If they are not passive and are in fact active members of the general partner structure, then each lender will look at their specific criteria such as:Do you have credit, net worth, and reserves to meet their underwriting criteria?

Does it have enough reserves, any special assessments on the horizon (could be extra thousands in additional fees), when is the next big expense coming (like roof change, elevator replacement, etc), the rent cap and what rents options are available.

It entirely depends on the market and your cash reserves...Could you buy a house that rents for $4K a month with $50K down-but it is very unlikely. 

With 30% down your options are thousands of lenders.Why is it unwarrantable- master policy not enough coverage; low occupancy rate; HOA reserves; cannot be rebuilt or repaired; pending lawsuit in the less than 10 year after built for construction defect; flood zone with no flood policy...?

Lenders will want to verify you have 25-30% down and 6-12 months of reserves + closing costsEverything else is straight forward.

I'm leaning towards selling before I need to dump a bunch of money into the property, but I'm second guessing myself because I'm sitting at a 3.25% interest rate and cash flowing close to $1,000/month before reserves. 

Some cons investing in Tahoe :- the reservation ratio are not that high as supply is abundant- the limited number of STR permit makes them challenging as we can only invest in certain geographical location.If I really have to buy in South Lake Tahoe I would just buy single family, rent it as LTR, and then I place an RV or buy only house with ADU so I don't need to deal with STR-crap LOL....

So, if you can budget for maintenance and maintain adequate reserves, you will be much better off in the long run skipping purchased warranties. 

If these are new builds, there is probably less maintenance, less need for large CapEx reserves right now, and if the rent is covering the mortgage, you're in a great spot.

Not any different really from BRRRRR (I add the 5th R for "reserves"); sometimes and some houses it is difficult to make it work but you can usually make adjustments that will pencil, such as leaving some equity behind.