If my net income (rents- expenses and mortgage) is below $0 do I still have to file in Oklahoma? 

I just need to know if it's a bad idea to hold onto your house if the rent will only cover mortgage or possibly be lower than your mortgage cost. 

(Max vacated rents - your monthly mortgage payment) = +/- net cashflow.

But I’ve only had a handful of profitable months, most of the time I’ve been paying either the mortgage myself or unexpected cleaning & maintenance bills, and my savings has run to zero, so it’s a big loss so far.

Your guests will be expecting a functional unit complete with proper clubs and balls for use. 

Comes to find out it had a mortgage on it.

Did you get a commercial loan for the LLC or are you planning on purchasing via a residential mortgage and transferring?

That is likely mortgage fraud, bank fraud and wire fraud as defined by 18 U.S.

We do have a proper lease agreement in place with right terms.

What if one of you loses their job and can't pay their part of mortgage, taxes & insurance?