My fear is if I ride this out a few months, even if things go back to normal somewhat, the economy is deeply damaged and values will likely fall

Much different situation of what happened in 2007-2008, where we had seen it coming for a while (we were just in denial for a while longer) and it was based on financial and mortgage fall out (instead the economy this time around was doing fine.)Even though Coronavirus has been spreading for a few weeks now in the USA, it really did not hit home until about 10 days ago, when everything started getting cancelled, shut down, etc. 

I have been waiting on a crash to get into rentals and still want to purchase rentals when prices fall quite a bit. 

Right now, you're "catching a falling knife" as they say. 

If you don't care if the deal falls apart, take a hard stance on the contract and move on when they fall.

If you're going the umbrella insurance route, make sure it will cover you for several things including just the routine slip and fall (like mold or earthquake).

The upside of following through with this means that if rates fall in the 2-3% range (what I am being told is possible) I would be saving $800-1,000 / mo.

When things are high flying again and everyone is making money, remember how on February 1, 2020 everything was great, the recession was not going to hit because there was no dramatic run-up like other falls, etc. 

I don't know how these "cancel rent" landlords can justify collecting June rents.And then there is the fall!

Good morning,Wondering if during the last down turn, or any down turn at all, did “land only” values fall very much?