I'm new as well congratulations on you're first property me and my fiance was going to start a real estate business but she has cold feet so i already have a LLC she the one who has the 820 credit score and I'm getting mine back in order we both have one property each i just loss my contract for my business so I'm thinking about using the equity from my home or turn my home it a bordering house just need some mentoring 

Can you take the loss without completely ruining your finances?

Finding the correct contact info is hard enough, but if your pitch is that they should sell cheap now, you're misreading the market.Multifamily properties are worth significantly less now than they were just a few years ago, and asking for a further discount due to property condition would probably result in a loss, maybe not even pay off the debt.

if you buy a long term rental, you may not see true returns for 5 or 10 years (although there are other immediate potential benefits, like passive losses on your taxes). 

In southern Florida I fund and profit / loss is 50/50.

With the amount of losses you have had it might be a good time to try and offer a Cash for Keys deal for the tenant to move out and just cutting your losses while there is uncertainty about what is going to happen in 2021.

If indeed a loss is taken on this which it sounds like is a fair possibility then if the agent was representing you the agents E and O will/could kick in and that's where you might get some financial relief.

I believe it tends to give me a slightly lower return, because the sponsor is going to be more careful, and if there is a severe downturn will prevent me from taking catastrophic losses.

Loss of rental income is only covered if it is listed in your policy.  

There are several things to fear money loss on a bad investment, government involvement in RE, bad tenants that cost time and money, hidden maintenance issues and/or land issues and the list can go on.Today, I don't fear money loss or tenants,  the big unknown is how much the government wants to get involved in either taxes or landlord/tenant issues.