An agreement as such is the perfect way to get an equity piece of a deal without bringing money to the table.    

Perfect now last question, explaining this to a family member it's just telling them to make me a authorized user and i would never ever use the card.

I wouldn't do anything unless the police dept said its a issue,, you don't have proof and if police don't arrest then she probably wouldn't have a criminal report filed against her..I'd be aware of her actions and if you feel it's within your better judgement to let her move on just give her proper notice, she's month to month so your in perfect position to do a non-renewal you don't need a reason it's just you decided to not renew her lease again.

Until the perfect deal comes along put in a liquid fund.

It does not need to be perfect some people have vision, others don't.

@Craig Koehne That is perfect!

@Brian Foster Perfect, I like it!

I love to see how other people describe their perfect life and hammer down to what truly brings them happiness.  

With Any situation you could "what if" it forever and no matter how perfect your paperwork is, someone can still go sideways, someone can still default, someone can still sue you. 

100% agreed with @Andrew Johnson In a perfect world, all the numbers will match up well on our spreadsheets.Owning rentals, even if they're TK, are NEVER passive like @Samir Shahani pointed out.