Then start keeping every other property for multifamily rentals.

I also know that he'd need to grow into the position, but once he has a grip on it and a good team of subs, a partnership would mean we'd work together exclusively and I wouldn't be sharing him with a bunch of other investors!

So does this mean that since we’ve lived in it for more that 2 years and have made $350k, we (my husband and I) can apply for an exemption in this case? 

I have seen it extended with an LOE - letter of explanation as well.Make sure that you have all of the information on the renters like contact info, length of time renting units, pets, and on the walk through make sure the units are well kept if you plan on keeping renters.

Draft the letter, let the attorney refine it, and they can give you the risks associated with your plan and hopefully keep you out of hot water.

You certainly could include 5% capex, but this seller has not as the home has been recently renovated or newly built, meaning you would not expect large capital expenditures within the first 5 years at least. 

Area is not a high end area by any means, all units don’t have laundry as well as no centralized air.

Hey, could you elaborate what you mean by "leaving money out of the deal's proceeds in the deal"?

I better keep that $2,000 in my pocket or bank account. 

How can you analyze a deal if you don't know what the numbers mean and haven't seen the property?