Our team is feverishly & excitedly working on some projects to set us up for security & insurance in the event this happens again.

Everybody is taking a haircut in this event . 

The tenant wants to turn the property into an event space, beer garden, and food hall business.My concern/question is, with all this corona virus, do you think the prices of commercial real estate will go down significantly?

You renovate and create a nicer monthly rental property or operate as extended stay / STR for business travelers.As for the dining hall and restaurant you can convert to amenities like a gym, common area, event space, co-working space etc.You do not want to use hard money for something like this as it would be very punitive and expensive.

As has been discussed in other threads, in the event of true loss of job, no unemployment, no gov't bailout, no savings or liquidity, no other sources of income, a very small minority of tenants will truly be unable to pay rent.

Therefore, even if the seller has the ability toforeclose in the event of a default by the buyer, the asset might not be worth as much as it wasat the time of the original sale, and the buyer may have even contributed to its decline in value.

This is not a wealth building event.

- Check out the Events tab at the top to find local meet ups around you. - Find an investor friendly Realtor in your market.

And, with our current events, you're probably getting more for your money as you repay the loan. 

That said, in the event I loose the property to foreclosure or some financial anomaly, would I be able to pull the 500k out of my HELOC without recourse if the bank were to take the home?