I look forward to reading more on the subject.

Is there a way for me to purchase the existing note subject to the existing loan without disturbing the lease to own contract in place?

Sounds like the arrangement you are discussing is called "Subject To" where you can quit claim the property to the new owner but leave the mortgage in the sellers name.

@Marco MorkousThe source is called hard work to find borrowers who do not want their house and you would take it subject to.Is the reason you can’t get a new loan because of your credit?

I'm not sure where you are in your research, but biggerpockets is definitely a great resource on this subject. 1.

A Broker’s license is required if an individual intends to wholesale more than one deal a year and they will be subject to the rules and regulation of the Illinois Department of Financial and Professional Regulation.

We are trying to decide on how to structure the operating agreement which allow for flexibility for us to use combined funds for renovations but also to be able to withdraw funds for distributions.

I miss Ben Leybovich's posts on this subject :) good job on saving your investors' capital and not letting the "getting the deal just to get it" cloud your rational mind. 

I think better load distribution by design and upgraded safety are the main benefits of the rewiring. 

I just got my 4th property purchased subject to the existing mortgage.