Looking to buy but stuck in a lease

[Leah Bates]

Hi! Looking for advice - 

We are in a lease through the end of May 2022 but really want to get started on our REÍ journey. We plan to purchase a duplex and owner occupy for a year in hopes of buying a SFH afterward and renting out both sides of the duplex + acquiring additional cash flowing properties.

I have an agent, have been analyzing deals and really want to get the ball rolling. However, I realize if we close it will be around winter and we may have vacancy throughout winter.

would it be best to wait and ride out our lease or at least get closer to the end of May to avoid too much overlap or should we try to get out of our lease and buy now before rates are back up to 4-5% (which I’m realizing makes it tough to cash flow)

also, how do you handle this situation as a landlord? What do you write in your leases (in WI) regarding someone breaking the lease?

Thanks!!!!!