The existing space is small and I'd like to repurpose the area. 

As long as its space within your primary dwelling unit you still qualify for 121 exclusion (vs. if you were renting 1/2 of a duplex it would impact it)Whether in your name (sole prop) or a SMLLC- there will be no difference ont ax savings or on your 121 exclusion. 

If you're interested in learning more about apartment investing, or if you want to network with people in that space, consider attending the Fire Summit in 2021.

Property is near Space Center Blvd.

In addition, a separate living space/500 sq ft area that was built in hopes to convert to an ADU that the former owner never got around to.

In addition, a separate living space/500 sq ft area that was built in hopes to convert to an ADU that the former owner never got around to.

This is a serious look into my first commercial property.I'm running numbers for a commercial medical space for sale at .144 cap rate due to a full service lease being renewed annually.

Also has a larger lot and currently I have one parking space rented to a neighboring tenant on another property.

I think I could handle the tax preparation myself, but I have some questions around how to divide up the house between the rented portion and my own, and how to depreciate some renovations I am doing before renting out more of the space.

If you don't care about sharing space, then a rent by the room scenario is the way to go.