The question"  How do I legally/ financially structure this ?  

If a tenant 'disappears', it's usually because of financial issues and that they have already been served disconnect notices by the utility company and once power and heat get turned off, they figure that the game is over and move out, leaving a mess and broken pipes behind (especially in the freezing winter temps).  

I am interested in getting started in real estate, but I am having second thoughts because of my current financial situation.

The equity along with my $100k in personal cash provide means to get stared on my path to financial freedom.

Like Nathan said, there are a lot of products out there to solve the problem of screening tenants so it would be worth checking those out.

Any property that has reached that financial situation is a liability and has reached it's sale point.I would be looking to sell and reinvest in income producing properties.The exception would be faith investors that rely entirely on appreciation and have the deep pockets to carry a negative income investment property.

There are many investors who's goal is different which is to focus on cash flow but those investors are probably doing well financially.

It all depends on your financial goals and how you want your portfolio looking 5-6 yrs from now. 

#1 or #3 make financial scenes.

If you want to help her out financially, this is not the way to do it.Now to specifically answer your question.