About to close on a deal in the middle of COVID-19 crisis

[Moises Ulloa]

Hi BiggerPockets family! I'm in the middle of a deal and with the bad economy and situation with COVID-19, I'm not sure if I should keep moving forward with this deal or just back away and wait till things stabilize. 

About the deal... The original plan was to flip, but now looks like hold/rent and try next year. Problem is I'll be using the only available cash I have on hands (35k) to close and I'm concerned that things will keep getting worst and I wouldn't have enough cash at hand to deal with uncertainties. Also, my contractor may not be available to work on the property due to the social distancing so I will have to wait some time for him to get to work and on the mean time I'll be making monthly payments to my hard money cash lender which will be painful.

 So many things could go worst than current conditions that at this point I'm considering losing my earnest deposit ($3k) in order to protect my cash. 

deal numbers:

purchase price 157k

arv 280k

estimated rent 1800/m

monthly profits after expense: ~$200

What would you do in my situation?