Hard to answer.If the rental space was physically part of the living area of your home, such as a spare room used rental room, the rental usage doesn’t affect your gain/loss calculations and will qualify for the full exclusion given the seller meets all other requirements If the rental space wasn’t within your living space, such a duplex with its own entrance (and kitchen and bath), or a working farm with a farmhouse on the property, then you have to take into consideration of the business use and you need to make separate gain/loss calculations for the business and residence portions of your property.

That is neat to hear that this is not exclusive to airline folks.

He has experience working with investors, and his company offers some unique, exclusive programs.

The primary exclusion let's you take 1/4th tax free and the 1031 lets you defer the remainder of the tax into the new property. 

Does anyone know how the IRS capital gains $500k exclusion will be treated if we do the condo conversion and then sell the units within a year or two after conversion?

I've joined a website that list housing exclusively for travel medical professionals.

We were recommended a real estate agent from the area (DFW, TX) and this agent seems to be focusing exclusively on newly or recently built houses. 

Glad to see you are aware of the cap gain exclusion. 

It's a frugal choice and exclusively focused on underwriting.

In that situation you'd want to check the plan document just to be sure there is not an exclusion.