One thing you want to be aware of with a traditional mortgage is that you could trigger a *due upon sale* clause and require an immediate pay off of the loan. 

I've also never heard of such a code in Baltimore or even Maryland.If the basement is dry and no signs of trouble, save the money.

We were just going to start doing that with the MLS being so dry right now.

My lender won't lend to a newly created LLC. my plan is to take tile in my name and then move it to an LLC via quit claim.I am aware this can trigger the due on sales clause from the lender but I was wondering there are other things to consider as well, or if there is a better way to do this?

None of your rental real estate activities should trigger self-employment tax.

And they sucked the previous owner dry while not doing any work in the building right!

The MLS around here is a bit dried up as far as good fix/flip opportunities go (yes, they come up, but there's a lot more opportunity off the MLS), so you or your agent may need to go above and beyond to find deals that are off-market. 

Thinking of pulling the trigger today.My mentor says he thinks it's a good deal.

BTW, did you ever pull the trigger?  

Hey BP,I'm under contract on a 4-unit in a market that I have previously invested.I saw the deal and pulled the trigger, sight unseen!