Buying vacation rental with COVID concerns...seller concessions?

[Michelle Schrader]

I was scheduled to close on a NC beach vacation rental TODAY! We were able to negotiate with the sellers to put off DD and closing for 4 weeks and I am grateful for that.  The hope was we would see some settling down, but being a resident of New York that is far from what we are witnessing.  My agent is sure this will not affect summer rental season.

These are the situations I see playing out....1. We proceed with closing, have a summer rental season of $0, we are out $100k of income.  2. We back out and sellers have a summer rental season of $0, they are out $100k of income.  3. We agree at closing to have seller hold half of what rental season is expected to generate ($50k).  That $50k stays in escrow and if summer season is $0 we collect that $50k, they are out $50k, I'm out $50k.  4.  All this craziness ends, full rental income received, sellers get the $50k back, I get my $100k rental income.  I see it as a way to split the risk.

Is something like this even allowed? I feel like EVERYTHING has changed so could this be written into a contract?  I've seen some info related to seller paid repair credits but you basically have to term them seller concessions not exceeding closing costs.  But again, if rental season goes AS PLANNED, sure the sellers can take that $50k right back.

Let me know if my thoughts are crazy, this is our first attempt at a vacation rental property and I have a young family of 5 to support!