Then make the repairs as agreed with the seller (now, you have become the co-owner with them) and then sell the property for market value with a predetermined split with the seller.

This will predetermine this project financial success.Types of drives:1. 

The outcome was predetermined the moment false figures were entered into the capital stack.This is not just a one-off.

With this deal you have until a specific date to initiate a purchase of the property with a pre-determined price.  

Include a buyout clause allowing you to transition to sole ownership after two years, based on a pre-determined valuation formula or market value.Use an LLC to hold the property for liability protection and pass-through taxation, ensuring both partners benefit from depreciation to offset rental income.

Whichever choice you make is predetermined and the reason why you bought this property in the first place. 

I'd also be in favor of doing what others have mentioned and having an initial lease term, say even 6 months, but that she has options to renew at "market rental rates" or if you feel more inclined you can predetermine what rent she can have options at, but it is a bit of a hybrid. 

There is no pre-determined property type to chase after; only buy properties that attract reliable tenants.

Ideally I would like something where I could allocate percentage based allowances to different accounts for different purposes without having to manually do it. for instance if you're getting 1000 dollars in rent I would like it to take predetermined percentages out of that and put it into either another account or multiple other accounts for maintenance, vacancy, etc. just to keep it clean.

Lease OptionsA lease option allows an investor to lease a property with the option to buy it later at a predetermined price.