Not if insurance paid for it.

I’m not sure who paid legal fees but they must have been significant. 

I paid the first $5K but started having second thoughts because of high vacancy rates in the area.

You forgot to say, or I missed it, how much you paid for the property.

Make sure it says they are all responsible for ensuring the rent is paid, not just the one. 

Where did you take into account the landlord paid utilities?

pretty simple - Insurance and property taxes are included in the mortgage and the utilities are paid for by tenant.

He said there shouldn't be any repairs and whenever there were repairs, he paid for the materials and had them be installed.

I had a chat with them on the phone as i was curious about the funding.. but came to the conclusion that the down payment ( the client made to buy) was probably what they paid for the property and the seller carry back note was the profit.. and then the seller carry back note is sold to yet another investor.. who is investing for coupon money.   

Work with your attorney for what is needed to insure all subcontractors get paid by the General Contractor.Make sure the insurance covers Construction period and also materials.Talk with your Commerical insurance agent and they should address the above questions with you.If this is an older facility make sure your engineering firm has covered Fire Suppression systems and any Storm pond or drainage systems.