The numbers are why I stopped buying in 2005 and started selling in 2006. 

I'm sure some of the HMLs you've spoken to actually have 100s of millions on warehouse lines available for use but are putting a stop on things until the economic landscape moving forward can be better understood.  

If you want more rentals, watch the market and buy when the time seems good (ie once this insanity has stopped).It will depend on your (ahem, your friend's) risk tolerance.

To expound a little more on what @Jonathan Conaghan stated, yesterday afternoon Governor DeSantis stated that he was going to issue an order stopping all new Airbnb reservations for the next 14 days for vacation homes in Florida.

Do they have a lot of debt, or are they well capitalized?

It's not what you say. It's how you say it. Apartment receiving heat for poorly worded letter. 
If you want to see what not to do head over there. It's getting bad...
https://www.facebook.com/sunch...

Maintenance contracts can be stopped and Landlords can limit maintenance to emergency issues only for the next 3-4 months. 

And there's zero reference to what we're talking about: taxes on the rental property during the initial rehab before it's placed in service.And returning to our debate - you quoted Sec. 164(a) but stopped your quote too early, I'd say.

Your an adult and it you feel so compelled to take on the world go ahead, I doubt your father will stop you. 

Most and i would say 99% of true HELOC's give the lender the unilateral authority to stop any further advances on the line and to call it.. would be rare they actually froze it and foreclosed.. but freezing it sure this happened en Mass during the GFC.. and the main issue is you dont know it until you try to access it.. the letter saying its frozen shows up about 30 days later  :(