Looks like you have a good number of answers below and some decent information to start with. When considering to buy in Tahoe, you're not just looking at CA vs. NV. This is a big lake w/ lots of shoreline and while I understand this to be a financial investment, isn't it a personal investment too? Where do you like to spend your time when you come up? What area is most easily accessible in a snow storm or just in general? I think this is a big reason a lot of folks decide on South Lake or say Truckee (quick access from either side, Hwy 50 or Hwy 80). Think about the traffic just to get to the north side of the lake and then consider what kind of action you have for yourself and/or your guests. Most tourists will be drawn to Stateline on the south shore for the simply reason of Heavenly ski resort. While Squaw Valley and Alpine Meadows are amazing, they're in between places like Truckee and Tahoe City with limited nightlife. The fact that you can take the gondola right from the heart of the city in South Lake makes it very convenient for most. Plus, Heavenly has just as much to offer as far as terrain goes, covering two states.
I'm obviously biased to the area, as I too live in the South shore, but I would focus on either South Lake or the East shore of NV for geographic ease and for the best chance to capture more vacation renters. This is just another angle to consider, but please add it with the comments below to capture the overall picture. Also, call a local when you want property mgmt advice...only way to go!
I tend to recommend http://www.TahoeAccomodations.com and http://www.TahoeLodging.com for rental companies
Best of luck
If you are going to use the home as a second home, your choices will be dictated by your interests and budget. If you plan on renting the property; considerations of locale and rentability must be factored. There are more homes for sale in California because there is a greater inventory and there are more homes in the varying price points. For long term holding, Nevada offers more in the way of return because of a smaller inventory therefore we have the opportunity for higher appreciation. There are many more implications such as higher property tax rate in CA. vs. NV. that will figure into your decision. I have been helping people attain their Tahoe dream over 30 years and would welcome any questions you may have. Being licensed in both States, I can provide you with information on all real estate in the area. Please feel free to browse the inventory at http://www.800LkTahoe.com for real-time MLS data or call me with your interests at 800-LKTahoe (558-2463). There are no silly questions and this is a great time to buy. I look forward to hearing from you.
Also knowing the area CC&R or HOA regulations pertaining to property uses is a great resource.
Best of luck
eCurb Realty Lic #01305148 CA http://www.LakeTahoeHomeSource.com