Professional Property Management is no different than insuring your property from fire and hail, insuring your car from major accident, having medical insurance, it's a minor cost to assure you won't have to incur a major one. 

Unless you have very Deep Pockets or significant other income to cover the monthly loss and can ride it out for years to capture that appreciation.

Enjoy the ride!

You could also structure this tranche of capital as a form of preferred equity and ask the seller to ride along in the deal and pay them back out of cash flows or on a refinance at a later date. 

In Texas, your insurance will only replace your roof if it has hail damage.

We'll ride them along for a while and see how they do.

Sucks we are all in this horrible boat ride

They are both working and making money...will they use that to pay their rent, will they try to talk through a plan with me or the property manager to get back on course, will they reach out to get assistance themselves... probably not...whats wrong with tenants....COMMUNICATE.. we arent going to just forget that you owe rent and you are going to get a free ride 

I would counsel them to do a 5 or 7 year with a balloon at the end (which could be negotiated if both parties agree again into another 5 years of installments), but, anyways.In your shoes, I'd try to negotiate it so you get help and advice and the partner is along for the ride, but give up as little long term free cash flow and - more importantly - equity in the property as possible.

Concerned that if I use it as a downpayment, I'll have twice the amount of debt on one property and it's all riding on my tenants ability to pay rent during these trying times.