There are probably many different ways to wrap a hive (for those that do so). I have found a way that works great for me and really speeds things up when I am out in the yard.
I pre-cut my tar paper to the height of my hives (I run double deeps so I cut mine 19 1/2" tall) and roughly 7' long.
I then cut a piece of lath 19" long, and staple one end of the tar paper to the lath. Roll it up and I'm ready to hit the yards.
Next step, out in the yard.
So, here we are out in "the yard" LOL (actually my basement, but cut me some slack, it's cold outside)!
Walk up to the back side of your hive, unroll the paper, and drape it over the hive.
Tuck in the end without the lath and put in a couple of staples to hold it fast.
Using the end with the lath, simply pull it taught, smoothing out any bulges, and overlap the end you've just stapled, and put a couple of nails in the lath.
That's it! You're done!
If I am in a yard that sees a lot of wind, I will add a heavy nylon string around the hive about half way up, using duct tape on the corners so it doesn't tear the paper as added insurance.