When you contribute to a Solo 401(k) as an employee, those contributions are made on a pre-tax basis, which means they are deducted from your gross wages before FICA taxes are calculated.

Since part of your property is a rental, I believe a portion of your mortgage interest should be a tax deduction unlike your other debt.

Deductible: This is not a coverage but rather your portion of a claim.

Oil and gas wouldn't be what it is without the government taking on much of the risk through the intangible drilling costs tax credit, and the depletion allowance act deductions, and literally hundreds of other tax benefits, loopholes and direct subsidies plus the fact they have access to public land to be drilled for pennies on the dollar, and the government cleans it up once they're done. 

Keep track of 3 buckets.1) Owner occupied portion - potential deductions for schedule A2) Tenant occupied portion - potential deductions for schedule E3) Jointly occupied portion - likely prorated for both schedules.There are nuances to this, so I recommend looking for a tax pro who can coach you on this. 

Once I get to a point that it is making enough per month that I feel comfortable taking money out of the business that would be when I get to the point that it is worth have a specialist assist me in all deductions, credits, and future items that will help me to transfer from a W2 to working for myself fully.

You still claim the income as miscellaneous income and deduct property taxes and mortgage interest (subject to SALT and other high mortgage limitations) on your Schedule A, but that's it.2. 

Platforms like Avail can help if you prefer to self-manage but still require time for repairs.Tax-wise, repair costs may be deductible immediately, while major improvements must be depreciated over 27.5 years.

Additionally, strong tax planning is essential, as your W2 income limits your ability to deduct passive losses.

Now that it’s a rental, you can deduct mortgage interest, property taxes, insurance, repairs, maintenance, and depreciation to reduce taxable income, but depreciation will be recaptured at up to 25% if you sell.