Homeowner exclusion or Split 1031 on a SFH with a tenant/roomate?

[Derek Daun]

I'm curious how I would treat gains if I sell my primary residence taking into the account that I rent part the house out.  Additionally, I'm wondering if there's anything differently I should be doing now for taxes.

Single Family Home with a fully finished basement.

A friend rents the basement from us. Essentially a roommate/tenant.

All utilities are combined (we pay all utilities).

We claim the $1000/month rent as income.

We claim 50% of utilities as expenses for a tax deductions. (Based on square footage)

We depreciate 50% of the property as a rental based on square footage. (I'm considering changing this to 33% of the property based on rental value instead of square footage, as the upstairs would rent for 2x the downstairs)

How would I tax capital gains in the event of a sale? By the time I complete renovations, I'll have about 250k in equity? I've heard some people say just take the home owner exclusion, back out depreciation, and be done with it. (I'll meet the 2/5 year rule).

Others have said do a split 1031 on the part I rented out, but take the home owner exclusion on the rest. That's one of the reasons I want to only depreciate 33% of it going forward, to only claim 1/3 of the property as a rental. 

Another big question; what would "Like Kind" look like for a split 1031 on SFH? Could I buy another SFH with all the money and intend on renting out a room again?