Know any Federal, State, or City laws that may effect you or what you plan to do. 

One of the side effects of this strategy can be lower cash flow.  

Just lots of perseverance and self education.

So in my self-education on notes, of course learning about that the interest portion of payments are taxes as normal income (assuming no self-directed IRA situation). 

. :-)  It sounds then like realtors (under NAR, etc. guidelines, nationwide...) are likely 'unclear' about a "non- transaction" (and that clause clearly only refers to "commission sharing" in reference to actual "under contract" clientele) and likewise my either 'promising' or 'gifting' (in effect) money or perks to someone who 'refers' a potential client they can't work with presently (when I can help that person, who may then become a RE brokerage and/or mortgage, etc. client later on, when they resell, or perhaps refer others they know, if the agent(s) HELPED THEM OUT) doesn't even seem 'grey area' to me, unless there's more 'legalese' (statues, legal precedent, case law???)

Looking for some second opinions on anyone who is "self employed" and has a Solo 401k.

It is about 1h drive from where I live, so you can go to check out properties yourself and even self-manage, if you would like to do so. 

Buy and hold, house flipping, wholesaling, small multi-family, lease options, land contracts, large multi-family, assisted living facilities, vacation rentals, corporate rentals, self storage, notes, mobile home parks, medical office buildings, turn key rentals, etc.Is your head spinning yet?

Something I've found extremely effective is to pre-lease the property.

Additionally, self managing the property would help you some with the negative cash flow every month.Personally, I wouldn’t consider something that doesn’t cash flow every month.