Obviously, you do not want to use all your cash but the last thing anyone wants right now is to be stuck with a hard/private money loan if the economy collapses and home prices drop.

Can you sit on the house for 2-3 years before refinancing if the economy does collapse and prices plummet? 

After a very bad and very expensive drain field collapse I no longer purchase any property with a  septic system.

If your property is older and the gutter system feeds into an old clay pipe drain system it may have collapsed and you'll need to get those black accordian looking extenders. 

Thoughts on this? https://www.bloomberg.com/news/articles/2020-05-12/if-landlords-get-wiped-out-wall-street-wins-not-renters

Your purchase has to appraise for the sale price or more and when buyers try to get crafty by adding a higher price, just to get a credit it can collapse the appraisal contingency, especially right now.Adding two bedrooms is also possibly trickier than you might think.

Just ask people that lost severely because of oil crashing, a natural disaster that ripped through an area, tourism collapsing, a base shutdown, etc.

This will allow you to weather most storms unscathed, including but not limited to:  pandemics, HVAC failure, sewer line collapse, eviction, etcPeople will also differ on WHERE/HOW these reserves should be kept. 

That said, his employer has been in the news and is having major financial issues and I am not just thinking about whether he has a job today but what about in 2 months from now when all the major players in the clothing retail industry are on the brink of collapse. 

The EIDL might be used for payroll expenses or maintenance expenses, especially if rents collapse after unemployment runs out.If you do accept the EIDL, I’m concerned that (outside of this loan), it may be difficult or impossible to obtain financing while there is a UCC lien on your business.Let me know what else you find out.