All I see is it says residential renters have 12 months to catch-up or "Settle" on ANY missed rent.Does that mean they can go without paying a single dollar over the next 12 months before a landlord can take any action?

@Brooklyn R Los Angeles is getting really close to free rent, the Mayor just signed the new law for tenants to have 12 months to catch-up or settle any back rent before a landlord can take any action.

I've been producing music for over twelve years.

Just be careful about adding so many things into your CapEx estimates that nothing ever pencils out to be a "deal" that you actually take action on.

What's the course of action? 

What can I do to get the lender to deny the financing, as my situation has changed significantly, and allow me to get out of the purchase contract without incurring legal action for default?

First off, congrats on getting out there and taking action!

In other words, I don't want to NOT take action now because I don't need to RIGHT NOW only to shoot myself in the foot LATER. 

Cash on Cash - ROI is King)Build Your Team (Contractors, Realtors, Lenders)Line Up Financing (Work backward what is the lender looking for to fund your deal)Raise Cash For Down Payments & ReservesCreate a Plan to Find DealsSchedule Your Time & Prioritize Next Actions (Take Action, Put it on paper and put a date on it, stick to the timeline, FYI watching videos or reading books is not taking action)Educate yourself (Know terminology and how to analyze a deal) 

This is not a financial crisis like 2008, we are forced into this situation by the pandemic, and the government actions.