Smith  said... tomorrow starts the last full week of 2020Q1 and layoffs this coming week could easily surpass the worst of the GR (Great Recession) monthly totals.

Also any contractors you like for these sort of conversions would be great

It is better to focus on your subject property and figure out what sort of rent bumps you can bring to the property, and let loss to lease be a fall-out of that.  

Now historical data can never predict the future, but given that the last crash of 2008-2009 is said to have been caused by the subprime mortgage crisis and if we assume that what the real estate market went through in 2008-2009 is a worst-case scenario, then we can use historical data to set a baseline of what's to come in the future.Below is a graph of the average SPX closing price VS the average SFR Home price for the top 5 states by GDP(CA, TX, NY, FL, IL).

The MFH/duplex market in San Antonio looks pretty tight, so I plan on renting initially while looking for the "worst house in a great neighborhood" to move into and fix up.I'm working my way through the BP Real Estate podcast and am excited for the BP Newbie podcast that just came out.

But, then the "little fix" ultimately becomes a bigger fix.Also, I learned sort of the hardway when I let tenants do their own work. 

All in all I would explore every option I can to get that unit cash flowing.As for the Finance section of your deal, your worst case is you may not be able to refinance the property right away.

A depression is just people on the internet fear mongering or without a lack of an understanding of history.Every decade or so we have some sort of crisis.

Also, what is the worst that happens if caught?

Question 1: What sort of terms do you require in this situation?