I'm stating this in case it will impact the financing. 

Internal Revenue Service, or received an Economic Impact Payment(stimulus check) pursuant to Section 2201 of the CARES Act;• I am unable to pay my full rent or make a full housing payment due to substantial loss ofhousehold income, loss of compensable hours of work or wages, lay-offs, or extraordinary2out-of-pocket medical expenses;• I am using best efforts to make timely partial payments that are as close to the full payment as the individual’s circumstances may permit, taking into account other nondiscretionaryexpenses;"The 3 underlined bullet points above seem relevant to your situation. 

Both of these things directly impact fix and flips.

The tenant DOES NOT have to be impacted specifically by COVID19.

I would agree that is best, but there are factors such as how good you estimate rehab and how good you are at getting cheap labor that impact this.

Your prior relationship will have an impact on your business relationship.

Ultimately I would say the market you are evaluating is much more impactful than a few % in LTV these days.

I've also heard that it may be a more heavily impacted area during economic downturns, as may be happening soon?

I just don’t want that to negatively impact the ARV in any significant way.Thanks!

@Tyler Heath I was worried about COVID and its impact on our market as well, but so far I haven't really seen it impact our market as far as my rent collections on my personal properties and for those I manage.