If you enter into a "contract" to buy a property from the seller that you have no intention to perform, you are in fact trying to buy the economic equivalent of a "free" or, in some cases, almost free option to purchase the property from the seller. 

Having said that I bought this property about 14 years ago, and it has not appreciated at all, it went down during the 2008 financial crisis, and now before the pandemic it had come up to about where i Bought it. 

Sometimes full remediation may not be economically feasible, but It gives you peace of mind.3) Know Your Property DemographicWhile knowing both your area and property are equally important, understanding your property demographic has a direct impact on the potential success of your investment.

There are lots of cash flow markets but many of them have weak economic and demographic fundamentals.

The cost of syndication (attorney's fees) makes small deals poor economic choices.  4.

What are y'alls strategies to mitigate risk when it comes to vacancies, unexpected expenses, or economic downturn? 

If he does end up completely forgiving this crisis, then great!

Investing in real estate requires in-depth knowledge of tenant pools, area economics, job growth, demographic changes, understanding and estimating returns, selecting high performance properties and much more.

@Thomas Ackley's answer was perfect, LOL - a lot of these risks can be mitigated by choosing a really good market that has favorable legislation and local economics/resources baked in.  

Our investment thesis: We are looking for commercial multifamily properties.Property criteria:Between class B and class CBetween 6 and 18 unitsValue-add upside85% or more economically stabilized