I created an LLC to collect rent and manage any expenses related to the property. 

Besides putting together the best SOW using accurate/actual quotes as @Peter Mckernan and @Alan Asriants commented above, another key aspect is tracking expenses (bookkeeping) and monitoring the budget throughout the project. 

I have only have girls and they are much more capable then your average boy so don't let that affect you.   

Recoup those expenses, my friend.

It's 5 million gross before expenses and then you have endless calls and taking your time.I have a news flash for everyone.

I THINK you could probably just expense your deductible if insurance didn’t cover 100%.

It’s certainly going to be more expensive than if it was done right the first time but this can’t be a big deal in the scope of a full gut.

Ideally, we'd like to acquire one or two duplexes that meet the 1% rule and provide us with $1,000–$2,000 USD per month after property management fees and other expenses.

More than likely the asset will in a location where cap ex & management/operational costs are disproportionately higher and therefore your expense ratio will also have to be adjusted to a higher number.  

One thing I can assure you, there isn't an asset class in the world that would have me comfortable at 100% leverage.Your money on the sidelines is great in principal but in reality it will be put to work covering the net loss on the properties you buy as you will be overleveraged and won't be able to cover your operating expenses with the rent.