Appreciation: Are you primarily looking for immediate cash flow (rental income exceeding expenses) or are you betting on long-term appreciation?

And for the evidence, I would guess that they'll want to see some evidence of the income from the rental days.

How much is your household income?

Even if you rent at a break even or slight loss, if you could have 3 years of rental income offsetting your mortgage while realizing 3-6% appreciation, could be worth it, especially if you think appreciating for this area will exceed national averages.

A rent payment isn't enough to cover the DSCR payment, HELOC payment, tax, insurance, and maintenance.

I’d fix it up and list it to sell after I’d been there two years to take the gain tax free.

There are areas outside the Tahoe basin with a short drive that can provide for solid short term or long term income streams and still pull in the Tahoe goers.

Consider using an FHA loan to secure a 1–4 unit property with just 3.5% down and take advantage of tax benefits by living there for at least two years.

Just focusing on the passive income you want to achieve will leave you chasing cash flow which will have you buying properties in worse areas with harder tenancies that seem to cash flow better, but will have large cap ex.Any time someone asks a question about where to invest and it can be anywhere, they aren't ready to invest and are opening themselves up to every pitch in the world on an area.

Great rental income, strong FICO, low LTV (60% or below), strong liquidity and PFS.