Brand new knob and tube would be marginally ok, if you added a ground wire. 125 yr old wire of any kind is a hazard, and knob and tube in particular has a lot of issues Some of the previous posters have tried to justify it saying that it is legal because it was up to code when installed.....but they neglect to say that any K&T system still in place has certainly been altered, modified, added to since it was installed...and that automatically makes it illegal.

V.G Jason this is a really tough one to bring up, as fundamental and very important it is, it seems it's a level of complexity in comprehension that the vast majority just automatically deny and argue against it.   

"If the property is held in a partnership the assets in the partnership do not automatically receive a step-up in basis like those held in a disregarded LLC.""

Can anyone recommend companies that can set up automatic withdrawals of the tenants rent. 

Do you automatically go into foreclosure.

Enter recurring charges and automatic late fees.

It will automatically send out work orders to vendors when created.

Any buyer is automatically an investor unless they have some sort of large family that will be occupying the other units.What is the market rent?

I say we ban anyone who copies and pastes robot answers, cluttering up storage on servers for useless word filling loren ipsum type nonense.It's worse than giving someone gift cards they will never use for their birthday.

Simply filing separately isn't going to automatically raise red flags to the IRS.