I have two options: 1) I can leave the paneling and apply a fresh coat of paint over it or 2) Remove all the wood paneling and replace it with sheetrock and paint.

Hello all, My wife and I are about purchasing a single family home that built 10 years ago, which listed for ~5,400 sqft, I noticed that based on floor plan, it is under 4000 sqft, and although I applied maximum home length * width * number of floor, it's only 4,800, while there is attached garage that is 500 sqft, and 350 sqft balcony on the top floor, which need to deduct from 4,800 sqft  so it would be still just around 4,000 sqft.

I pick the best one and send them to apply for the house.

My son is at UCSB and last year had 5 students in a unit that I guess was 600'.How does this apply to you? 

The limitation is that if I want the exemption, I have to agree not to rent out the place for 12 months after the date of completion.The only loophole is that if the construction cost is going to be less than 30k, no licensed is needed so no need to apply for the exemption hence no 12 months limitations.

This charge was never disclosed to me before I found it on my statement and I believe it was applied by billing in error to my account but PM just keeps going in circles about it without it ever getting resolved.- Small sum of money which disappeared from my statement between one month to another. 

That's functionally a bloated single family cost applied to each unit!

However, Oregon has the safe harbor rule, which means they can apply for rental assistance and not get evicted for non-payment for 60 days.

Whoever told you that was confused about a TX law that applies to your primary residence, not an investment property. 

If you really are serious you can do it all on your own and keep everything but that requires planning and pretty much starting your own business in which all basic rules apply knowledge, capital, etc.