I also studied the demand and supply so I can understand why/when the home is spiking and why it's crashing, the root cause is known. 

Some markets are flat and will have steady tourism year round, some will spike in summer, and have zero bookings in winter, spring, and fall.

I would post the podcast episode on here but I don’t want to spike their extremely low numbers. 

Zillow Home Index had price in Nov 2023 similar to summer 2021 with the spike down from highest market at summer 2022 as result of zero net migration and lesser demand.

Houston is unlikely to see a huge spike in appreciation in my opinion.

My area is spiking again, but given the governor's viewpoints, it would be more likely that he'd keep the state "open" rather than limit short-term rentals again.

Speed was important to all parties, interest rates were spiking around 5% at the time.

I assume in your post your rate spikes when your financing goes permanent.  

Depending on the location, types of buildings, and overall condition, you may be better off holding onto them long-term (after the renovations) or getting rid of them before renovations.Some parts of Manhattan, Brooklyn and Queens are seeing huge spikes in vacancies as folks move West to New Jersey, North to Westchester and East to Long Island and South to the Carolinas, Georgia and Florida. 

There are a couple high quality operators who had a great track record, were highly recommended by my Community and were very experienced - but they ran into serious trouble when interest rates spiked.