Perhaps there will be another wave of the virus in the fall, but if you've got adequate protections and a backup plan in place, like that 12-month lease Roni mentioned, and you get some tenants in place between now and the next semester, barring any other issues that might arise in the normal course of business, you'll ride this wave with the rest of the student rental community and along with all other investors in your region.

The big picture is there are a lot of people across the world who are being affected and are suffering from the Coronavirus.

The answers to all of these questions have a lot of ramifications for asset protection and tax optimization.This step is the most important one and need a lot of understanding of asset protection and taxes.

@Joshua Van Every the responsibility of a Realtor is to protect his clients!? 

I have a former primary residence that I was never able to sell due to the market crash in 2008. Here is my current scenario:
Balance: 150,968
Type: FHA
Rate: 5.0%
Payments: $1,219.12
Maturity Date: 1/1/2040
Ren...

You currently have good title, so pass good title via a warrentee (or as the attorney may correct via a limited warrantee) deed.Please research how you must work within, treat your LLC in order to protect your corporate veil. 

We are nor panicking instead trying to think though some scenarios and communicate/plan on paper . 1.Ownership:1.Create a “Medial Power of Attorney” to take over decision control if any/all owners get sick 2.Communicate ownership delegation with property manager2.Property Manager/Other Employees:1.Communicate CDC requirements 2.Outline and agree upon rent collection work process if city were to shut down 3.Outline and communicate a call tree identifying repair personnel 3.Safety:1.For employees: Release funds to buy protective gear while working within premise 2.For tenants: Communicate 2 times a week with CDC requirement as COVID19 is a REPDI development 3.For Owner: Identify all elderly tenants and communicate with them to call CDC if they would show any sign4.For Owner: Identify companies who does preventive medical grade clearing if any cases to be identified within premise. 4.Insurance :1.Confirm with current insurance to avoid and potential liability from owner to tenant negligence perspective 5.Operations:1.Review plan for marketing to get tenants if people were to leave during outbreak 2.Review plan for eviction during shutdown (if any) 3.Review cash position: 10 months cash supply covering 10 month of debt payment .

I guess that would be the main con, that and the lack of liability protection you get from owning it in an LLC. 

You should look into your consumer protection laws, specifically related to contractors, in your state.

Yes, giving your word is important, but just as much as contracts ensure that the people involved follow through on their word, they're also meant to protect the parties involved.