oil burner venting question

a friend of mine is purchasing a home with a really jury= rigged oil burner vent system consisting of a single lined 6 inch flue pipe starting at the warm air furnace, in the basement, and passing thru the floor of the corner of his living room into a masonary opening that hangs off a steel supported red brick chimney with a flue liner, at the ceiling level of the second floor.
In this single pipe system are three t's for wood stoves, on the first floor that have been removed and taped over with some sort of aluminum foil tape. my suggestion is to direct vent the oil burner into metalbestos pipe to the outside, thru the basement wall and , to a height above the roof approx 8 feet, meeting code for the top of the vent. any ideas as to options such as masonary vs metalbestosis?
snipped-for-privacy@msn.com
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Doesnt the house have to be to Code. Why buy it if it isnt.
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