So it can take maybe 9-12 months to have an accurate idea about how COVID impacts real estate prices.

But I have a 16 unit deal in east Nob Hill which is in a nice area and I could see myself living there.You would need to spend some time researching the areas that you are interested in and see if there are any smaller multi-family deals in those areas.Property prices have not been impacted by COVID - yet...We can connect and discuss it in more detail if you'd like.

I just figured if I don’t use the heloc it will not impact my debt to income, but I’m sure they still look at it as a risk factor.

The obvious areas like Vegas and NYC I can see why they may be impacted.  

That's a great example of one person having a big impact on their town.

Additionally, if you get found out for mortgage fraud, that could make the lender who issued the loan to you look really bad to the regulatory agencies which could negatively impact their career

How will this impact the coming years ?

How long do you think the pandemic will affect the Real Estate Market?

Sounds like there was a material lapse in communication with your lender, which led to information surfacing during underwriting that negatively impacted your deal. 

The market you are investing in can have different influences that may impact your ability to find steady cash-flowing properties.