Probably because someone on BP or YouTube suggested it without any evidence to back their claim.An LLC is useful for two things: anonymity and legal protection.

We do plan to meet with a legal expert but just wanted to sort of understand what we should be doing in general.  

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

@Karl Kauper going to guess your current PMC:1) Is having too many tenant nonpayment issues for your likingAnd/or2) Refusing to share their background checks with you, so you can make your own approval decisions to address #1 above.Several factors may be at play here that you may want to consider before being trigger-happy:1) For several legal and contractual reasons, it's pretty much NOT possible for a PMC to share background checks with an owner. 2) What Class of property do you own?

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.

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. 

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?

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