I've saved a good amount of money this past year and due to covid, I am working remotely, indefinitely.

If you're looking to hold the property indefinitely, then the deal is fine.

Only the 1031 indefinitely defers all tax and depreciation recapture and can be eliminated in your estate.  

I do not wish to live in NYC long-term or indefinitely.  

most will tell you leverage to the max and its all about number of doors ... and or refi till you die.end of the day you have to be comfortable .. if vocation throws off enough cash flow to debt service all your units if they were vacant for a year or so or indefinitely then I personally feel your not taking a huge risk.. unless job security is an issue. 

But I think your reserves should take into account your financing situation, any upcoming bullet payments, overall monthly debt load and cash margin...I think I could cover the debt service on my properties indefinitely with my current reserves, and significantly declined rents of about 20%.

They are looking to hold the property indefinitely, and I can see them eventually working out deals with all the property owners with adjacent properties to their current church to keep expanding.Holding the financing for them is very attractive to them, and then eventually they would solicit funds from their congregation to pay off the mortgage down the road.

If you live in the property you must qualify for one of the exemptions in sec 121 - live in the property for 2 out of the previous 5 years and then you get the first $250K ($500K if married) of profit tax free.If you own investment property and want to sell and purchase other investment property but defer paying the tax indefinitely you can do a 1031 exchange.  1031 - investment property121 - primary residence

That money is tied up indefinitely and you might paint yourself into a corner (best case) or put yourself in a tough situation if/when rates go up.For this reason I am only using HELOCs as short term financing for BRRRRs and flips.

How do you know there is not a provision for the tenant to have some kind of agreement or life estate to live their for free indefinitely??