We remain optimistic that this trend has yet to peak.

Then, rent the unit and refi to conventional to pull the initial cash amount and maybe there's room to go for an extra 10-15k (not optimistic with the appraisal though).

I definitely agree, cautiously optimistic is the way to go when it comes to rehabs. 

$100k per month is optimistic to say the least most people shoot for enough to replace their day job and expand from there.

I am not optimistic about such a play but noticed a few in surprising places.

However I feel that $1,100 in expected rent is optimistic.

But at this point he is, no offense, just an optimistic guy...maybe over-optimistic... who has bought two houses, and started a business which may or may not pay off. 

Maybe, just maybe, I'm an optimist and I'm looking through a colored glass.

To me, that seems pretty optimistic given the state of the credit market for new loans.  

We have since connected, Jay explained what they are doing behind the scenes to me over the phone, just as described above, he has offered to give me weekly progress updates via text, and I'm optimistic that this will get sorted out soon.