Or I suppose the seller could offer to renew the terms indefinitely until the entire balance is paid off?

I would like to rent it out and then mortgage the property and leverage it that way and keep it indefinitely.  

I can hold it indefinitely as it will cash flow enough to live comfortably once it is up and running properly.Erik

I think almost everyone in the country can live on $600k annually with a conservative portfolio indefinitely.  

The opposite is true of course in a fix n flip business where your current expenses (cost of goods, etc) have an immediate impact on your profit and subsequent taxability.The answer to your dilemma of depreciation recapture is to use the 1031 on the buy and hold side. build tax advantaged equity with that by indefinitely deferring all tax on gain and depreciation recap. 

The oil field work is 14 days on, 14 days off so is a big impact on the family life so he doesn't want to do that indefinitely.  

Definitely go somewhere that can't be developed indefinitely and saturated with new product. 

However, this strategy cannot scale indefinitely!  

Hanging it onto it indefinitely.

You have to take the deals where and when they come, or you may find yourself on the sidelines indefinitely.