Legislation is the only thing that will save you if you don't have adequate reserves so your state and federal reps are going to be the place to start but keep in mind they are likely flooded with calls at the moment. 

I've had two reservations 'canceled by admin'.

As with any correction, lower income population will be disproportionately hard hit, and businesses servicing that demographic will be effected as well.I was working in retail real estate beginning in 2007, mutifamily will continue to be fine, necessity based retail (grocery stores) will be fine. 

I'm not stupid, I know you get a sizable discount on everything at the home improvement stores.

You know, that stuff VRBO almost forces you to buy when you make a reservation?

Price is a little high for my budget, but I have a broker who promises to get me 80% LTV on my mortgage, which would leave me plenty for closing costs and cash reserves.

I'm right near you and see many stores still open, but many restaurants empty.Is that outlook putting breaks on lending on that side?

Not only the property has to appraise, but the property also has to pass the self-sufficiency rule, meaning 75% of income (if it's a 4 unit - the total amount of rents from all 4 units) has to cover 100% of the mortgage payment: PITI.In Chicago that's a challenge, so make sure your Realtor knows how to navigate everything that will pop-up after you place the property under contract.Lastly: If the property needs any work, take advantage of the 203K rehab loan or the streamline FHA loan ( lower amount of renovation cost, up to $35,000 including reserves).Good luck to you!

Better to have cash reserves now in case you can't find tenants after the rehab for a time. 

That'll eat thru my reserves awfully quick.