Since you self-manage, create a shell property management LLC and run your rentals management through it, charge yourself pm fees, thus generating self-income, thus being able to open Solo-401K where you can contribute 56K+/year tax deferred  (you will have to pay self-income tax, but might end up better than paying full tax on rental income...check with your CPA as this requires planning).

I have 20k saved and plan to use an FHA 203K loan and house hack to net zero/cash flow minimally on my first investment.

great idea...i should be more specific on the terms with what i plan to rent to see what can be worked out by the lender

For example, where I live in IL, there's an automatic 5 day grace period before a fee can be charged.

Current plan: working W-2 job around 140-160k/year.

I have started to develop my plan and know I want to House Hack a small multifamily property as my first investment.

If the tenants are willing to discuss a payment plan or move-out arrangement, consider exploring these options to reach a mutually acceptable resolution.6. 

we don't plan to sell the 2nd lot, at least not as soon   there were costs involved in buying the lot as well - where would they go?

Develop a game plan and then pounce.....your do diligence will pay off. 

.💫 My plan is to invest into a duplex or a single family house with existing ADU.🏠 I got interested in real estate investing after listening to financial independence podcasts a few years ago.