Do I need to draft a new lease with the tenant, or can I continue with the existing one?

Scrub their PM agreement, lease agreement, etc.

Looking for new lease templates.

He says it's in good condition, could use AC and a heater, maybe some new siding but otherwise in good condition.He has a renter there paying $1600 month to month who wants to stay but has no long term lease. 

Unfortunately for them, I have sold my house and we are currently trying to locate another 4 bedroom or more home for them to lease.

One option: You could seller finance your house to someone or lease option.

We started doing bi annual inspections of the properties asking with 6 month leases so we could go in and keep an eye on our property. 6 month lease don't work for section 8 but we were able to inspect.

We have leased several properties in Brampton recently, and we also have some rooming houses in our management portfolio.

Be particularly aware of the rental/leasing policies (e.g. how is the company compensated for leasing?

Perhaps, it is best that we terminate the lease because I can’t continue accepting late payments until the lease is up.