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

If you don't want to acknowledge them, that is your choice, but don't pretend they don't exist.

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. 

Your opportunities will increase (choices of syndications) if you are accredited investor. 

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?

Typically net 100+ comments in the first day, usually about 25-30 messages, 6-8 applications and a couple solid choices. 

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.