I have a pretty large emergency fund in place for those properties, but I wonder if that capital could be better employed elsewhere (potentially acquire another property).  

I've never done any Sacramento STR loans and only been hit up for one potential financing opportunity there.

We abated the walls, and that added $10,000 to our costs.

You would need to bring everything up to code currently and that's going to be cost prohibitive.

.: I’m currently renovating a rental property and exploring ways to manage costs without compromising on quality.

@Dhruv Patel I believe you are getting ahead of yourself....Where in the US are you all-in (land acquisition, soft costs, hard construction) on new construction multi-family for $100/ft.

A second STR in a market with year-round cash flow potential might balance out your portfolio and give you more consistent income.

Looking for something with low acquisition cost, and meets or exceeds the 1% rule.  

Waiting until the 1-year period ends avoids potential loan issues and simplifies things.

However, in my experience the good wholesalers understand comps and construction costs, are transparent, have good referrals, and can actually get you in the property.