My fear is if I ride this out a few months, even if things go back to normal somewhat, the economy is deeply damaged and values will likely fall

Several have approached me last week in this sector.It is going to take another couple of weeks or so to see things for investors back to a "new" normal.

I can get this extended but who knows how long COVID-19 is going to disrupt our lives and who knows where the market will be after we are back "normal" and lots of lost their jobs so certainly want to do everything to not allow this to sit.  

The “crisis” here will be over in 1-2 months, some lingering effects in certain sectors.....but essentially back to normal. 

@Jacob Sampson agreed that normally payroll is much larger. 

While we were due for a recession anyway, this type of dip is too much to be any sort of new normal. 

So even if there is a temporary slowdown, once the overblown mass hysteria dies down things will likely return to normal with a bunch of pent up demand that's been shut in doors the previous few months.After all, it's not like housing demand is suddenly going to go away.

Can I buy a normal single family house that is 3 bedrooms and rent it out to my friends while I live in it and it be "eligible" as a house hack?

I would not normally consider this strategy.

How to adjust to the new normal?