I'm disappointed that what I am looking for doesn't exactly exist (I am searching in Illinois and Wisconsin) but also relieved that I hadn't missed something really obvious.Jeff

What do I need to do to change the existing lease to my entity's name?

@Rob KrachYou are clearly acting as an agent and creating an illegal lease mandating tenant to do repairs.You can't find tenants for people because it's a "friend"my advice to you is to get a license in the state of Illinois, and then list properties for lease option and get a fee for finding a tenant buyerOr find a way to get on title as a principal without the license, such as subject to existing financing or land contract.As @Curt Smith said Google "YouTube Jeff Watson illegal Wholesaling"The business of Real Estate Investing takes not just reading on boards but getting a good contract attorney and understanding local laws of agency @Bill Gulley

Being along the river, you may be downhill from existing sewer lines. was the original farmhouse on septic?

Technically you would need to adhere to the existing lease terms.Many tenants don't mind signing new lease agreements if you ask.

Also, @Brandon Sturgill, there exists a VA program called Veteran's Housing and Employment Assistance or VHEA - Google it.If you're on Facebook, search for Christopher LaFayelle.

It DEFINITELY DOES NOT REQUIRE a license, but that doesn't stop some states - OH, for instance - from regulating it as licensable.Brokers (and agents, where they still exist) do not put properties under any contract other than a listing agreement which temporary and renewable.

Or would having tenants in their existing property count as income rather than an expense?

I did tell him I would have to walk through the property  before making a offer  (for my exist strategy I was thinking wholesaling or sandwich lease option) any input would be helpful  thanks in advance. 

It's definitely a niche market and the market didn't exist prior to 2009.In only 2 scenarios have I ever bought a note from the bank on a specific property that I was in contact with the borrower prior to being direct to the bank.