My expertise is in finding the deal but I have typically steered away from heavy rehabs.

Examples: from here https://www.biggerpockets.com/forums/588-virginia-real-estate-q-a-discussion-forum/topics/996731-moving-to-blacksburg-va-who-invests-in-the-new-river-valley I click on the link to the Virginia Real Estate Q&A Discussion Forum circled below:which takes me to this screen consistently: Example 2:Go to this BP link:  https://www.biggerpockets.com/forums/835-western-nc-real-estate-forum and there are no posts visible. yet I have posted on that forum before.

Because it's in a historic district, anything "visible from the road" has to be cleared with the city.

Tree roots won't break it (unless they get ridiculously big), spots can be patched easier, can be formed to odd sizes easier, won't crack generally (asphalt is pliable), stains are less visible, can be resealed.

I'm seeking advice on how to structure a deal and was hoping to crowdsource some real estate expertise from the smart people in this community.

There is a certain level of expertise that is assumed, and the only way to get this is experience.

Typically if a house has not been completely rewired there are more hidden issues than just the area where knob and tube is still visible.

Office warehouse buildings along an interstate service road (great visibility).

Yes, you'll refi later, just like with a FHA.Waiving the inspection contingency has become a popular tool, but if neither the buyer nor the agents have the necesssary expertise to understand the condition of the property, that can turn into a desaster quickly, especially on a 120 year old building.The FHA "inspection" is actually done by the FHA certified  appraiser, often times they have very little experience outside the mandatory training.

The problem is that it costs $5 a square foot to buy the flooring and while it takes some skill and specialized tools to install it, it takes a good deal more to sand, seal, and finish it well, and even more to replace any parts that get visibly damaged.