Need advice on buying vacation rental property

[Laurie Davis]

I have been searching for a vacation rental property on the gulf coast of Florida for about 5 years. I finally found something that I now have an accepted offer on. I will be retiring in about 4 years. This is my first property. I am pretty scared with the recent events happening in the world. I have lost much of my 401 like many. I can still back out of it because the closing isn't until the beginning of May and loose only the earnest money and inspection costs. I need advice on what to do? Should I back out? I don't want to buy something that will loose its value soon after I do. Should I wait? I would appreciate any insight.