C.A.R. put these procedures in place to protect us from unforeseen or future costly liabilities.    

My only concern would be waiting so long that interest rates go up (or I get laid off from the current job - or any other unforeseen risk that is slightly less likely to happen with a short period of time due to my current advantages). 

Regardless of anything I do believe you should leave about $5,000 in a fund to handle any unforeseen maintenance or any issues that arise. 

A good idea is to budget 30-35% towards the unforeseen expenses like a new HVAC which you’ll have to repair or replace (I’ve had 3 this year), or the random dishwasher or water heater that quits on you.

If the demand is the same, it would make sense to me to wait for any unforeseen circumstances that may pop up between now and then.

@Kimberly KimA couple things - While you did not live in the property for 2 years, you may still be eligible to get a benefit from a partial section 121 exclusion.There is a partial section 121 exclusion available for property owners who sell because of health, employment or unforeseen circumstances.We would have to determine if you would fall under the unforeseen circumstance situation.Some items that qualify for unforeseen circumstance would be giving birth to children(and moving to a bigger house) or getting divorced.

More likely is you have unforeseen expenses, evictions, major issues, that come up.  

Meaning, double check your numbers on the anticipated rents you plan to charge, with multiple sources, and try to anticipate any costly, unforeseen problems during the renovation.I’m currently renovating a 4br 2bth into a 4br 2.5 bth, adding a master suite and opening the kitchen to the dining room and living area.

Even experienced GCs get surprised at something and have unforeseen challenges that crop up.Learn as much as you can about the market you are flipping in so you know what you need to do to that house in order to get top dollar. 

It's hard to argue with Warren Buffet, Apple and McDonalds who are among tons of companies hoarding cash in anticipation of unforeseen need.