It's a bold move to buy a house is disastrous shape, and even though it's a step by step process,  to me and probably many others it feels like climbing a massive mountain. 

Bolding 

If AOA focused on issues with stuff going  on with state response and report with CoronaVirus, there is some leverage there - testing in CA and reporting of statistics from https://covidtracking.com/ based on CA state reports is strange.

HUD stated on the 3rd extension NO MORE EXTENSIONS in bold letters just like that.

Every aspect of the economy is manipulated and by redefining how any statistic is calculated, you can make the data show anything you want...and they most certainly do just that. 

I would venture he was an expert and big, bad, and bold.

The next study below from Cambridge associates looked at 942 funds from 1986-2016 data and showed around 3.9% outperformance of equity REITs over private real estate with median leverage between 54%-60% so not as high as individual house flippers but still with significant leverage:There are many other studies in US and also by EPRA out of Europe in developed countries as well as many academic studies, https://www.nareitphotolibrary.com/m/750b587aba063147/origin...and they mostly all agree that on the whole, on average, for the Average investor, that private Real Estate investing is statistically worse than stock market in US by about 2% and worse than buying equity REITs by around 4%, over last 20/30/50 years. 

I have not seen any statistic on what percentage of the tenants that did not pay during this eviction moratorium ended up paying the back rent but believe it is a very small percentage (unbeliever <5%).  

Keep in mind every offering i have ever seen and the few I have personally put together The first page is Generally in Bold print this is a risky there is no liquidity and you could lose 100% of your money.. this is disclosed up front..

So it's hard to plan those cap ex   You can make an assumption based on historical data found Bureau of Labor Statistics.