Liability due to a failure to build to code will likely be dramatically more than the cost of inspections and meeting code, to include possible loss of life.I once objected to the cost of work requested by an inspector when rehabbing a deck. 

Mortgage interestReal estate taxesManagement feesMaintenance itemsI imagine that mortgage principle payments are not tax deductible.  

Here is my short term objective - to purchase a single family home in a decent area that I can rent out a positive cash flow.  

Do not sell them an idea, overcome objections  on the spot, etc.

I still think you could use some of the principles.

Today, Grant Cardone's 10X book inspired me to apply his principles to my future wholesale business.

It sounds like you've done your homework, but for the benefit of this thread, here is some general info regarding the series LLC relative to real estate investing:- Unlike a regular LLC that is a single legal entity, a series LLC permits an unlimited number of “mini-LLCs” or series to be created, with the ability of each series to have different assets, purposes, business objectives, members or classes of members, and ownership interests.

Still stuck on my first real life home buy and trying to take the principles learned from a simple game into that process.

whats your objective?  

Understand too that for a variety of reasons, some first position lenders will object to you taking a second position loan for 100% leverage.