Wrap the image in a <p> element or other appropriate block element, and float that wrapper left. For the text, &c. block, you need to establish a new block formatting context. Use {overflow:hidden;}* on the text block container.
Treat the text block as you would any container; float stuff or not, make columns, whatever.
Also, will your code create a “gutter” between the picture and the text so that it appears like the picture and text ae in two separate columns and so the text does not wrap underneath the picture?
Yep, overflow, other than visible (the default) creates a new block formatting context. The element will become aware of sibling and cousin float elements, and not slide under them, and the element will expand to enclose its float descendents.
For your homework assignment;), make an example page using the stuff here, and put borders and bg-colors on the block elements. Watch where everything goes or doesn’t go, depending on the overflow property.