Note: Florida charges a hefty tax on rentals under 6 months. 

I would wait 6 months.

All things being equal, a simpler option would be to terminate the lease with a penalty of one month's rent, agreed to in writing.

               $215K @ 2.65% rate to be paid offRental in area -                I can rent this for $2600/month and it will give $500 cash flow after mortgage and HOA.              

Instead of evicting them, i was thinking is there some way that I could rent it back to him for very cheap (mainly to cover just the taxes/ insurance) ie 2k a year rather than the going rate of 2k a month for similar properties.

So Keep your property but don't mid-term unless it is very small house and would appeal to traveling nurses on 3 month gigs.

The number that pops up on BP is $100 a month cash flow. 

Mostly due to the fact my spouse and I agreed on her to have zero involvment in any sort of RE investing (and its our home) I think once you have a good 6-12 months of reserve cash (operating expenses for your own life saved as a back up incase things go bad) save enough liquidity to get the ball rolling on your first invesment.

With your income, you may qualify for an FHA loan with a smaller down payment, but buying now could limit your borrowing power and increase monthly payments.

I use quicken and enter all categorized data the beginning of each month.