As well as some other business ventures, I am currently unemployed, trying to get a job in a real estate type of environment so I can gain some more experience.

Very different environments and markets in the bay area, northern CA, Palm Springs/ JT, LA, Orange County, Tahoe, Big Bear/ Arrowhead, San Diego, etc. 

Super difficult to do in a high interest rate environment when you're only putting 3.5% down.

In other words, will those people lose because they (inexperienced syndicators and over-eager/impatient investors) are chasing risk in an environment that is more conducive to being risk-off?

Several of those areas will be tough to cash flow given the current rate environment, I'd recommend looking at places like Little Rock and Memphis as well.

Hard Money is a great way to start . . .but I would check with your local REIA group to see who lends through that group where you are investing - put all the hard money lenders into a controlled environment like a REIA group meeting - we usually have 5 at any given meeting and 8 on our website - they tend to start competing and their points and interest  and fees start getting smaller. 

And in this environment where supply is tight, the wholesale prices aren’t as good as they used to be.

As long as you don't create an environment of substantial evil (no suicide cults) you can do pretty much whatever inside a PMA that doesn't cause harm to others. 

Properly designed and used, a Dividend Paying Whole Life Contract from a Mutual Insurance Company makes an incomparably great base from which to conduct a financing BUSINESS (right alongside your Real Estate Investing Business).HOLDING your cash in a tax-advantaged environment until you USE it for banking purposes during your accumulation years, then converting profits from your Real Estate into tax free dollars at retirement provides privileged access to cash on demand with non-structured loan repayments... that may even be tax deductible.

@AJ Wong I think 2024 has a good probability to be a great buyer environment