Am I missing any potential downsides of requesting forbearance?

My biggest suggestion for you is to improve your credit score and start reading as much as you can.- The Millionaire Next Door- The book on Rental Property Investing- The Book on Investing in Real Estate with No Money Down- Long-Distance Real Estate Investing- The Millionaire Real Estate Investor- What Every Real Estate Investor Needs to Know About Cashflow- How I Turned $1,000 into a Million in Real Estate in My Spare Time- Rich Dad Poor Dad- The Book on Estimating Rehab Costs

A long time mortgage is a great way to go while interest rates remain low but here's the downside:  fees are high. 

One of the biggest differences between the LLC and S-corp for real estate relates to self-employment taxes, which might be what you are alluding to in your post. 

For things to get back to normal: - everyone in the world (not just the US) will need to see their earning capacity completely restored - consumer balance sheets will need built up again -all of the lost productivity in the manufacturing sector will need to be restored-consumers sentiment will need to return to all time highs-governments (federal, state and local) will need to come to terms with trillions of new debt and massive budget short falls. this will be a big issue for states and localities that are already flirting with default (see Illinois)-pension funds will need replenished-corporations will need to deal with serious damage to balance sheets and return to net spending on R&D and capital outlays (the energy sector might be the biggest issue here). corporate debt was already at or near all time highs for several sectors prior to the crisis- Both national and local economies will need to see a return of animal spirits to the pre-crisis highs from both local business owner and in the tech industry.

Of the last 5 recessions we have had since 1979 real estate values have appreciated 3 out of 5 of those times.  2008 being the biggest drop for obvious reasons.  

I have a friend who works at one of the biggest development firms here.

You would have to look at the state they are in and the potential downsides and HOWE LONG it would take to see an upside.Notes are not really my thing.

@Ryan Holland - I think you will see an uptick on lenders offering long term options this week.The biggest adjustment today is the rate those loans are offered at.

Rates are awesome right now- better than mortgages- but I see minimal upside going forward and a lot of potential downside.