I agree with @Shiloh Lundahl. Only tweak, find a lender that offers 100% LTC (loan to cost) or as close to 100% as possible. That will keep your out of pocket lower and your $70k would allow you to buy two properties. When you refinance, move into one of the properties and then rent out the other.
This may create a brief moment where you will need to live somewhere else. This is because Shiloh was right, hard money loans CANNOT be for a primary home, ever. If a lender tells you otherwise, I would really reconsider who you are working with. They would not be offering you a hard money loan (loan based on the hard asset) and instead they are lending to you as a traditional lender with private money. That would be a allowed but they should be doing more due diligence and requiring a lot more documentation than what an asset based lender would require. Know that if you want to do a cash out refinance on a primary home, it will likely need a full 12 months of seasoning (holding time) before you will be allowed to close. Your hard money fees may eat you up during that time. You may just want to do a traditional refi and take out a HELOC after a couple years as you continue to build equity.
Once you have your primary home refinanced, you should be fine. Get your personal home done first. Then do the second property with the other 1/2 of your $70k. You can always get a DSCR loan for the second property which is just an asset based long term loan (based on the rents or expected rents vs your income and personal ability to pay).