Young, Fresh and Confused

I am new to this property investing market, but have a reasonable double income (incl Partner) and flexible in my approach. I would like to present a scenario and ask anyone to assist with general guidelines and advice. Details are

Current Home (which I want to rent)
Purchase Price $ 512 000 (Current Value $ 700k)
Mortgage with bank $ 500k
Achievable Rent $670 per week

Current Income
Self – $ $78 000
Partner – $ 75 000

Cash expenses (approx.) $ 40 000 includes interest on loan etc
Non-Cash expenses (approx.) $ 15500

Prepared to rent for approx $350 per week

My questions are:
1. What position does this put me in at the end of 12 months and 2 years
2. Can someone please help with the basic tax implications of my situation.
3. What are the adv/disadvantages of intending to go back to the home (in time) as our primary residence.

Thanks, you guidance is appreciated ….

Regards

Natalie[]