default.Also to all those borrowers out there that think 70% or 75% LTV is enough cushion in a deal your dead wrong.. 95% of the time if a lender goes through a foreclosure action and only had that amount of equity they will Lose money on the disposition of the asset  ( ask me how I know) unless you happen to be in very HIGH value area and prices are going up up up... if your in a neutral market which most of the country is and depending if its a mortgage state or deed of trust state your going to suffer a loss..

But I also would likely have my property depreciating.I am somewhere in the middle and prefer to be at least cash flow neutral, but if you are a high earner with strong DTI and capital reserves there is no reason to be scared of negative cash flow.

So it likely will start near cash neutral and it is a large investment for cash neutral (we anticipate over $1M). 

It is seen as dangerous today for two main reasons: one is because there is no ground conductor, only hot and neutral so there is no protection when a fault occurs, and two because most K&T is now at least 70 years old and the age is what makes it dangerous.