The big cause of this boom was the pent up buyer demand without being able to do anything.

This makes running any cash-based financial metrics a lost cause...my returns are infinite-ish.

In your situation, I would set the firm move out date but holding them accountable for paying the rent might cause friction. 

Now that it's empty, I'm faced with a dilemma because of my fears that the market will crash later this year/early next year as a result of a virus resurgence causing high unemployment and associated economic woes, plus the cyclical downturn that was predicted even pre-covid.

WE DO NOT mark-up eviction lawyers (in fact we only go 2x a year for 200+ units and mostly for non-payment - life happens)WE DO NOT put in deadbeats or troubled tenants we will need to evict (we have to deal with them - really, life is too short)WE DO NOT advise our clients to buy in crappy neighborhoods or buy crappy buildings because they are so cheapWE DO NOT put our clients in harm's way legally because we know the legal landlord/tenant laws and what to avoidWE DO NOT take on Landlords that do not see the value we add and want to nickel and dime good quality servicesYou must have had a run in with a REALLY BAD manager to have such a skewed view of the industry.WE DO screen for 3.75% rent/debt ratios, evictions, crimes, felonies, level 3's and ALWAYS cross-check in our networkWE DO screen out landlords too because let's face it, there are some bad ones, and we don't need their business eitherWE DO market the snot out of our rentals on over 30+ apartment sitesWE DO market with pictures, videos, BLOGs, website, referral programs, word of mouth and our landlord referral networkWE DO know title-real estate-eviction lawyers, contractors, REALTORS, and have a wide network of professionals on callWE DO get discounted rates and preference on service because of the volume of work we provide our contractorWE DO have a 100% guarantee on placed tenants, if they default within 12-months, the next tenant placement is free on usWE DO frequently see the property and build relationships with the residents AND neighbors to be boots on the streetWE DO know which landlords are selling before the hit the market and give pocket listings to keep the management contractIf this ain't worth $85 bucks, let's keep going.

Im hearing that attorneys haven’t got the deed from title company yet and Covid is causing delay in getting it back from the cook county.

I occasionally would hear opinions that 2008-09 was a once-in-a-lifetime event and the next recession will be more mild, plus it will probably be caused by something other than housing, implying that multi-family won't fare as badly as it did back then, which wasn't bad at all for some operators in some markets.

I am going to comment in here mostly to track replies from people with more experience....however, I think it's important to remember that there is a wide range of situations that can lead to the missed payments causing a home to show up as "pre-foreclosure" and different approaches would be appropriate for each. 

In contrast the 2020 recession is an outcome of a pandemic which is causing economic havoc but homeowners and lenders all seem to be in much better standing now.So what drives this thinking that home prices are going to crash the same way they did in 2008?

She hides the dog in the house, a therapist calls me, I speak to her and inform her I need documentation for the dog, I also inform her that the dog looks neglected, is unsupervised, causing damage to the property and creating conflict with the existing tenants in the triplex, she ignores me and a letter on community health department letterhead shows up claiming the mutt is an emotional support animal.