I think that as long as you understand the risk of what you're getting into and plan for it accordingly (like keeping reserve, getting multiple bids, etc), I think it's still a viable way to invest. 

Last week, we reached out with an explanation of our extenuating circumstances policy, which allows hosts and guests to cancel eligible reservations in certain circumstances without charges.

I have seen countless properties get bidded up in huge jumps to get to reserve  then it slows down a little.

I expect more cancellations, but after our first reservation canceled, we almost immediately picked up another booking to take that place at a higher per night rate.  

Factor in $800-$1000 per unit per year in maintenance and repairs and set aside another $1k per year in reserves. 

I have enough reserves to last for a while, so I'm not too worried about myself, but this will likely be hard hitting for many people.  

We didn’t see a downturn in reservations.

If you have reserves and the property has high cashflow- invest some.

Those who got out before the decline are already looking fro places to park capital.We will see some defaults with all types of properties as some owners are over leveraged and had little to no reserves to weather any kind of downturn.

Do I have emergency reserves?