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....

I had a step-son who went to school at SFSU, there were occasional days of pleasant weather, but never like good ole San Diego.CA with crap weather sounds about as close to hell as we will find in this life. 

We looked at several places in Deschutes River Woods and it is a bit of a crap shoot.

Outside of that; it's a crap shoot in life.Many many decades ago when I started, I was in a small Brooklyn, NY apartment with brown water.

Best way to avoid crap like this is to collect non refundable earnest money. 

that's why in Aviation you still have the VOR system and crap cant remember the name but you tune into radio frequencies to guide you And not sure if the Loran systems are  still up or not...

It takes a lot of money to operate a rental as things break and wear out, tenant issues, unexpected crap that comes out of nowhere… in my experience it takes $300-500/month minimum in capex budget alone and a lot of people only budget $100 or less because they’re using a spreadsheet that recommends a percentage of 5-10% of rent and the rent is too low for that number to be high enough. 

.-  lots of downstate absentee landlords have let properties go to crap.

I’ve seen landlords successfully sued for large amounts due to refusing to remove dead trees resulting in injury; not complying with swimming pool enclosure laws; having window frames in such bad condition that window ac units fell out; refusing to disclose existence of toxic mold; not eradicating lead paint; and many more.  

Had to pull all the crap out for it to work again.