If so, your projections for rent, vacancy and cap ex may require substantial adjustment and you should add a category for legal/eviction.  

Some even have substantial negative cash flow. 

The Order protects tenants who:have used their best efforts to obtain government assistance for housingare unable to pay their full rent due to a substantial loss of incomeare making their best efforts to make timely partial payments of rent, andwould become homeless or have to move into a shared living setting if they were to be evicted.In addition to the above requirements, one of the following financial criteria must apply.

It's getting harder to cash flow without a substantial down payment, but it's not impossible.

The individual is unable to pay the full rent or make a full housing paymentdue to substantial loss of household income, loss of compensable hours ofwork or wages, a lay-off, or extraordinary out-of-pocket medical expenses;4.

I am definitely viewing our first three deals as substantial learning curves. 

Internal Revenue Service, or received an Economic Impact Payment (stimulus check) pursuant to Section 2201 of the CARES Act;I am unable to pay my full rent or make a full housing payment due to substantial loss of household income, loss of compensable hours of work or wages, lay-offs, or extraordinary [38] out-of-pocket medical expenses;I am using best efforts to make timely partial payments that are as close to the full payment as the individual's circumstances may permit, taking into account other nondiscretionary expenses;If evicted I would likely become homeless, need to move into a homeless shelter, or need to move into a new residence shared by other people who live in close quarters because I have no other available housing options.[39]I understand that I must still pay rent or make a housing payment, and comply with other obligations that I may have under my tenancy, lease agreement, or similar contract.

You will likely not add substantial value through later renovations.

It seems to me they are indicating that they see a shift that is substantial coming.

You must have no more than 35 non-accredited investors, have a substantial pre-existing relationship with all of them, and have a PPM to the extent you have any non-accredited investors (though even if they're all accredited, a PPM is best practice).