Renting out rooms in primary residence - Depreciation and capital tax consequence?

[Jimmy Chim]

I just bought a single family home. My intent was to live in it and rent out a couple of rooms and then sell the property in 2 years in order to take advantage of the $250k capital tax exemption. My understanding of the tax rule is I need to report the rental income and expenses on Form E for the portion of the house that is rented out. My questions are:

1. Does reporting rental income/expense on Form E have an impact on the capital tax $250k exemption if I rent the house out?
2. Can I depreciate the portion of the house that is rented out?

Thanks.