Walk away from deal?

[Olivia Hardy]

We are days away from closing on two properties out of state. We are trying to extend closing another month to give the COVID chaos some time to settle but I, as well as many others, am beginning to think a month is not enough time. We've searched for a year and while the  numbers are good, these properties will be mortgaged and with rent freezes and eviction moratoriums this is concerning for fledgling investors.  Even though we have reserves the goal isn't to use them upfront, right? Thankfully we are still working but unemployment claims across the country are at record highs and this is my tenant pool. We don't have a deposit to lose, but could be sued for 10%. Walk away and wait out the storm? 

[Jonathan Greene]

If you have no money down and an addendum for COVID signed, which should automatically renew if the same factors are in place every 30 days, why not just keep waiting? Personally, I don't like OOS investing unless you have done it before, but how are you evaluating these deals? Have you seen them in person? Are you relying on a "team on the ground" that you have never met? How confident are you in the numbers and cash flow back if things were to go just ok? Are there tenants in place and have they given notice to the current owner of any COVID forbearance on their rent?