I am assuming because of an owner homestead exemption and senior exemption both of which I don't totally understand yet.   

A summary of the changes can be found here:SEC Staff Recommends Updates to Accredited Investor DefinitionWhat's good:You can now take a test to qualify under the proposed rulesThere seems to be some critical thinking about the thresholds and indexing them to inflation instead of picking an arbitrary number and leaving it staticThere seems to be some critical thinking about who can invest whatThose with experience in private deals can exempt outWhat's bad:It seems hard for portals or funding platforms to implementWealthy investors are capped unless they make over $500k annually or have $2.5M in net worth

In the middle of 2016 projects under $1M will start to become available for non-accredited investors with federal securities exemptions.  

I do know this:Gift tax exemption for 2016 is $14000.  

The unit/half you live in would be treated as your primary residence, and eligible for the 121 exclusion tax exemption, after 2 years.  

The license is needed if you surpass the exempt amount of loans made in a year which is often a state statue definition.  

I recently had discussions about homestead and other exemptions with the county.Based on what I have asked my local municipality about homestead and exemptions here in this area, the homestead is when you are occupying the property so if I were to move into an apartment that I do not own, I loose the homestead. 

You might also check on the SAFE Act and Dodd-Frank requirements if you are living in that property because giving credit under a contract to the purchase price is a financing contract, regulated by those federal laws and if your seller is not exempt, you may have won a free house or at least. all your money back as rent-to-own stuff is usually not compliant. 

Is your argument that overpaying should exempt you from personal guarantees? 

A partial exemption will be given to certain junior liens which are associated with housing assistance loans for low/moderate income consumers.