So far, I've read The Ultimate Beginner's Guide; The Book on Investing in Real Estate with No (and Low) Money Down; B-R-R-R-R Strategy; and I'm currently making my way through The Book on Estimating Rehab Costs.

Given the risk of rental market in B to B- neighborhoods likely struck by fiscal fallout would it be prudent to: A) see if I can renegotiate the selling price to insulate myself more B) Pull out altogether C) Move ahead with what was a good but not great deal.

If we do move into the multiplex, then the house we currently have a mortgage on would actually become our very first rental.  3bed, 2 bath in a mid B neighborhood in highly sought after school district. 

Like @Andrew B. mentioned, read your contract.

They have savings and I can deal with issues case by case.I would offer the discount to B class tenants as they are more likely to be wondering how to delay cash outflows.D class is where it may not be worthwhile again as the majority probably lost jobs and have no savings, so I doubt the discount will get many to pay on time anyway.C class is probably a grey area.

I dont expect a significant reduction (maybe 10-20% in C areas and flat in A/B areas) in regards to real estate prices largely due to mortgage lenders allowing payments to be deferred.

Good cities, they are A/B areas

Person A + B want to partner on an investment property.

@Kavita B. probably not, in fact it might even be a required item by their lender, the good news is that they are less likely to ask for things unless they are truly broken. 

I'm sorry I did it b/c I think there might be better bargains in the near future.