Properties are single family units with finished or un-finished basements (looking to do some renovations myself) 2-3 year plan is to live in the property and rent one unit out.

Are you primarily doing flips in the Fox Valley area?

Meaning for the time that they cannot enter the property they do not have to pay rent.

You can ask on here to find a company to do the study.

My question is, do I qualify as having lived in the house for this time, to get around the 2 out of 5 years capital gains tax rule?

Also, I agree with your CPA's decision to not do a partnership with your wife; it really wouldn't change your probability of being audited.

What are the downsides or risks that I would be taking by doing this?  

Good Morning all, am in the process of selling my coop first per loan officer and will be buying coop (2bedroom) pending sale of unit on contract we signed- my question is when I do my taxes will I be hit with anything ?

If you're looking for the first or next house hack this year, then you're probably doing a lot of research on areas, strategies, layouts, etc.

I do not know the layout, but believe 5 units is the worst unit count.