It's entertaining and has some good ideas embedded in it, but there is no way he did what he did without the bank knowing who is really is. You can't buy a house in a few days nor can you finance a rehab/flip project through a legit bank such as Chase or Wells Fargo, at least not in that small of a project. And if you did go to the bank they will need to know your REAL identity before they loan you a single penny.
However, I believe he used a private lender if he really maintained his cover, but the money they require upfront is more than he had. Therefore I believe he used his own money to do the project.
I like the fact he didn't reach his goal. It added to the realism of the show, if there was any.