Study the big boys.

But based on your question and the language you're using I would suggest you start at the basics.

I'm particularly interested in things related to lessons learned in the business and case study.

There is an large body of scientific studies around goals and expectations.

My name is Viplav Naik, and I am a university student studying Real Estate Management at Ryerson University located in Downtown Toronto, Canada.  

If you do not believe the escrow is a standardized IRS form, and rather a form that was created by the escrow company, it is totally possible that they erred in using the correct tax technical language, thus leading to your concern.Just as a note, since you are listing yourself as an investor, please note that this Primary Home Gain Exclusion only applies to homes (1) you owned and (2) you used as your primary residence for 2 of the previous 5 years.

I’m also casually studying the market and which areas I want to buy in and which to avoid.

Yes just make sure the contract has the language.

I'll be your case study and you tell me if Melbourne/Palm Bay is good or not....In the last 6 months I have bought 4 homes in Palm Bay/Melbourne area. 

Maybe something easier and more short term: get a photo for my account :) Since the start of the year i have been voraciously consuming material on real estate with BP podcasts and two books, have been building my network in many Canadian/American areas (thank you BP community), and have started to study a number of different markets (Squamish, Kelowna, Thunder Bay Ontario, and Edmonton) to try and find my best options.