It is conceivable that the demand and supply could flip such that when Cities are open for business and begin issuing permits, there will be an over abundance of contractors and skilled labor, but no appetite or demand to spend money for renovation projects because of the projected high unemployment and stock portfolios that are worth a fraction of what they once were.

My point is the appetite for gambling and entertainment will be there after this.

This will limit the banks appetite to lend you more money. 

Every lender won't have an appetite for what you are doing, so talk to as many as you can. 

I would install automatic fire suppression canisters on the stove (about $60) so should someone leaves a pot boiling on the stove, a fire won't get passed that point (https://www.youtube.com/watch?

We do not invest in the city of Newark area because of the difficulties with the rental permits, but also because of the new requirements of fire suppression systems in all renos or new construction which can be very expensive.

Once you get beyond 5, some lenders will take a pass (which lenders varies from time to time according to the needs of their portfolios and their appetite for risk).  

Suppression of expenses could mean more deferred maintenance.  

Outline a thorough comp report that will detail the rent difference between both products, and run a simple profit analysis to see what makes more sense for you based on your budget and risk appetite. 

Similarly, we will continue to accept multifamily loan applications but will only fund these loans on a case-by-case basis as the market appetite for these loans is changing too rapidly to have any stable guideline changes.