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. 

@David Flores in my opinion if your goal is to sell any property at 50% of market value just work backwards from there on how much you would like to make. in your example of this property lets say you wanted to make $5,000. that property would have to retail at $34,000 in order for you to sell it at 50%($17,000) pay the $10,000 in liens and pay the owner $2,000I think everyone is going to be different on what they think their time is worth so if your happy putting up $12,000 for liens and purchase to make $3,000(25%ROI) because the market value is $30,000 then do it at the end of the day you have hungry new investors willing to make a $1,000 and get some education then you have pros that won't do a deal for less than $10,000. you just have to decide what your willing to accept both in monetary and education because both are currencies in the investing world@Brandy Horkey I second what you've said, I know in Florida that the county appraised value is strictly for tax purposes and not what the actually market value for a property is.

Talk to your CPA about planning for it if you are over that threshold.Jim, sole proprietorships are included with LLCs and S-corps for purposes of the deduction.

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.

MS don't fool around.. they picked him up on Friday night ( you know on purpose) so he had to sit in the cooler until Monday when the judge got in to set bail.But every state is different on how they handle this stuff.in the list I gave you I have funded wholesalers and flippers in all those cities Save NY ... every other one I have funded in... along with half a dozen more cities not mentioned that are too tough to wholesale in in the first place like CA..wholesaling is a very very tough gig.. and not a starter strategy.. the guys I know that are successful have big business's with huge budgets to make this work.. its not a hey I have no money I am going to wholesale and get money to buy and hold.. can that work . sure a blind squirrel finds an acorn.. but to really make any money at it .. its a full blown business.. with all the things you need in a mature business enterprise.. staff  capital... experience and UBER sales skills.