I use the work tenant is quotations, because the lease was not signed with an individual, but rather a LLC for a property management company who subleased the home on AirBnb. 

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.

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.

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. 

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.

You then pass the $35 per month cost onto the tenant and all future leases.