Everyone is trying to maximize earnings in this business. 

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.

Personal Circumstances: Consider your comfort level with debt and risk.

Provided I can establish a solid investment plan tailored to their financial needs/comforts such as debt ratios and income, they would be more than happy to offer me some financial control.Additionally, If I wanted to, for the sake of building my own personal wealth, I admittedly have the luxury of taking a loan from my parents.

Be sure you are comfortable with the math and know exactly how much you should be getting depending on how the property performs at different levels.  

Are you suggesting that being crammed in a small hotel room represents a better experience than being in a comfortable homey Airbnb?

Just make sure you guys are comfortable with the area before pulling the trigger.

In my experience, allowing these professionals to guide you can be highly beneficial, as they are likely to recommend properties they would be comfortable managing.

But basically with a construction loan you will need to have considerable cash involved - most costs need to be paid for and then the bank will reimburse at certain checkpoints.You may want to start with some smaller value adds inside the existing house to maximize rent from the house hack. 

Of course to maximize your tax benefit it needs to be sustainable over time.