Also, as Sane mentioned, if you pursue conventional financing, 75% will be the maximum loan-to-value on an investment property for cash-out. You'll need to qualify with all three mortgages. Most lenders require six months reserves on each investment property and two months on your primary residence.
From what you have stated, the above are your options. But, in my opinion, you are not in a position to purchase another property. I suggest you wait until you at least have adequate reserves for contingencies. It will certainly be less stressful.
Best wishes, Rudi
You can try to cross collateralize your existing home in Lake Tahoe with the new home you'd be buying in Monterey, however options won't be as attractive since the amount of lenders will be fewer, but if you are planning on building up a portfolio of properties in California then after you have run out of the more popular financing programs as options portfolio lending can become very favorable. In addition, or as another idea, you may also be able to pledge 401k assets with the bank to make the cross collateralization financing terms more attractive.
Good luck with your endeavors!