Students Rentals Investment

[Fiacre O. Brissi]

I own a duplex and quadplex. I have been contemplating students housing around UW Stevens Point. So last year I started looking around till I found a property. With my realtor we made an offer, did the inspection, the bank did the appraisal. All went smoothly till Covid19. The property is only suited for 10 students sharing kitchens and bathrooms and individual bedrooms. We have postponed the 1st closing date 4/1 to now 5/29 coming soon. I am all concerned about this investment because if the students don’t move in no way i will pay my mortgage. The realtor is saying I might be sued if I back out.My only option if the bank rescinds the loan due to unprecedented situation that might affect my operation. Any advice?