If your lease has a clause such as "tenant agrees to pay the security deposit," and you fail to enforce it, you're running into the legal concept of waiver.

This can be formalized with a legal document specifying that your wife and you will handle all mortgage payments and management responsibilities.Hope this helps!

I receive countless emails from lenders daily with their rate sheets and promotions for specific borrower or property types, geographical areas or loan types.

Maybe pay for one if you have a defined scope for a specific strategy. 

Obviously I want it to be fully legal and licensed.  

I’ve read quite a few of the first timers’ type posts regarding STR, but I’ve not found anything specific to Lake Tenkiller.

I would like the tax benefits of the entity and want the business to run professionally and legally.

I could only utilize specific contractors to do the work & had to have inspections periodically. 

If you take over the company that has good cashflow that's a good indicator but it would be good to vet those properties out by making sure they have the appropriate permits to operate legally. 

If you have any more specific needs or questions about these tools, feel free to ask!