Big companies like Yahoo overpaid many companies purchased and went down the tube.  

It was a 1909 craftsman with knob & tube wiring and the house had long been neglected.

If not then be very careful of accepting advice from trusted friends who watched a you tube video.There's a bunch of good QIs in America including several right here on BP. 

No aluminum wire or knob and tube wiring.  

I am expecting to use a 10% down payment (I don't believe the property will qualify for an FHA loan) which admittedly is nearly all of my liquid funds.Now, the problem arose when we discovered it was entirely knob-and-tube wiring in the upstairs.

I am sure you can you tube some videos as well. 

Many of these homes may still have knob and tube wiring.

Once the chimney is lined (stainless steel tubing usually used for this these days), the exhaust can just go up the liner.

Heck, my wife and I have a combined 6-figure income and we still don't have a $4,000 TV, just the old 27" tube TV I bought at Costco 6 or 7 years ago.

There are some good you tube videos on it that have helped me.