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In your specific case, I don't think the election under 45(2) will be necessary (or helpful) for you. You'd want to use the election if there was period of time when the condo was not your principal residence (ex. were you renting it out prior to Nov 2012?) If thus far, it's always been your principal residence, then don't bother deferring the gain as it will be fully sheltered by your principal residence exemption anyway.

1. Yes, 2016 will count as a year that the condo was your principal residence.
2. The election just defers when you have to report the gain on disposition, you don't gain any additional years where it qualifies as your principal residence. As I noted above, the election might not be necessary.
3. Correct, condo fees, maintenance, mortgage interest, small repairs, property taxes etc.
4. As long as there is a link between the mortgage interest and an income producing property, the interest should be deductible. Just don't take out a mortgage or line of credit and use it for personal use.
5. Nothing off the top of my head.
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