If not, we ought to watch out for more loan losses and delinquencies.

You can’t use self rental losses to offset passive income, etc.

Minimal CapEx requirements up front, and a little Loss to Lease in the first few years with some units’ rents being below market.

There are limitations that most personal lines policies have when it comes to coverage offered and not covered in the event of a loss. 

I would say that if you're house hacking (even if it costs you money) that isn't at a loss. 

I will soon be starting a new job as an actuary and am looking for advice on how (and when) to structure my first deal.Based on what I have read recently on this site, as well as what I’ve seen while browsing listings, it seems like it’s relatively difficult to find a reasonably priced small multifamily property in the Valley so “house-hacking” as beginner’s strategy doesn’t look feasible.

A calculator is a very small piece of the puzzle and often wrong because one wrong assumption can turn a profit into a loss.

One of the main things I am worried about is the potential job loss and population loss in New Orleans/Metairie.

Overall the gist of the documents you sign seems to be that no, it can only be for losses incurred as part of the COVID economic disaster, and you agreed to allow an audit or inspection of your books to verify compliance. 

I would put as much down as you feasibly can while keeping a fair amount in reserves in case 2 refrigerators go out in the same month.