Mike is right on target. I even thin more than 10% if in a cool place such as my basement. With the varnish thinned, it dries quickly. I put on the second coat without sanding, generally waiting at least six hours.

After the second coat dries for about 24 hours, I use a medium grade wet sanding pad with the foam backing. I then apply two more coats of varish and let it dry. I then use the fine wet sanding pad and apply at least one more coat of varnish.

Mac