The long-term goal is to maintain minimal living expenses and increase side-income!

Feeling a bit at a loss of what to do, and powerless. 

As we file taxes jointly, this will provide us with the ability to claim all rental activities/losses as active, with the potential to deduct against my W-2 income.Trying to plan ahead for my next move.

https://www.biggerpockets.com/blog/minimize-risk-live-in-flip

As the owner, what can you do to mitigate/implement to minimize the liability from the golf course to your guestsWho has access to the amenities?

While the investment was made last year in May, we have not received any distributions as of yet (looks like net rental income was a loss).

I am a complete beginner regarding hard money lending and 'd like to protect my money from loss. 

I see people lose house all the time for not paying their property taxes.Sell the house to pay off debt before you lose it.Bankruptcy protection will not stop loss of property for unpaid taxes.

Can you minimize the effect of the crash so your property will not go underwater like what happened in 2008?

It is for landlords whose income limits their ability to take rental losses, and who spend a very high number of hours in their real estate business which might give them a loophole.