I can see 2 ways this plays out: 1) RE falls significantly 2) RE holds its current value. 

Another possibility, would the seller consider pushing closing back a couple of months to see how this all plays out?

And it seems to me, that if you can be liquid whether with experience or not, that the playing field will be shrinking here soon.

We will know soon enough if they will continue to pay rent or play games. 

IMO, he's just playing you to see if his can skip the application steps & don't need to provide unfavorable information (if he has trouble filling out an online application, he will also have trouble holding a job & have trouble paying rent). 

I am a loner introvert so social distancing etc is not really changing my life..... now, people dont look at me oddly when i step back or want my own space :) RE wise, with “perfect” timing I am closing on the sale on one asset and buying two others.... going from free and clear to 60% leveraged..... its nerve wracking, but I am excited to be playing with the big boys and expanding my portfolio - learning a ton and grateful I have the opportunity to be where I am in life.... 

Obviously credit is going to still play an important role.

Not saying you'd want to go that route of course, but playing catch up on your mortgages is better than panic selling.

Not sure how those two market forces might play out.

Certain kinds of tenants are always looking for weird power plays.