The numbers appear good but the kicker is that the quotes were coming in around $125 due to the code issues that would need to be addressed.

these are just cosmetic changes. codes it have a basement?  

I found out that zip code: 90001, 90002, 90003 have pretty strong rental incomes.

I have contacted the licensing board 3 times as well as my local building code office, and each time I have been informed that you the owner, regardless of whether you are hiring a GC, MUST have a contractor's license. 

Maryland has very strict and onerous foreclosure laws.There may be a specific contract form for use in buying a foreclosure. 

They said they are going to try and be out by the 27th but if that doesn't happen how strict are the rules?

It get pretty complicated if you're not too familiar with taxes and tax code. 

They said they are going to try and be out by the 27th but if that doesn't happen how strict are the rules?

Assuming you are doing enough work and the type of work that requires permits I would say that you can simply state all rough materials and installation to be code conforming.

Certainly get it inspected and make sure everything is up to code (electrical, plumbing), and if not, budget for rehab accordingly.