Motor noise… Need opinions!

Hey guy! First off this is my first post here looking for help. I have a 2012 rancher es 420 (trx420fe). I bought it used with 500 miles and 100 hours on it in January of 2016. The problem that I have is it is burning oil as I can smell it in the exhaust. It is not smoking bad at all I can just smell burnt oil. Does not use much oil as I check it evey time I use it. I mainly use it for ice fishing and plowing driveways. I dont use it much in the summer except for a little around the yard. So I kinda figured that I need to rebuild the top end as oil is getting past the rings or some where in the top end. Now the other thing. The motor as a definite slap/rattle/tick to it. I have adjusted the valves ( not my first rodeo) and no change in the sound or the burning of oil. I will post a video of it running at idle. Sounds to me as if its coming from the water pump area. But not exacly sure. I am not sure what the mechanical seal all entails. Is there a bearing in it that could be making the noise or not? Just trying to get an idea of what it could be so I can start planing for a rebuild in the lower end. I am very mechanically inclined so tearing into it does not scare me. Just looking for some ideas as to the culprit. I know I will have a better idea when I get it torn down. But that will have to wait untill spring as its to cold now and I dont have a heated garage. Thanks for your advice in advance.

https://vimeo.com/198789189

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