Then ask what they have done to reduce expenses.

You may be able to at least reduce your cost of living, and also benefit from the appreciation and equity pay down on the whole asset.

I’m looking intoHouse hacking my first go around, but with how the economy is shaping out I’m on the fence if I should start looking now since interest rates are decreasing and I’m assuming homes are being reduced as well.

You will miss the 3-yr window that you correctly identified, but you might still qualify for a reduced exclusion.

Seller(Lennar) already started selling for lower prices due to Coronavirus effect, can we ask them to reduce the price?

Stop or reduce meals out (again, easier these days). 

Look into ways you can reduce your outgo.

Now that that is accomplished, we’d like to know what other seasoned hosts use as standard practice that isn’t too restrictive in nature and doesn’t inhibit  steady bookings... but reduces risk to the property.  

So instead they weld people into their homes to let them die (Communism vs Capitalism, I'm glad I don't live in China).https://techcrunch.com/2020/03/19/french-study-finds-anti-malarial-and-antibiotic-combo-could-reduce-covid-19-duration/

I offered asking on the property since it met the 1% rule and I could cover some missing or reduced rents no problem if we had issues with payments due to Corona Virus.