I advise anyone who has been a victim to call the authorities.

I struggle with very non-specific rules about what the REIT can invest in. 

@Mo Nueman what specifically do you need boots on the ground for?

Feel free to connect with specific questions. 

Also, you will assume the Basis in any real estate holdings which could have future capital gains implications.This is the exact reason my attorneys have advised against this strategy.

If your all-in cost to build for below market value and you are able to place quality tenants, then you should be able to leverage the completed project in a way that allows you to pull out some of your initial investment tax deferred to fund future investments while keeping the rental income and future appreciation.I am a CPA by day and advise many developers on tax strategies.

I am currently lurking often and reading/learning as much as I can about real estate investing, specifically buy-and-holds.

Be aware of hidden damages in foreclosed properties, factor in potential vacancy rates, and consider property management for a larger portfolio to streamline operations. how would you advise wholesalers to work with real estate agents in emerging markets

As many would advise you here, Bigger Pockets has a plethora of CPAs and Tax Advisors to choose from.

Best to seek counsel from your attorney and tax professional but if you are going to insist on saving a few dollars, best to provide more specifics on the type of partnership you are contemplating so you can get your hands on something that's remotely relevant.