3) As a final nail in the coffin, "waiting for bank to accept and previous buyer to terminate."

Chris Martin...you hit this nail on the head.  

@Abel Sng hit the nail on the head.I'm working on a LifeCo assumption right now.

@Joe Splitrock hit the nail on the head.

Also look at @J Scott books. they helped me nail it down, but I recommend you keep track of everything as detailed as possible so you will be able to really lock everything down in the future.

Tenants are expected to hang pictures with nails, not anchors, etc.

@Paulette Midgette WOW, you nailed it right on - determine your property's appreciation rate - That's exactly what I need to do.  

So is the property a 6 cap on existing rent and then there is additional percentage rent if sales go above a certain number annually?

The very low rent-controlled rents was literally becoming a nail sealing up my coffin.As a result, I was able to sell the building at a sub-3 cap rate.

I think I can negotiate some of his prices down, and that will get me about 5-7K less, but that still leaves a substantial chunk of budget to get nailed down.