Are you able to hold the property indefinitely if the property loses 10% of its value overnight due to market forces?

The auction sale was postponed INDEFINITELY.

Based on what I have read here - and I do not know the details of your specific case - the judge is essentially suggesting that a contract is void for indefiniteness b/c we are missing a material term of the contract: the buyer. 

is your plan to stay in the rental indefinitely and buy a rental?

I hope to (plan to) hold this property indefinitely.

If the property was an investment property then she could do a 1031 exchange and purchase other investment property and indefinitely defer paying the tax on the sale. 

Are you planning to hold this property indefinitely, or do you have an exit strategy in mind, such as selling after a few years?

One does have outside investors, but the assets they are buying to hold indefinitely are not brought to outside investors (they raise money to buy 5yr holds, sell those and typically reinvest the COMPANY profits into generational holds, while offering new 5yr hold windows to their outside investors).  

But if you have to sell then a 1031 exchange will still allow you to indefinitely defer all tax on profit and depreciation recapture.And the holy grail would be if you could move in for another half a year. and then back out for a bit and then sell you'll not only get the first $500K tax-free. 

The turnkey sounds very thin, 250$ mo cash flow for 70k+ of cash tied up indefinitely??