Your CPA or tax strategy analyst will be the best resource to discuss your tax benefits and incentives, since he's able to see the whole picture.

I know it has to be owner-occupied, but could I rinse and repeat the strategy over and over so long as I live in each property for at least a year?

Their basic strategy is to blast the MLS with lowball offers and flip the contract prior to close of escrow.

Many CA investors find the Reno Tahoe, NV market appealing  because of the various strategies that can be implemented like buy and hold STR or MTR and the close proximity to CA. 

They should be your advocate to help come up with the correct exit strategy. 

How you proceed will depend on a few factors:- financing will depend on your exit strategy - you'll be best off if you can decided the exit plan (LTR, MTR, or STR) before buying- Since you're not employed and living on savings, what is your burn rate and your cash runway?

But have you ever considered how beneficial they can be as a tax strategy for estate planning?

Does that sound like a good strategy? 

One big tip I would have no matter your strategy is to get multiple opinions on things.

Next to what @Mike Lambert is saying, you could try investing in strategies that bring higher yields such as room rentals or use the mid-term temporada contracts so you also avoid the rental caps.By the way, as an investor you would most likely want to avoid the premium zones because you know that the yields are lower there.