It's not clear really what your arrangement is with this friend, and what documentation, if any, you have for the agreement. That will affect how you do this. In my area, it's not required that the deed itself reflect the actual consideration for a real property transfer, but you must disclose the amount paid to the local tax assessor for purposes of the transfer tax. The transfer tax is not huge, though, and not a particularly big consideration. You may want to ask a local real estate attorney about how to do this and for help getting the deed drafted correctly.
Note that if the $57,000 that you gave the friend was truly a gift (and you represented to FHA that it was), then you'll need to file a federal gift tax return (Form 709) by April 15, 2013, assuming that the gift was made this year. While you won't have any federal gift tax to pay unless you've exhausted your (currently $5 million) credit for gift tax, the amount of the gift over $26,000 (i.e. 31,000) is a taxable gift that would reduce your credit.
As far as income tax goes, which way this would work out best for you depends on some additional information. Who will be paying the mortgage and real estate taxes? How much is the home likely to appreciate before she dies?