It is more than likely you will qualify to exempt any gain on the 1/2 you lived in if you sell but if not the exact records may help, if you eventually turn your half into a rental you will use the market value at conversion as your basis so the documents will mean less but be good for your own recording of your loss or gain.  

My question lies in the benefits over the long run...the 2 in 5 tax exemption for capital gains allow us to pay no cap gains Up to 500k but would require us to sell.

I'm fairly confident from reading online we don't qualify for an exemption, but I'm trying to assess actual closing costs to trying and reduce them All details:Bought the house 2.5 years ago for $980K (left on mortgage $753K), we have a clause for an assumable mortgage for me to take over (I can keep same rate).

The last thing that comes to mind would be moving the funds to a rollover IRA and withdrawing them with help from your tax advisor or CPA to qualify for the first-time homebuyer exemption. 

First- Home heating tanks are exempt from federal regulation and usually exempt from state regulation unless they exceed a certain capacity (typically 1,000 to 2,000 gallons).

With Sec 8 tenants, you likely will never get paid for damages or unpaid rent that go past the deposit as their wages or income are often exempt from garnishment.

You can lookup the tax rate on the county assessor website - Make sure you are looking at or calculating the property tax WITHOUT any exemptions (since you’ll not get any as an investor). 

Any licensed California real estate broker could originate this loan to obtain the usury exemption.

It seems as though the property should be assessed with the homestead exemption for him, and the following should occur.1.

Why would Indiana be exempt from flooding?