The only thing that I think will impact that sale prices would be interest rates rising.

I'd recommend you to understand the process of what they are doing and learn yourself about different strategies you can use to monitor and check that he has taken all options into consideration.

He had built quite a bit of potential equity, due to part of his rent applying to the purchase and due to the house rising in value. 

What do I need to know about taking these costs into consideration for my taxes when I have not earned any passive income thus far? 

With that in the consideration, I think you should talk to a lender and get a pre qualification where they can assess your finances, Debt to Income Ratio, credit score, and give you a true assessment of what you'd be able to get out of the loan.

While taking into consideration the market conditions both nationally and throughout the state:-What asset classes are the most desirable for commercial real estate investors in the near term? 

I have incurred medical costs and the costs appear to be rising as I get my family members tested and we start treatment.  

I have incurred medical costs and the costs appear to be rising as I get my family members tested and we start treatment.

If your are truly passionate, you will rise to a level where you will be making good deals, big deals, life changing deals, put the mature card in the game and trust your hard enough of a worker or smart enough to know one day another good deal will appear that only you will see.

I'm hopeful the community can help provide some advanced considerations for the best strategy moving forward.