@natalie and @Linda covered this perfectly. as a side note this is literally been one of the most difficult tax seasons for all accountants out there.

I am not sure if this is a single family property but it is very difficult to consistently cash flow with SF or small MF.

Hotels and retail are much harder to finance, will never be available in the same quantities, and will be a lot more difficult to manage through to recovery. 

Many investors agree we are going to see prices come down. while there may be some type of urgency to buy based on how difficult buying has become.

I think it is likely that access to capital will likely become more difficult as the economy continues to struggle. 

Do not let anyone pressure you into closing early if you do not feel comfortable.It could be a multitude of reasons why the seller wants to close sooner - they don't want you to back out as has been mentioned and know that prices will drop, they need the money due to being laid off, don't want to be stuck with property tax burden, they don't want to deal with the hassle of trying to rent it out when it's extremely difficult to find tenants right now.

My only concern with this strategy is that when it comes time to refinance, it might be difficult to do so.

There's a lot of uncertainty regarding a second wave of the virus, and lots of investors here who are using forbearance, etc, which obviously will be difficult to recover from.

The point is that distressed areas have such prices because it is difficult to invest there, and areas that appreciated the most rapidly may well have peaked to unaffordable levels.I saw a podcast recently where it was claimed that high-end grocery stores like Whole Foods Market and Trader Joe's are a good indicator of a high-end neighborhood.

Interest rates are designed to be significantly low as a result of the pandemic, but to obtain a loan in the current environment, has become substantially more difficult.