Well for excercise, we have it sorta worked out...
My mom doesn't want much to do with the dog, she is a little bit afraid but we think she may be able to get over it by being around one. My sisters have a babysitter who lives in our house and loves animals, and she is willing to walk and play with him/her while we are at school. When we get home, we would play with him. When my dad gets home from work, he would have time for the dog.
We have a pretty big backyard, I would say medium sized. I live in a col de sak (sp?) with only 3 houses on it including ours, so right there is a lot of space.
We are planning to keep him/her mostly in the basement until its trained, the basment is finished, large, and its where we hang out a lot, especially my sisters and I.