But you can only dig so deep on tenants who are already in place - It's not like you can ask for bank statements and credit card balances to confirm each tenant has sufficient reserves to meet the remaining term of their lease - So past performance is no guarantee of future performance.Ultimately, those tenants have a lease that you are contractually obligated to honor (just like they are) until it is terminated one way or the other.

Likewise, since hard money has become less accessible, you will see a smaller quantity of players but the ones that remain will be cash heavy.

I agree with @Bridgette Delva that a 3/2 should be sufficient.

Also, I have sufficient cash reserves to purchase more RE if the opportunity arises, and don't really have an immediate need for the equity in this property, and being generally risk-averse, I'm not likely to immediately reinvest the funds if I sell. 

My answers are: 1) lack of sufficient fund to build now, 2) this is my first investment in R.E. so I don’t want to move too fast, 3) due to COVID-19, sales market may not be as good as rental for awhile, 4) I want the property, or at least its lot appreciate more over the next 5 years.Here is the estimated rent (not cash flow) with a vacancy of 10%.

Is a Purchase Agreement form and a Quit Claim Deed sufficient for this transaction?  

But given the terms (and more leg work will yield additional options) I might have to look at what a higher dollar home might get me and go for higher quality over quantity.

Once you are comfortable and have enough for the downpayment and sufficient reserves, get started! 

Hotels and retail are much harder to finance, will never be available in the same quantities, and will be a lot more difficult to manage through to recovery. 

@Twana Rasoul @Josue GudinoI agree and to add to that self sufficiency rule, we ran into that being an issue and had to put about 10% down instead of the 3.5% but it’s still lower than 20-25% down on an investment property.I’ll try to explain it the best I can for our property.