Some pros with turnkey: you don’t have to source deals, no rehabbing, streamlined process, fully rehabbed property(with the good companies), some can come with tenants in place cash flowing from purchase. 

I'm in the process of buying a single-family house to renovate and flip in the next few years but I'm always looking for deals and/or other investors to connect with.

Would love to know if there's a part of this process I am missing should another chance like this come up again..Thanks! 

I own small amount of RE already so I’m familiar with process. 

Once i’m done renovating, I could refinance and pull the profit out and use that to pay the debt off and repeat the process. 

My fiance and I are in the process of purchasing our first property, a duplex that we will house-hack in Ulster County, New York.

You can in fact use the rents to qualify to help get a higher purchase price approved.You are smart to be cautious because it will cost you money to start the mortgage process, pay for an appraisal, inspection etc.

I think you've got the process generally right, but recommend being as accurate as possible on the cost and the ARV.  

The only consideration may be that you’ll still need a registered agent for service of process in NJ.

Do you feel more knowledgable about loans or the closing process?