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.

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.

I know that a lot of newer investors have trouble understanding the rental license process in Philadelphia and what must be done. 

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.

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

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

Renting in Seattle has its challenges, as Henry is oft to tell you, but you can be successful if you state your criteria clearly and hold your applications to the criteria. 

It looks like you are already taking the right steps to start the process of purchasing a property in the next 12 months.