According to my non-legal, plain-English read, this is nonsensical and ambiguous.

My advise (not legal advice as I am NOT an attorney ) is just purchase the property SUBJECT TO the existing mortgage.  

Keep in mind, even with this strategy, reassessment might still occur in the future.For a 100% seller-financed deal, ensure the terms clearly state the tax responsibilities and get expert legal advice to protect your interests.

Should I pay a lawyer $2000 to start my LLC or should I start with Legal Zoom and pay around $300?

Some counties will only give you a list by email or tell you to look at the county legal newspaper, but many counties post a list on their websites, which are updated frequently. 

The exemption is for tax purposes/discounts, not the legal definition of homestead. 

If wholesaling is legal in WI without a license why is it illegal to have a property under contract without the intention of actually buying the property yourself?

Quote from @Mike Dawson: An LLC is useful for two things: anonymity and legal protection.

If your startup costs are over $55,000, you lose the immediate deduction, and the entire amount would have to be amortized over 180 months (15 years).Here’s an example to clarify:•If you spend $7,000 on startup costs (such as attending BPCon, legal fees, and market research), you can deduct $5,000 in the first year and amortize the remaining $2,000 over 15 years, starting when your business is officially active.

The best thing to do would be to consult an attorney, but likely, that is not an option for everyone starting out.I'm not an attorney, and this is not legal advice, but some of the information that we include in our contracts is:- A clear scope of work - Payment schedule / Milestones- Change order approval process- Allowances for finished materials- Reasons to terminate the contract- Expectations for start date (X amount of time after final plans /permits are received or X amount of time after the contract is executed)- General schedule and timeline (This is where you could specify an end date - however it may be better use incentives rather than liquidated damage if your general contractor is late - we've done both, but found General Contractors respond better to getting something if they get done early instead of being punished for being late.