And how will you prove the losses?

Given the existing unique situation of the COVID19 outbreak in NJ and under the state order of stay at home which requests us to stay at home at all time and keeps the travel to minimal unless absolutely necessary, how could I show the house to potential tenants?

For the loss of 50%, I was told that I’m eligible to file unemployment benefits.

EVERYTHING related to your rentals will appear on schedule E- this should be your rental income, all your related expenses, and a net income/loss number for each rental. 

Any information or ideas for minimizing  the impact of the pandemic will be appreciated. 

Right now there is a lot of social proof going on, mixed with some loss aversion that is leading some to way over estimate the size of the third group of tenants you mentioned. 

I would also contact your tenants and ask them if they suffered a loss in income; you can point them in the direction of some State and Federal government assistance programs.

I foresee him now being able to pay the rent for another 4-6 months or so.I will be unable to afford this kind of loss as a result.

NY would be giving away your income for 3 months, incurring massive losses.

@Claire Rosenberg your returns or losses can be massive.