You make a good purchase, increase the NOI, pay down some debt, double your equity and move on (via a 1031 if you're smart).

I'm pretty new with this stuff (portfolio type loans) so I guess I pictured this type of loan as a big heloc type loan on a number of properties vs. just tapping equity one at a time.

I have read that in some states you will be able to "close once", but other states you will need to do a "double close"...

I'm looking into the Albany/Troy area of New York because buying in NYC is probably out of the picture for me at the moment.

For instance, do you ask tenants to send pictures of the property to determine what repairs need to be made?

Hopefully you will share some pictures of your DIY projects

I'm thinking of just getting it under contract to wholesale (Assign or Double Close) using a generic contract that says the purchase price, escape clauses, 60 day close, and lets me market it, etc.  

Take pictures of the condition of the rental; typically 50 to 100 pictures to later download on my home computer as evidence for justifying not returning the security deposit/suing the tenant.2.

I'm looking for a title company that will do double closings around my area.

So long as SOME cash flow remains, your next goal would be to use the refi to DOUBLE up on that cash flow - with your next purchase that has been funded accordingly!