Is he walking because there is something fundamentally wrong with the property or other skeletons in the closed?

You should at least learn base fundamentals of income statement, cash flow analysis, due diligence, forming a team,  opening a business account, structuring an entity, real basic stuffI didn't even mention any commercial real estate fundamentals yet..But instead jump into commercial underwriting, figuring out market cap rates that are not black and white, hiring and managing full time employees, understanding lot sizes, values, calculating NOI, cap ex Reserves, Make sure your holding someone's hand.. 

highlight_post=4695739&page=1#p4695739I answered for a rental property structure but you can use the same fundamentals for flips or BRRR

This fundamentally comes down to appreciation vs cash flow. 

But the industry did not tap out due to wider market fundamentals.

I always look to fundamentals and in most markets demand continues to outstrip supply.

Market fundamentals are out the window causing fear to spread faster than the virus itself.

All you can do is have sound fundamentals and move forward with the information you've got.

But this market is different it's not housing related at all and the fundamentals are strong. 

If you haven’t seen much of a negative effect in your STR business yet, it doesn’t mean you wont in the near future.There are no fundamentals to reference that can proof or disprove the viability of any businesses in this environment.