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.

I work with many military and out-of-country investors to create a portfolio with turn-key single-family homes and manage on the back end, making it hands-free for the investor. 

And Stay consistent, wholesaling takes time, but the more deals you look at, the better you get.As a fellow wholesaler working to build strong relationships and find good deals, I can tell you that being honest, doing your research, and staying patient is the key.

Meeting critical dates is the key to nailing a successful closing.

Are there any key factors or metrics you look for when analyzing a neighborhood's potential?

As Peter and Jonathan mentioned relying on similar comps and/or local agent knowledge is the key here.

In my education I came across a company, Rent2Retirement a turn key company.

Taking action and learning from those actions are key to moving ahead.

Each BR even has its own mailbox and key. 

Vitaliy, gave you solid advice and did a good job of explaining some of the key issues.