After undergoing a complete renovation, I sold it in 2018.

Examples might include areas in the Midwest, Southeast, or Sunbelt regions.Multifamily Properties: Consider duplexes, triplexes, or small apartment buildings to increase unit count and spread risk across multiple tenants.Short-Term Rentals: If you’re comfortable with the management requirements, STRs in vacation or business travel markets can offer significantly higher cash flow potential than traditional rentals.Value-Add Properties: Look for opportunities to buy undervalued properties where you can force appreciation through renovations or better management.Decision FrameworkRun the Numbers: Compare the projected cash flow, equity growth, and tax implications of selling versus holding with a refinance or HELOC.

Between working around the renovation materials to the 35 minute commute to the first two units I’m having serious second thoughts about this.

These professionals often look for properties like yours to renovate and flip or hold as rentals.

Pilot a unit or two with this renovation spec and see how much demand you get from QUALIFIED applicants.  

We can buy the house for maybe 125k and he estimates 120k in renovations.

So renovate this year, cash out refinance end of next year is totally possible!

Or, have they adjusted their project to accommodate a higher interest rate environment? 

if it is serious I have a couple of questions for you 1) what is the last syndication that you have seen that did not project a majority of the return from value increase?  

The lessons you learned the hard way in 2008 will be invaluable now, and it’s great that you’re aiming to stay small-scale and within your comfort zone of Sacramento, which gives you an advantage of knowledge in that market.Given your experience, I'd say start by focusing on three key areas to build confidence and minimize risks:Budget Control: Over-renovating was one of the big mistakes you mentioned.