I think the math is sound though I don't think that 90% leverage is really a great example. 

For example, if you need to borrow $1MM, do you need to show $1MM net worth in order to qualify?

For example, myself and my wife could each gift 14,000 to family member and family member's spouse immediately (total $54,000 in 2018), and then remaining balance plus interest due to the family member on 1/2/2019. 

I can provide you some past examples of what my firm was able to achieve on 300+ units in the C-Class space.Feel free to reach out anytime.

Sometimes they will take the loss or whatever excess proceeds there are beyond the 1st.In this example, if the 1st is owed $33k and the 2nd is owed $37k and the property sells for $60k at auction, then the 1st will be made whole at $33k plus foreclosing costs and then the 2nd gets whatever's left.

Does anyone have an example of a detailed draw schedule for a full rehab?

For example, if you know it needs a new HVAC system, state that.

For example, I have them under option for 150K but the lender's appraisal comes back at 120K the lender is not likely to issue a loan above value.

For example, if the corporation’s first long-term investment is made on October 3, 2017, that date is its initial valuation date.

To put it simply, Gallinelli may be a good investor himself, but does not know how to communicate the, at times, terse subject of cash flow, for example.