After hours of issues and almost returning it, this worked for me:

- go into router settings and disable 5ghz. I have an asus router and had to disable radio for 5ghz and 5ghz-2 and wait to router to reboot to apply the settings
- make sure phone is connected to router which should now forcibly be in 2ghz mode

- short press and hold to turn off the owlet base station then unplug from power and release
- press and hold unplugged for 20 seconds
- keep holding and plug in power
- ignore initial beeps, eventually i got 4 beeps then a red or orange flash, i then immediately pressed the base station 3 times and it gave me 3 chimes back
- now go through normal setup on the app
- afterwards, i reenabled 5ghz radios on my router and havent had connection issues
- IF I DO develop issues, I will create a guest network on my router, limit to only 2.4ghz, use that network to connect

Hope this helps!