https://www.biggerpockets.com/forums/311/topics/395258-brrrr-in-declining-market here is a link that may potentially be helpful for some to further add to this discussion

@Carolyn Fullerwhenever someone you have shown your apartment to declines to rent, ask for feedback. 

Tenants enjoy it because they have a few extra days to gather funds if they're short and landlords either get the full amount or the transaction is declined then you would follow up via your lease regarding non/late payment.

Not only has the appearance of buildings and grounds been declining over the years, I also forecast some serious owner expenses due to the roofs close to the end of their life span and the CPVC piping of the same vintage.

The market is great for buyers and I target those in established neighborhoods (1998-newer) within 20 minutes of where I live, since I rehab them, and do not foresee the rental market declining (military town). 2.)

Here is an update on the outcome of this transaction following my original post: Unfortunately the Seller declined to pay any rent and only would give a $500 security deposit holdback at closing.

I declined the meet up because it wouldn't change any of the facts.Ultimately, he agreed to option 2.

Don't know where your located at but the PA (public administrator) for the county will do their due diligence in searching for family members or if that family member declines to take care of the estate of the decedent the Office of the Public Administrator will manage the estate. 

The decline occurring in December has not happened in over two and a half years.

I have a 20 unit multifamily near the LA City College in LA (this is rent control but considered pretty desirable and not likely to severely crash in a decline).