If yu claim one it doesn't void the option to claim the other one.Provided you meet the IRS requirements for both, as a tax strategy, you could complete exclude a portion of capital gains under Section 121 and then defer the remaining capital gains under Section 1031 (@Dave Foster is a great resource for 1031 exchange). ..

However, others that I spoke with differ on that subject and also exclude them from their rental prospects.

Exclude any units that are out of your league and focus on similar comps. 

If its not included in the contract its excluded .Change orders are paid up front , and add time to a job .

.: 500K is high and will exclude lots of companies from writing the renters policy. 

Have a clean criminal history (excludes minor misdemeanors and traffic violations).6.

This credit amounts to $1,666 per month, with the monthly rent set at $3,300.From an accounting perspective, should the $1,666 per month be treated as a liability (deferred credit) and excluded from income, or should it be recognized as income and then applied as a credit at closing?

You must exclude the land value, typically allocated based on property tax assessments or an appraisal, as land is non-depreciable.

Just know enough that you can express what your looking for and exclude properties that don't align with your goals.

Your policy may say that any coverage is excluded for and dwelling or addition that does not meet code requirements.