After the first one, the subsequent ones leverage it and do not take that long to create. 

On two subsequent and overlapping loans, his flips did not go well.

Immediately brought in tenants for the subsequent school year.

There is no leverage - only money from partners and, as sales occur, some of that money gets put back into subsequent construction.

I subsequently bailed out of it for those reasons, and also after the inspection revealed far more tenant and owner damage and neglect than I was willing to deal with on my first property.

My partner wants to get something more turn-key for our first investment, but I am more interested in something that needs a little more work, implement BRRRR, and use the cash out refi for our next investment (he wants to rely solely on our cash flow for subsequent investments).

There are many examples where lenders have assured an investor that there would be no issues with the "take out" loan yet they subsequently failed to get the loan through underwriting... becoming a huge problem for the investor.  

After the initial verification, which takes 5 business days, the subsequent rent payments arrive within 24 hours. 

I add them to my checklist and adjusted for subsequent projects.

I'd be surprised if incurring application and closing costs would ever be worth 10k cash outs and subsequently would advise you against drawing on the smaller equity amounts.