We know HUD has came out with direction for forbearance for FHA (90 days) and Fannie/Freddie (12 months) it's not clear if that forbearance can be applied, by mandate or judicial argument, over loans in default prior to the last 2 weeks. 

The subject property value is $1.5M prior to the new building.

Prior to this as long as you had 2 years of tax returns with rental income in any part of each year you could use that income.

It was is a long term hold and I intended to remodel the kitchen and two bathrooms prior to renting it out however given the COVID-19 concerns I’m considering renting it out as-is to students that may have lost their on campus housing.

You will need to show proof of funds for at least 90 days prior to purchase, however. 

This parable, The Parable of the Unforgiving Servant, is not exactly an instruction on charity or how to do business but rather about forgiveness. 

While I have never had this specific scenario, typically as the lease is coming to an end, I schedule a walk through with the tenant and have both a checklist as well as the pictures of the condition prior to them leasing the space.  

@Armani Emon, from the prior two posts, which are both totally accurate, this is one reason consulting with an experienced real estate professional can be very beneficial, especially when starting out.Standard appraisal practice is to find the most recent sales, in the small radius of your subject, then start adjusting for beds/baths/size/finish quality/land/etc.  

This property was a great stepping stone into becoming a landlord, as I occupied it for 3 years prior to renting it.

I'd like to consider these ideas prior to making an offer.