First post and first (potential) real estate investment. We've been looking in the Tahoe area for the last three months for a second home that we can fix and rent while we're not using it. The initial idea was to find a property that would primarily be a STR while we aren't using it, but those are few and far between, within our price range, due to Measure T. We looked at a property today that we are planning to put an offer on that is not VHR eligible, but would be desirable as a seasonal/LT/ski lease. Since this is our first investment, but not our first renovation, we feel there is enough sweat equity in the property to bail us out if we stretch ourselves too thin trying to rent it so we're willing to give it a shot (hey, gotta start somewhere). While we've done a ton of research on VHR permitting for EDC and SLT, I can't find much on longer rentals. Are there any permits or regulations we should be aware of for rentals longer than 30 days in the SLT area? Any words of advice on potential pitfalls for such a venture?

Our goal is to try to generate positive cash flow if possible, but mostly to subsidize the mortgage through rentals/friends and family use. We're less than two hours away, are in Tahoe frequently, and have enough friends and family that would be interested in using it while we aren't. We also have the ability to cover the mortgage for a few months as well if it remains vacant.