You can buy 1 house a year for the next 10 years and have them cover all operating expenses, debt service, and you monthly living expenses (provided you are willing to keep those down and don't try to keep up with the Joneses). 

Current property deed has two names (X and Y), however the mortgage note has only one name (X).And as per the title search report, Chain of Title1:When the property was purchased the deed has both X and Y names as joint tenants with the Right of Survivorship.Chain of Title2:Later a quit calm deed was made with Grantor( prior owner)  Y and Grantee (deed owner ) XChain of Title3:Again a bargain and sale deed was made the other way from above Grantor( prior owner) X and Grantee (deed owner ) YCurrent Title (vesting information):And one more time a Deed was made with both names (X and Y) on the deed as joint tenants with the Right of Survivorship.Now, as X is the only mortgage holder from the time of purchase, and bank is foreclosing the mortgage on X, will Y have any legal ownership to the property, if the property gets sold at sheriff sale.

I have no personal debt, school debt or payments of any kind and for the moment, I am able to live at home with my parents.

@Amy GregerSee list of lenders listed on following page.https://www.biggerpockets.com/blogs/3441/51027-nonrecourse-loan-debt-for-self-directed-solo-401k-investment

So that means, even if you rented it out, you may not qualify for a loan in Florida due to income-to-debt ratios(with rent income excluded). 

I'm independent, no debt, no student loans, very low tuition (with financial aid grants), rent of $500 per month, credit score above 750 and a small chunk of change saved up in the amount of $15,000. 

With mellinials under student debt it would be hard to purchase right now and boomers who didn't prep to retire renting.

I don't think you can evict her before the property is legally yours.

Is it legal???

I could use the cash to lit down on a better deal later, pay down some debt, ramp up marketing for some more wholesale deals.