The county will NOT change the name of the purchaser after the document been recorded.You can always draw an "in house" agreement but it's will not be at legally enforceable as the recorded document.

Is there a document laying out all of the rules?

To the best of my knowledge, nothing in my closing documents discussed EPO recapture, and my closing disclosure specifically says that there is no prepayment penalty.  

They are supposed to stay until the insurance can rebuild their home.

Crazily the government here put out a document that said that they wanted to eliminate gas heat from new construction on the grounds that it is a fossil fuel.

Showing this documentation will save you money in the long run.

To insure success, follow what Brent stated above...Be SPECIFIC !!!

Perhaps for Rick Pozos - Is there any legal way or legal documentation that could be written up stating that if the loan is defaulted that the private lender gets to claim the house?

Asking price: $245,000 - reasonable for the areaEstimated Monthly Rent under current leases: $2500.00 - on the low side of the range for the area but the tenant base is long term and stableAnnual Taxes: $5000Annual Insurance - Unknown/information requestedUtilities - Unknown/information requestedBuilding Owner pays for alarm monitoring,electric and water bills - have asked for monthly cost averages but do not have yet.Individual tenants pay their own internet and phoneDescription: 2400 sqft, brick building with a 10 space parking lot, good location Known upcoming repair is HVAC for the downstairs (est $5k), upstairs HVAC has already been replaced.Thank you for your time as well as your opinion on this deal, recommendations for additional questions, additional information etc. 

Insurance is probably too high.