Your profile mentions that you are an agent with rentals.You would want to see if you are able to claim real estate professional status.If you are able to claim real estate professional status, you can potentially offset the rental losses with your real estate agent income.Furthermore, TN does not have a state income tax allowing you to be more open with your options.Best of luck

Hey Nitesh, so sorry for your loss.

Tenants in arrears due to “loss of income related to COVID-19” have a six-month grace period—without late fees!

Now that I've had a bit of time to put in some info into rental hero, under the "profit and loss" section, you can save/print a PDF with details. 

The rental might be vacant for a month,(8% loss) or a tenant might not pay for a month while you pay to evict them.(8-16% loss)  A $1,000 appliance/water heater, or a $8k rook or hvac unit might go out.(5-40% loss)  You should be paying a PM 8%.

If you can hold on till first part of January the showings and everything else should pickup.This would be my action items: 1. hire a new agent that can sell the place, and get you numbers are rent and selling and sell the place. 2. be honest on the numbers you can get on an ARV so that you can sell it 3. start to get the conversation started with a couple lenders on what these numbers on refi would look like for you and this property 4. my suggestion would be to refi/rent before selling at a loss because if numbers work you can hold for a couple years then sell, but this is dependent on your cash position and liquidity of your situation. 

Or don't and suffer huge losses due to subpar leasing and property management operations.

Maybe even failure to take full advantage of an opportunity, resulting in a loss of potential profit or benefit.

I can afford to have the unit empty, but obviously don't want to do that, and am at a loss around what I should do going forward.

Furthermore, while not obligated, RTR financially contributed to help this investor offset missed rents from the tenant, which it sounds like the investor later recovered from the tenant eventually.