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. 

You want all data on all tenants for sure.

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

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

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?

Does that sound like a good strategy? 

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

What's your price range and preferred strategy?

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.

It sounds like there will be an overhaul to the data side of things coming in the next 6 months or so.