I've never done a double closing and I understand that this is a way to accomplish that feat but is there any extra paperwork necessary or is just a matter of two contracts and a title company willing to be creative?

Welcome to BiggerPockets Brendon Loucks.The very fact that you set the goal for yourself, officially, to do your first deal within a year GREATLY increases your chances of accomplishing that goal.

How to accomplish each one of those may vary.

, or "What are you trying to accomplish?".

Goals you want to accomplish.

What are your real estate goals with investing that you're trying to accomplish?

As I realize I have some first few steps to accomplish I came across some questions that I would love some feedback on. 1.

You really didn't need a purchase contract to accomplish that.As far as the purchase goes, my option agreement mentions the terms (cash), and that there will be no prorations, and that the agreement is not contingent upon financing.  

If that were utilized, the underwriting for the purchase would be accomplished at a higher level so to speak, not more stringent necessarily, but deeper than what is expected at a RMLO level.

ARV doesn't stand for "at retail value" or "at reduced value" it is after repairs reflecting the estimated market value, the only value that, in reality, counts and we work from that until the sell, at which point, we then determine a true market value if the sale was accomplished under market definitions.