Have not opened up a talked about this because of the shame, but this is my first step.

Curious how investors have done this or what should be the best steps to accomplish successfully?

The gist I'm getting is that the cost basis for the new property will be stepped down to adjust for depreciation on the property that's being exchanged out. 

No one looking to buy wants the business, they want the property which can and will be used to build an apt complex of at least 50 apts (on the conservative side)  and possible +100, which we've been told by the board is very likely since they want to build the area up.Does anyone have any experience in building a complex like that from scratch, i want to get into real estate and me (his son) this could be a huge step in the right direction, we have some investors we can sit down and talk with in the near future.

This is a prevalent method of money laundering. 

Corner cutting is fine, until it kicks back suits, liens etc. on you or property; then it seems not so good to skip a little preventative maint step. 

It sounds like you are taking the correct first step of educating yourself.I live, work, and invest in the Lehigh Valley. 

if a wholesale assigns a contract to me as a buyer can I assign the contract to some one else and if so what are the steps.

Matthew there's posts here on lonnie deals and steps... and why not to venture into this deal type. 

Any idea what your next steps are going to be?