Installation fails: Failed while trying to read schema status

The error you listed seems pretty explicit and is likely an issue with the MySQL account not having appropriate permissions. I believe the way I set mine up, I granted the MySQL account all access to all databases and not individual ones, as my setup is on a dedicated machine not running other services.

I've experienced the same error and it turns out that you need to give all privileges to all databases, not just phabricator. Hope it helps.