So, city employees are essentially driving the $ invested in homes going on the market, not the homeowner and/or the Realtors, both of whom are FAR closer to understanding what the market wants than most inspectors. 

Then you got a safe place for people to live and know what your up against cost wise .

Keep driving your neighborhood, locate properties you like, and, if you have the opportunity, simply ask one of the tenants, "Who do you call when there's a problem". 

I used Pentagon Federal Credit Union but Wells Fargo, Bank of the West, Safe Credit Union and Union Bank  will give HELOCs on rental properties.

So I am just starting out, obviously, and want to form my LLC before I get my first deal, just to be safe.

That is a pretty safe bet.  

As for south lake tahoe, the local population there is quite antagonistic to vacation rentals, as many locals see it as driving up prices as to make it unaffordable for them. 

The Clothiers' willingness to take big risks, tireless work ethic and straight bullheaded drive have led us to outmaneuver, outwork and outgrow everyone by a huge factor.  

I'm driving through in a few weeks and would like to have an area in mind and drive around and scope it out.

I wanted to share with you all my success story.I found the property through the hard work of my nephews (age 16 and 17), who I tasked with some D4D (Driving for Dollars) last summer I paid them a low wage, but promised a percentage bonus if I closed a deal within a year on any of the houses they found for me.