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?

Is there no way this clean up is the responsibility of the insurance carried by the person, or the immediate family, or even the person who is the primary lease holder (if not the person committing the suicide).It is insane to me that this is your financial responsibility.

And since both sides pay $750/mo, there is clearly a financial efficiency to be had for combining them.

I did my 1st phase of due diligence in terms of financial analysis and market analysis.

My primary goal is to increase my monthly income so that I have more financial freedom to expand my small business. 

So maybe if you alter you entry strategy to lower cost and build equity slower to build that long game wealth. 

I send everyone to First Financial NW Bank for commercial products.

I started listening to real estate and financial podcasts about 2 years ago which led me to the BP podcast and then to this site.  

Get last 2-3 years financials.

The previous posters are right about getting your financial house in order though - whatever that looks like in the particular case.