To qualify for a Solo 401k you must have legitimate self-employment activity or a business with "earned" income. 

If reduce rent as compensation, you can’t write that off, you’ll show less cash flow (which will decrease the amount you can leverage on Thao property from a banks perspective if you wanted to purchase another property).Personally, I’d keep rent the same, and mail the tenant a check each month.

As for investing, I'm looking to try to get some passive/supplemental income, hopefully to replace or reduce the money I need to make as lawyer, which is as you know a tremendous amount of work.  

Account Closed: Can you please explain to me how a median rent of $1,000-$1,500 would earn me money if the median price is $200k-$250k and I leverage the deal?

We do NOT pay off early on those as we either take the cash flow or use retained earning in our Retirement Fund owned properties to buy more of the same.

questions you need to know the answer to:- what is the amount you want to be earning passively from your investments - what is the desired net yield you want from investments- what areas are you buying in & why (what does the data show on area stats & demographics)- what is your strategy (BRRRR, flip, wholesale etc)- who are the people who will help you get the deals on and close them- what are the risks in your strategy and marketplace and how have you minimised/factored them in?

I will never sale a house and sleep at night knowing that I am putting a family in danger to earn more profit. 

You likely won't encounter major vacancy issues and you can always reduce the asking rest to fill vacant units.

Start with how their money is secured, then talk about how much money they will earn.  

THE DEAL:MLS Listing3BR 2BA // 1950's SFH // 1350 sqftOriginally $134k; reduced to $119kDOM: 6 months +Blue Collar B-class neighborhood in Bossier City, LA3BR Market Rents $1000-$1150 // 4BR Market Rents $1200-$1350This property is in one of the best school districts in Bossier City and literally walking distance from the elementary.