I would like to have a good holding of properties giving me enough cash flow that I don't have to panic if I'm laid off or have some other financial emergency.

A new roof here, a pipe burst there, some kind of emergency will need to be addressed and you WILL have to come out of pocket for it.  

You will definitely need to have an on the ground person to be available for tenant issues and requests and depending on your state 24/7 availability incase of an emergency.

Article 4 of the National Code of Ethics clearly spells out our responsibilities to the customers as well as the Clients you will face as a Realtor®.No Realtor® ResourcesUnfortunately, there are no resources available for the Realtor® who intends to add wholesaling to their repetoire of services.Do not listen to those who have no training as a Realtor® about the legal authority, and procedures for you to wholesale.  

This should be public information in all State in the United States but, above procedure may differ. 

I am looking for a basic breakdown of documents/procedures/timelines for a Cash closing in Hudson County, NJ.

Most of my information is based off of New Hampshire, and while the process is probably very similar, the monetary amounts and exact procedures may differ a bit :)Essentially the way having a real estate salesperson's license works is as follows. 

I would also like to know any relevant information as it regards to fees and procedures.

I have saved around $13,000 (I would be willing to part with probably $10,000 as a down payment leaving the rest for emergencies.) 

@Warner BellOthers can answer the technical-procedure questions for you, but I am curious as to your "subject to & buy and hold" clause.