I am fully aware of the benefits of  owning my own property, so i am wanting to know others feedback or past experiences with househacking in a similar market where price points are high, and you will have to be covering about 50% of the PITI as well as tips on anything to do with househacking.

If I only own this 1 property is there any tax right offs or anything I should be aware of that might help me pay less?

Your lost rent is going to be much more than the $700 you'll pay an attorney.Suing K may be a way to recover some of your losses.Do be aware that if you've paid $180K for this house and expect to get rent of $1,700 that you will be cash flow negative, unless you have a lot of cash into this deal already.

@Chris Seveney thanks I’m aware but I’m looking for specific lenders as most don’t lend on unimproved land.

What I would recommend is to approach them personally, but not to let on that you're aware of their situation.

If you planning to rent out a property, the main thing you need to be aware of is the HOA Resale Package.  

Are there any tax ramifications I would need to be aware of?  

There may be other major problems you aren't even aware of yet.Hire an attorney and get the guy out.

Another thing to be aware of is you would not be able to count your departing primary rental income in this scenario even if your wife starts paying rent.

Great tip @Ashley Wilson for those who were not aware of it.