I'm actually thinking about Wholesale Lease Option because i would like a fee out of this but i m not sure how to go about this, i never dealt with a Liquidate before.

@Kevin Leppink You could work with a list broker to get a list that might be cleaner - and definitely more focused. 

Something I can put into the lease terms? 

All four units are rented out with leases on 3 and the 4th is month to month.

Large house = $1,500/mo ($900 for 3 bed, $600 for 2 bed)Small house = $1,100/mo ($550 for each unit)I see a huge opportunity here to buy these houses this fall/winter and let the current leases expire and then rehab them next spring/summer just in time to rent to nurses/young professionals working at the hospital.

I am late to the party, but get a realtor, have them walk you thru the steps for buying your first property.A great investor minded realtor can help you find properties, help you put value on them, can do the leasing, and will have recommendations for things such as vendors, title companies, inspectors etc.

Can I create a new lease with the new tenant while current lease is still valid ?

Hes going to get a leasing agreement signed on Monday and will list the property at 1.5M$ as of now.

Does anyone have a good lease they would recommend for the state of WI?

A gardener who's wife is a house cleaner went to flea market talked to the street loan persons with $150K stated (gardener) income getting rentals.