If the Seller shows signs of having the same desire, they will give him the time to work it out.My main point is that communication with the existing lender is vital asap. 

Of course the clause and then subsiquent eviction is my main concern.Thanks to all who will provide their wisdom.Jason

If your main investing goal is cash flow, and you intend to hold the property "10 years to forever", you shouldn't let a potential secondary benefit prevent you from purchasing. 

., go to the local supply shop (not the big box places, but the places where the pros buy supplies). 

State of Maine allows them 90 days since last time there to put a lien.

If town water, I close the main. 

My main question is, is it possible for me to have the property reassessed after a couple years and pull a loan on the equity to completely pay him off and just have bank become the only financier?

Liability insurance is necessary whether you own something personally, or in an entity, and that's where your main liability protection really stems from.

The property is in Southern Maine 30 minutes from Portland.I also called ServPro and they immediately sent someone out but he said he couldn't get me an estimate until Monday. 

There is no chance that someone who is stuck in their ways is going to completely change their tune about smoking in the unit no matter what they signed in a lease.I am not sure how things are in Maine, but here in Connecticut it is very hard to evict someone for something other than non-payment of rent.