However, in case I do have to ask her to leave do I have any disadvantage in case I don't have a lease?

what is seller financing all about and what are the advantages and disadvantages of this type of financing?

The disadvantage is that you lose control and have to that and then trust the person that is running the investment.Are you an accredited investor (made more than $200,000 in the last two years) or nonaccredited?

Why Put Your Rental Properties into an LLC.The Advantages and Disadvantages of titling your Rental Properties into anything other than your personal namesThe Advantages of having an LLC.The main reason investors prefer to have their rental properties in an LLC is for asset protection.

You might flush out a couple of deals, but if you are part time you are already at a disadvantage in a market where it's already tight.

Understand you are now severely disadvantaged and standing in potential liability when you attempt to make collections on this account.

I assume that you work a full-time job, so you're at a time disadvantage compared to me who spends all day every day looking for houses.  

Being outside the area puts you at a disadvantage.

Those without cash or credit are at a disadvantage. 

There are advantages and disadvantages both ways so have a good conversation with both a CPA and attorney, preferably who both invest themselves.