We became armchair experts in economics and public health, and we argued about everything…everything!

She is not in good health and needed to go to an assisted living facility. 

As long as it's a large University that's too-big-to-fail, I would say you're fine, it's the smaller colleges that I would be worried about regarding long-term financial health of the school. 

Does your lease agreement hold the tenants individually responsible for their portion of the rent they owe or are they jointly responsible for the total rent owed to you?

May everyone's 2021 be filled with abundance, prosperity, health, wealth, and plenty of flipping opportunities!

In the LLC Joint Venture model, Nephew puts the asset into the LLC as his capital contribution and you provide the rehab capital. 

Since they are yours, once the moratoriums are lifted, remove them.You need to attempt to heal the relationship with the tenant the best you can and hope they pay. 

It is the Service Industry (restaurant, nails, dry cleaners, small retail shops, gyms, elective health care etc) that has been severely impacted.  

The con with this strategy is that you are converting income that is rental in nature to ordinary income(may be subject to SE taxes).The pro with this strategy is that it potentially opens you up to health insurance / retirement account deductions.

I'd say yes, as long as you both understand that you're joint/severable liable (ie either of you are responsible for the total payments even if one can't make his share).If it's his first deal, even better since he can get in with less risk and perhaps you can borrow more.