I’m not as familiar with the market here and if it’s too big of a risk.

I understand there are many other criteria to analyze a property and market, and I will use all available statistics. 

Does anyone have any experience in this very pricey market of NJ/NY/NYC?

Here are some key considerations and potential pitfalls to keep in mind as you plan this approach:Market Research and Property Selection:Local Market Conditions: Ensure that the Tahoe area's real estate market is stable or appreciating.

@Shannon L Fogarty the tried and true technique here is to ask other investors in your market who they are using.  

It is an off market deal, and is fully renovated in 2020.

I predominately work with out of state investors looking for cash flowing rental property in our market. 

It depends on the market IMO.  

At what point can I begin to market the property and find a new tenant?

I've personally seen concessions up to 8 weeks free plus a 6 hours of free moving as an example for what some apartments are offering as concessions to fill up their communities.As the market continues to evolve and more apartment communities become available I suspect there will be more concessions for renters to take advtange of as supply begins to outpace demand.