Is there any particular documentation required for either scenario?

what's the document to do it?

In all seriousness...it seems to  me that you just have to show up to close and document that you were ready willing and able to perform.  

You should definitely raise her rents to market rent, then pay her the $100-200 per month for her negotiated and documented duties. 

Then decide which entity best suits your needs and draft the appropriate documents.

I will surely get those documents.  

Do I need to record such a document immediately, and would this document give me full access and rights to do as I please with the property?  

My two cents: I would get online and look up your tenant landlord act and search through the documents and confirm that there is no transaction if in no money has been accepted.

If I use a large software device like quicken I would like to easily be able to get documents into it.

If you haven't heard of an FHA 203k loan, I highly recommend reading up on it--it's what I am doing right now.Let me know how it goes...I am keeping a blog on BP to document my process through and FHA 203k acquisition and rehab.