At the moment we don't have have any specific limits on how long you can keep money pending, but we're going to be updating our policy soon with specific requirements about how long you can keep money in our system. Generally we want to make sure everyone gets paid the same year they have a transaction in.
You're welcome to send your payouts to any PayPal account, you need to be able to link it though. If you're working with someone else to collect the money for you then you'll need to have them log into PayPal on your computer.