We spent so much money on medical bills we said holy crap we don't have enough money to stay retired!

I've got a lead on a very motivated seller with a vacant medical office building (roughly 3500sqft) and I've just got a few questions that I'd love to run by someone in the area. 

If you have owned the home for longer than two years, you will be exempt from the first $250,000 in profit.

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?