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You can and should vent the gas from your hot water heater to the outside of your home. Traditionally, these gases were vented back to other gas appliances, like stoves or furnaces, but many jurisdictions have outlawed this practice due to the risks it provides. 

Most water heaters today use atmospheric venting that exhausts the gas out of the home through a pipe.

Yes, you can store a propane tank, whether it is full or empty. Remember that the container is contaminated with hazardous materials once it has housed propane, but as long as it’s properly placed in a well-ventilated, temperature-controlled space, a tank is unlikely to cause issues whether it is full of propane or not. 

Gas lines are built for longevity, so they can last up to 50 years when installed properly. However, normal wear and tear are possible, especially in moderate climates. Having a plumber or local gas company inspect your gas lines every year is best to ensure there are no hidden leaks or other dangerous problems.

Some natural gas furnaces can be converted to propane with a conversion kit, but not all models are compatible. Consult a licensed HVAC pro to determine if conversion is possible and cost-effective for your system. The process involves changes to burner orifices and safety controls, and must be completed to code.