1. Correct, you should do two rental properties for ease. The first to handle a room in your house and the depreciation involved therein. Secondly, you would enter the whole house as a rental.
2. When you enter depreciation basis, you use the lower of FMV or basis in the house. For the first rental of the room, use lower of FMV or cost, simple. When you enter the house, you must reduce the basis by the amount of depreciation received from the room rental.
3. When you enter the house, you must reduce the basis by the amount of depreciation received from the room rental. For entry of the properties, see here. To depreciate, you will enter the assets.
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