I know you have a property here locally and personally I LOVE Portsmouth for it's cash flow ability and have an 8 unit there myself, but Portsmouth even though close, is drastically different from the Chesapeake market and certainly in the eyes of the renter!

But to answer your question about real estate- my core of who I am aligns with the ability to give people an opportunity to call a place their own.

Would this impact your ability to get lending if you wanted to purchase something during this coronavirus pandemic? 

I am working on going through the today. 3) The house has the ability to add an extra room or bathroom for someone who may want to flip it.4) Everything is set up with the title company and he even gave me the contact at the title company. 5) He is getting older and is motivated to sell.

These SBA loans supposedly DO apply to sole proprietorships (and other business structures, like LLCs, etc.)So the question is: As rental property owners, even if we don't have employees, are we able to apply for one of these SBA loans for our rental property business due to the uncertainty of economic conditions caused by COVID-19 (namely, our tenants' ability to pay rent in the coming months) or is this just wishful thinking on my part?

Recessions do not affect every person from each social-economic class in the same way -- but the virus has the ability to.

If you the ability to purchase, right now is the time!  

@Chris Chase  I doubt they'd check, but if they want a bill have your sister help you and write out an invoice with her name on it. 

Also did you send them a bill?

If you want to do it after the fact, perhaps (ie after work is completed and inspected), but better to keep them separate.YES bankruptcy will affect your ability to borrow in a year or two.