Failure to memorialize the contract in writing does not remove any of your obligations to the tenant, however, absent a written agreement the "rules" of your lease will default to state law.

Tiller will automatically pull financial transactions from checking accounts and credit cards into a spreadsheet allowing you to then set up a simple financial cost tracking system. 

In addition, we are also pursuing Financial Independence through a mix of real estate and investment accounts. 

Financial independence, passive income, retiring early, living life to its fullest, real estate investing.

Do you mean you have a personal friend or a family that will assist you financially?

@Josh Bast, it's not that your strategy is "bad," it's that it won't produce the best financial results over the long term.

Have you reached out to the auction house or owner for current financials?

In the past few months I read the book "Rich Dad, Poor Dad" and it jump started me into seeking financial independence.

BiggerPockets has calculators that you can use to input the project financials and create a one-page PDF report to market your properties to potential investors.There are other paid services that provide similar functionality, but it's hard to say without knowing your investment strategy...

What I have done is advised my relative to make copies of her financials and the note/property info and shop around for a (much) better deal.