It seems like a decent prospect for appreciation and cashflow since it's situated between JHU and Penn Station and is the site of a fairly substantial development project (Telesis), but I understand the strength of the deal will be determined by what price and condition I acquire the property at. 

Who knows- it could be impossible or it might be simple and fairly inexpensive, but you can get a fast and free answer at city hall.

Not only will this help my business but I think it's more fair for everybody......

As I recall this was somewhat cumbersome and takes a fair amount of time.

Houston is fairly active on here!

An Amish guy that will do the drywall fairly cheap.

I'm fairly good about letting things roll off my back, although I've seen this kind of belittling comments from so called "seasoned" investors on BP more times than I would expect from people who, one would think, would have some standards, given how they've "succeeded" in business. 

Advertise well (don't be cheap, pay for top ad on Kijiji at least), do a comprehensive screening process, include a credit check (not a free one, pay for it) and ensure you're only renting to people who look really good on paper.

This will put me at approx 26k for normal financing.So I asked him why is the closing cost so high and he responded:Bank fees are approximately three to $4000, transfer tax is 1% of the sales price, and title insurance is typically 1% of the sales price.Does this sound fair?

Agree with other posters that if you have lost trust in this contractor, even if cost more, you need to cut your losses and find a new one.As to what to do with the existing contact; depends on a number of different factors having to do with the size of the contractor, how big the contract is and emotionally just how upset you are about things.If this is a small contractor then there are likely few if any assets in his company and it is generally very easy to shutdown one LLC and start another one with a similar name so suing them is just a money pit; its not fair but very common.