they get a hard money loan for the property; then they get a draw on a line of credit as they prove to the lender that each item has been rehabbed

But be aware of these items before you jump into that pool:1. 

@Stan Tallman your contract should already have terms in it about if seller will pay up to x% or $x if problems on Walk Through items like appliances, hvac etc., are found.

The occasional misdelivered item ok but just refusing to do it, not so much. 

Have you ever been evicted or not renewed, or do you have current Collection items?

And yes: the pictures should form, sequentially, a walking tour through the property (building on your "flow" concept).No only are you correct on each item, but I can't stress enough their importance and significance. 

I look at every single item in the pro forma and imagine that it is complete BS, and see if I can challenge it.

The only item I ever look at financials for is confirmation on who is paying utilities and what those are costing, if LL responsible, and even this can often be found with a quick call to the local utility and a question to the seller or listing agent about who's responsible for utilities.b) re-trading a deal is only frowned upon if you are re-trading on the smallest discrepancy.  

Returns of items that don't work/ don't fitSmoke and carbon detectors $100If you really want to make the garage an ADU ask the planning desk now and research if you need separate electric panel - do you need certain parking set backs or a carport?

We would need to add the contingencies for title, appraisal, inspection, etc so just wanting to make sure to cover all the necessary items.