The gist of it is this; It is no longer allowed without a homestead exemption in place, meaning an owner lives on the premises full time.

Does the broker allow exempt transactions for personal use (like investment properties)?

Now you of course can discriminate against smokers and dogs (That are not medically prescribed) all you want. 

They are untrained animals, can be just about any animal on earth, and do not have to be "prescribed" by a medical doctor.This tenant is a great demonstration of how fraudulent the system is.

Development is booming and the landscape studded with impactful projects: Apple is building a $1 billion North Austin campus; a multideveloper transit-oriented development is underway near downtown on Lady Bird Lake; the new Dell Medical School recently opened at the University of Texas; and a major airport expansion is underway.

When a tax-exempt entity engages in a trade or business on a regular or repeated basis, it becomes subject to taxation on Unrelated Business Taxable Income (UBTI).  

2) If so, would my exemption be limited to 1/3 of the $500K limit since that's the portion of the property sold, or would I be able to claim up to the $500K maximum exemption?

He explained to me that he was able to get this property at a fair price per acre along with being exempt from pulling out any cash for the down payment.

That is difficult for me to answer because I have read about 160 books in the last 6 years because of my handicapped medical condition and I cannot walk, drive, or work outside of my home which luckily has a paid-off mortgage after about 11 years I did back in 1996.It probably depends on the niche(s) you pick.

There is a Medical Research hosp near by.