Still waiting to hear how this one plays out before I make any decision.

If you want to play audit lottery....that's on you.My job is to tell you what I think the law is. 

I also have a short term “play” portfolio.

I’m going to take your advice and play around with my numbers.

Buy and hold estate is a game won by those who can play the longest. 

Its not panic or anything like that , rather we have been there and done that and every downturn has similar characteristics and just need to execute the play book. 

I am doing well with renting to people within a 3 hours drive who are going stir crazy with their kids.They come to our lake house and can still work remotely, do their school work online and play on the lake.Better to be on vacation than in lock down.I have been offering deals to extend people who are currently staying when I have availability.I have been doing ok with back filling cancellations so far.

Should I play it safe with a lower payment or have close to my same payment with some cash out for possible investing in the future?  

Also, how does the location of the property play into this decision (if it does at all)?

As long as they are staying inside - playing board games, naked twister, watching movies, etc., no harm no foul.