The application gives the option for "Applicant is an individual who operates under a sole proprietorship, with or without employees, or as an independent contractor."

That's when we solely bought 12 multi-family properties in less than 12 months (56 units).  

I have known for years real estate was a good source of income and just haven't had the means to jump into it until recently.

You can't reject an applicant solely based on a check of a reference.

(Source and more info:  https://www.cbsnews.com/news/minneapolis-fed-chief-says-small-businesses-need-forgivable-loans-60-minutes-2020-03-22/He offered that the Fed was prepared to print money if necessary and would flood the market to ensure 2008's financial disaster was not repeated. 

These are short term, and this author is hopeful, that the pandemic does not cause long-term financial implications.Rather than serve a 14-Day Notice to Pay or Quit it is recommended to be as flexible as one can at this time and negotiate rent amount due, time to pay or both – IF financial hardship is evident.For Landlords or managers that don't have the desire or ability to provide any flexibility, be prepared to wait until at least April 17th before the Massachusetts Housing court begins hearing eviction cases for non-payment of rent, (expect a back-log), and tenant-friendly judiciary at that point.A side note: for those that are unaware, or have historically not been interested in Section 8 or other subsidized housing programs (even though it's illegal in Massachusetts to decline an applicant solely based on the source or their rent payments), now is when you see some of the benefits – for tenant and landlord alike.

(Source:   https://www.needhelppayingbill...)The local Section 8 offices are great in taking email questions and responding quickly to landlords.  

Yes, assuming you are a sole proprietorship or LLC your net income will flow through to you as standard income. 

Some of us are new to REI and some of been in it for decades so obviously reserves, knowledge and preparation are key but a tenant having just one income and you having just one source of income I guess ultimately falls on the both of you.

While when this is all said and done it may be different here are a few thoughts I have.Commercial -many businesses are shut down currently and have no source of income at this point.