This would in effect rinse out the 10 financed properties (1-4 residential) from your name and allow you to obtain another 10. 

So many stories people have said just to dive right in do not wait; others have said to obtain a real estate license before starting. 

There are transaction cost for obtaining new debt as well as selling/buying property. 

And how do I obtain the amount without using any of my money to do so; if applicable?

So what you need is obtained from working backwards.You want to flip your first house.. well for that to happen you need a house, for that to happen you need money and you need a way to fund a house.. so your needs will split in different directions and you go on and on till you reach the exact point where you are now.Then you follow those points and there you have it Magically a step by step business plan on how to become a MSOOTKAUG!

I obtain a weighted yield of about 17% annualized on this portion of my portfolio.

I have created a business plan, built a projected cash flow analysis spreadsheet, worked with SCORE (mentor group), read books, listened to podcasts, took the real estate license class, talked to a number of banks to obtain financing, and I am now currently working with an investor to gain experience. 

When buying an out of state rental property (our first one), would you recommend connecting with a local insurance agent or adding the rental property to your current insurance? We have State Farm covering our primary...

You'd also need to obtain the comps for the area (your broker should be able to help you with that). 

The other popular option is to obtain a hard money loan which can have different qualifying terms and conditions.