Sounds to me like you aren't really entitled to anything if there is no lease in place with this individual and they know that.

While interest rates are low, refinancing isn't a bad option.I have heard from lenders of troubles for individuals who apply for the mortgage forbearance. 

You look at the numbers and you work the numbers INDIVIDUALLY per house.

Here is the piece you can hang your hat on and show the renter:"Prohibits landlords from treating unpaid rent and charges as an enforceable debt, unless the landlord demonstrates by a preponderance of the evidence to a court that the resident was offered, and refused or failed to comply with, a reasonable repayment plan that was reasonable based on the individual financial, health, and other circumstances of that resident.Note: All rent payments delayed through this moratorium will still be owed but a landlord must offer a tenant a reasonable repayment plan to enforce any collection of that debt."

Let’s say 1 of the 5 run into a financial problem or is sued and a party tries to take the individual’s asset(s) as collateral.

There has been a lot of construction and prices are very high.In the last few months of turmoil I invested in stocks, indexes and some individual stocks.

However, I do know that many "big" companies (like McDonald's franchisees which individually each restaurant has less than 500 employees and thus eligible for the PPP) have absorbed a lot of that money. 

According to legal zoom:"For owners of rental or investment real estate, it’s common to form a limited liability company and transfer title to the property from the individual owner to the LLC.Transferring property to an LLC can limit your personal liability if someone is injured on the property and files a lawsuit against the property owner.

Or it might go like hot cakes because lower income individuals want to get in the nicer area, but then you have to deal with lower income tenants, without the financial support of Section 8.

So how do we as responsible individuals who have saved and waited for a time like this to come along hedge against the fed and its endless printing?