The goal there to at break even or better and hopefully have things workout well on the appreciation end over the long term. 

It did not work out so well for New York.

IMO...You are best off trying to work out a payment plan with the resident or hiring a competent local property manager to see this through.

For example, any areas where tenants may congregate, including the lobby areas, club houses, gyms, or dedicated workout areas should be closed until health officials declare social distancing is no longer needed.

For example, any areas where tenants may congregate, including the lobby areas, club houses, gyms, or dedicated workout areas should be closed until health officials declare social distancing is no longer needed.

Then you're out $5,200; this is why reserves are important, hopefully you can work out some sort of payment plan with the tenant to be made whole but if not this is part of the risk with RE investing, this can happen even in normal times.  

We follow the same policy and usually work out a flexible arrangement, because some rent is better then no rent these days (even though we collected close to 100% for April). 

If things work out I'd love to try to do another property in a year or so, maybe find one at a discount I could have fixed up with the saved cash.

With a substantial earnest money at risk, I was able to work out 12 month seller financing, however the seller increased purchase prices by $40K.

With a substantial earnest money at risk, I was able to work out 12 month seller financing, however seller increased purchase prices by $40K.