As much as possible...

We are trying to learn as much as possible and hope to buy our first property this fall.  

Possibly, if it doesn't close.

Him not following the swimming pool guidelines alone and causing you un necessary repair costs should be grounds to evict him, but again depends on what your lease saids are possible consequences and your state laws are. 

We'll likely purchase our first house next year.We don't have any plans to buy real estate for investment purposes, other than what's described above, but I joined to try and get some ideas and information to see if it's possible for us.

If he doesn't use the money to pay the IRS, your investment will be the loan + The cost to foreclose and possibly the IRS debt. 

I'm here on biggerpockets to meet new people, advice, and possible private lenders for flipping homes. 

Email us some dates and times that you're available (preferably after 5 if possible) so we can talk.

If we raise the rents to the average rents in the area it could possibly net annually $85,000.  

Chances are, you will never have any appreciation in that area, and will possibly have negative valuations in the future, so you'll need cash flows (matching those CAP rates) to make the investment make sense.