I would think as you start to acquire more and more properties, you might want to re-evaluate things but I would definitely consult a lawyer for a more in-depth conversation.  

As a rough budget you can plan on $150/sq ft for just the building with foundation, then add on the land and site work after that, which can vary greatly depending on the depth of the well, type of septic system (conventional, mound or pretreatment).

l am a Registered Nurse presently who did some buying and selling of real estate in the past but lately I've been feeling like this is my true calling and would like to study it more in depth.

Nothing like benefiting from in depth market knowledge and economies of scale.

Can someone go into depth?

It sounds like the vetting process was not very in-depth concerning the general partner. 

Since the applicable laws are state specific, I recommend you invest in getting the legal opinion and advice of a well informed attorney with an in-depth knowledge of the laws, rules and regulations promulgated by the state real estate commission before commencing your wholesaling business model.

I would very interested in having a more in depth discussion about this.

If you think these posts are long winded, you would hate the in depth materials we supply to clients.One last thought on this old topic of who has been caught - Would you publicly acknowledge being caught and fined if you did not have to?

In Phase I here, the homes with basements have the "ground floor" well above grade because the bedrock depth is so shallow over there.