How do I beat Mad Mike?
Solution 1:
Firstly, the reason he is getting his health back is because you are going to far away from the fight. Bosses regenerate all their health when you leave the area. You will notice that they also regenerate all their health if you die.
Instead of walking off to find ammo, look for: ammo crates, safes,fridges, toilets, anything around the immediate area that can be opened for ammo, that way his health wont regenerate from you leaving the area.
When fighting Mad Mike you need to stay behind cover or move quickly, as his rocket launcher does allot of damage. He sits above the entrance on the top level, and walks out onto the catwalk every now and then. Wait until he walks onto the catwalk and use a rocket launcher to kill him quickly. His enemies are weak, so you should be able to pick them off without a problem. Depending on what class you are, you can also use your kill skill against them to help kill them.
There are 87 Bazillion ways to kill Mad Mike, you just need to find one that works for you.
Solution 2:
Use the environment to your advantage: first, kill all the enemies that aren't Mad Mike. Next: get him onto the bridge, then stand a little to the left under it near the rooms entrance. Once his foot is visibly off the edge, move under the bridge. It'll be slow, but kep shooting at his foot until his health is whittled away to nothing. He still shoots at you even though it hits the bridge right under him, so if you're lucky, his rocket launcher will spawn with a Slag element. This slags him every time he fires directly under his feet. Additionally, for some reason, he spawned with a Shock launcher in my game and the first shot that hit the bridge knocked him into the whirlpool. There you go. A cheaty way to beat Mad Mike.