is this a deal that i should run from?!
That was going to be my first answer.
Talk to Lenders, but with the Lease running that long, they are probably going to treat it as an Investment Property, resulting in higher down payment and higher interest rates.
Buy the Tenant out? You could ask them, but have an Attorney draw up an Agreement, and hold the money in Escrow until they are out. And there is the timing issue - getting them out simultaneous with your closing date.
If you pursue it, have a good Real Estate Attorney.