As I am seeing 1.2 or 1.4 million 2 family house and not sure if its even going to cover the mortgage or not with 25% done.

I'd love to have a small line of credit on the property before the end of the year to cover any other repairs or upgrades that will need to go into the property.

Profitable months cover non-profitable months, so budget and expect it.

I get an insurance policy for each guest so if they break anything, I feel covered.  

In 4 months they will cover the ground.  

Quote from @Lionel Quiambao:  ... and maybe throw in the option for the tenant for more speed at an increased rent to cover the additional payment. 

The property may not have any vacancies, but if it does, just make sure you have enough reserves to cover that. 

I am in Deal Flow, which is a mentorship/mastermind group led by Cam Cathcart. 

In this market i would only go that route if you have the resources to cover their initial investment so there would be no loss of capital if things go bad.One of the syndications that i am an LP buys MF, rehabs the existing units, converts tbe garages into max number of studios, brings all units to top of market rent, and exits with max NOI.  

Insurance would cover it, I would pay the deductible, and no assets would be lost.If you are in an area like San Diego where people are more likely to sue, a judge is more likely to find you guilty, and the payout is expected to be higher, you may consider an umbrella insurance policy.