A good agreement will outline specific ways to overcome challenges.  

If you insist on proceeding, I would set up an LLC that clearly outlines how you two would exit the partnership if things don't work out.

My question is; Are our text messages considered a contract even though it never outlined when rents were due or any other variables, other than when she could potentially move in and what the security deposits would be?

If agreed, what should be stated in the and should I go through an attorney to outline the contract? 

@Yashira Quinones I would follow the process outlined in your state laws for giving them notice to get them out.

Once the preliminary underwriting is complete, the lender will provide you with a Term Sheet – also known as a Letter-of-Intent (LOI), outlining the full expectations for the loan.

This is pretty common, you'll need to clearly outline the rules and expectations of the agreement in your operating agreement/partnership agreement.

If you decide to borrow money from friends or family make sure you create a contract outlining the terms and conditions.

I would absolutely try and buy a house over a condo for reasons you already outlined.

SummaryKenneth, if you follow the process outlined above, your odds of constantly buying properties that provide a highly reliable long-term income stream are excellent.