We are getting the 120k in additional equity is based on 30 day comps in our neighborhood.

In addition, what about buying a piece of commercial property?

Let me know if you have any additional questions.

in addition to above, (good advice), you dont have to pay capital gains tax on this when you sell if it appreciated in value but only because you lived there. if you turn it into a rental, you will be on the hook for capital gains tax

Maybe get an additional $100-$150/month.

I have three questions :What should be due diligence in terms for buying the lot in addition to comps and ARV ?

Additionally, a larger down payment will be required.  

Definitely will do some odds and ends to increase some additional quick equity and do a cash out in 6 months to try and get half my money back to acquire another rental.

I ballpark this number in Charlotte to be around $30 for the 1st person, +$15 per additional person.  

I recently bought a two family home and the basement is fully finished without a kitchen but ample space  and I have been recently toying with the idea of renting the basement atleast as a room sharing however being a older home it doesn't have the kind of electrical capacity to accomodate a decent electric stove which has very high amperage requirements (atleast 150 amps -200 amps) besides I am not considering gas stove as an option.As is I can envision fuse tripping beside I don't have any 220 line,also it gets very cold in winter in the basement so I will most likeli need a supplemental heater in the basement so elctric upgrade seems like a must if I decide to rent it out.However I was wondering would it be a better idea to have solar panels to supplement my additional electrical needs?