If you pick a random OOS city to buy in, based on numbers an agent or wholesaler is telling you or "it's a great market to invest in" and don't know the area, prepare to have lots of cash reserves and to lose money especially Class C. - what's a great market to invest in for one person isn't for another investor.

I’m preparing for my retirement by getting into real estate 

Even with very little cash on hand, you can get creative financing; for example, I did my first flip renovation with a new business Credit card one year with 0.00% APR, paid everything back after the sale, and got points and signup bonuses.

As a new real estate investor myself I am very interested in your “creative financing” can you please explain?  

Then use the extra roommate rent income to pay down your mortgage and look to refi to a lower payment in the future (3-5 years) - so it cashflow when you move out.You could also choose the smaller unit and STR the other unit to generate more cash to pay down your mortgage and refi, so it cashflows when you move out.Bottom line: you'll have to get creative to solve your cashflow challenge!

We've also postponed any new capital raising activities since deploying new subscriber capital into distressed assets that we cannot resolve quickly does not make sense.This virus has definitely forced distressed-debt managers to become more creative and patient in a market that they cannot effectively control.

What creative strategies have you found successful?

I'd share that if I did, I'd be prepared to pay them to vacate.

If the water would have came back bad we were prepared to replace the pipe but was told this repair would be around $8K. 

You just buy as many as you can and then figure it out, there is no way to prepare, you just deal with it.