When you apply for the loan, your credit will go down a few points, but will recover. 

They're either going to recover or die in a month.

But without hesitation, I write a report that shows we can recover close to 80% for them now if we cancel and that I’ll fight to get the other 20%.

A $20,000 roof will take you 16 years to recover from.

We are in the middle of a once in a lifetime perfect storm where the stock market is crashing but will quickly recover after the virus dies down.

I think our economy will always bounce back and recover even in this type of situation as we have been through worse in the past. 

How fast we recover will have a lot to do with how banking reacts and adjusts.

Tell him to take you to court, he has to hire a lawyer if he has a company and that will cost him money that he cannot get back because without a contract he likely doesn't have a way to recover attorney's fees.

This is very true with SFRs, where cash flow is amazing when nothing goes wrong, but the second there is a vacancy or anything needs replacement, it takes months to recover.

These sort of non-paying tenant issues are best dealt with quickly and not allowed to drag out because the longer and further they get behind the harder it is to recover from.I’d start the eviction process as soon as possible, recover possession of your property, and get a paying tenant in there before you lose any more money.