Let's say I sell the property at the ARV that the cashout refi is based-on, and I don't profit from the sale.

I reassign the already reassigned contract and take a cut of the wholesalers profit for finding the buyer - assuming the agree (joint venture agreement, or something similar).

Feel free to throw some profit in there.

I'm very serious about investing and my house is currently under contract to be sold, so I want to invest the profit wisely. 

Our plan has been to work on this house, save as much money from our 9-5's as possible and learn as much as we can through books, forums and mentors before selling and using the profits to get into multi-family units.

Keep in mind,  rentals don't show profit at first.

The way to get your profit is to get a mortgage from the seller that will go on closing statement.   

I'm having a hard time understanding if I could profit off Renting the house and Airbnb the cabin with a little work.

Probably $0 down payment.He'll offer you below market rent so that he can then rent it to someone else and profit off of the difference.

I run a non profit that helps people find work at no charge, maybe I can help.