This is the municipal code that the tenant quoted that allows them to withhold rent:5-12-110(f)(4)“Withhold from the monthly rent an amount that reasonably reflects the reduced value of the premises due to the material noncompliance or failure if the landlord fails to correct the condition within 24 hours after being notified by the tenant; provided, however, that no rent shall be withheld if the failure is due to the inability of the utility provider to provide service”They ended up withholding 2 days of rent and would not reply to the previous owner’s correspondence afterwards.

I’d like to reduce them so I can reinvest on buy and hold rentals.

It was on market for over 150+ days since Nov 2019 so the price was reduced from its original $115k.

As real estate is a business would this reduce my tax liability on the regular job?

So until you get to know your partner(s) well and have full alignment with them, try to avoid partnering with anyone at all costs. 

NOL can be used at the end of that time frame to reduce tax liability.  

You reduced rents substantially, did you not?

Now those tenants will be hard pressed to make it with reduced sales.

However, I personally don't expect it to be any time soon given that they have recently announced they have STOPPED charging in some of the states they were previously charging in, and REDUCED their fees by 50% in other states due to COVID-19. 

What is a good approach and strategy to ask my landlord to reduce rent?