Hello Cody,While texts aren't legally binding documents, they can still hold up in court under certain circumstances.

Given the unknown circumstances and effects of coronavirus and all the talk of an even worse 2nd wave hitting November/December, am I crazy to consider this?

@Dustin Turner I am set to close on my first STR in Pigeon Forge next week and planning to buy more barring any unforeseen circumstances. 

That was based on my own unique circumstances.

I would also suggest using a feasibility clause with at least a 14 day period, I would not be to greedy with assignment fees typically I see ($5,000) for the contract assignment depending on the circumstances.

The new property was used as a rental for about 6 months, but circumstances changed and I ended up making it my primary for the last 1 yr and 9 months.  

Just completed my first master class in Women's Real Estate investing Network.

If you're thinking about changing the use of a property due to extenuating circumstances (family dynamics, loss of income, COVID, recession, etc), then it's probably a good idea to log that thought or share that with someone in a durable format. 

Our decision completely depends on the applicant and circumstances (why they want to do advance rent).

This is a business decision so it looks like you're free to make the best decision for your given circumstance.