This would reduce the capital basis for that individual in the LLC but will not be considered taxable income.

I am responsible for a pretty large mortgage payment and only my employment income to pay my mortgage in all the bills.

However the property is still under my name, Do I have to report taxes for the SM LLC (which has its own EIN) that technically has no income?

At 18 I would focus on income, saving, learning and having a strong foundation. 

While I am not an accountant, and you should speak to yours about this, there is a loophole in the tax code called the STR Loophole which allows your STR (provided you are not using a PM) to be counted as active income/active expense so that the costs, payments, depreciation etc. goes against your active W-2 income.

You can get another income producing area of the house and it still be separate. 3.

Our plan is to hold long term (10+ years) and likely pay it off in 5-10 years to act as supplemental retirement income which we plan to get to with a couple more properties paid-off in Tulsa eventually.Would you pull the trigger on these two properties based on our goals?

Finding good income generating properties does open up some creative financing opportunities but it's good starting out to stick to a comfort range.

So while it feels like I’m making the right decision by looking elsewhere, and Phil’s brand is, at best, tarnished to me by this experience, has anyone had legitimate, W-2 income replacing success through Freedom Mentor?

Let me know if you’re interested in coming.