The Skypark is built in a way that allows you to move between karma and reliability extremely quickly. This means that you don't necessarily have to reset to overwrite “bad” decisions.
Improving your karma and flowing between Coyote and ClearSky can be achieved with a few hops.
Improving your reliability requires you to show you are more reliable, just like you would in the real world.
However, if you really wish to reset your Skypark life by going into the Settings App / Gameplay and scrolling to the bottom and finding the "RESET" option.