In my experience as a realtor, I haven't had a problem yet even though this has been circulating in the news for several months already.

Houses are complex systems where lots of stuff can go wrong and there are lots of opportunities for improvement. 

If you could find a duplex property (or a single family house that could be turned into a duplex--check any HOA restrictions first), or a "fixer upper" to live in, that could be a better use of the equity you have in the rental house.If you run the numbers and decide it makes sense to sell the rental house (check with your accountant, figure out closing costs to selling and buying) then you'll possibly have more money to put towards a primary residence.You may want to check the neighborhoods that fall in the school district you want to stay in and look in "under appreciated" areas...maybe not the A class neighborhoods, but ones that have potential of becoming "improved".While I understand your desire to stay in a particular school district, it's not the end of the world to consider other districts if they will allow you to build real estate/family wealth that will put your entire family tree in a better position."

But a word of caution- mobile home park investors buy parks not only for the initial return but for the increased resale value as you improve the CAP rates down the road. 

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I'm talking about one what-if here in hopes that we can do some risk management and think through a potential worst-case scenario.The scenario: I am purchasing my first property - a big SFH or duplex, with an FHA and I plan to househack the property the first year, make minor improvements, rent it out, and refinance, and then repeat.

Real estate you can paint, rehab, improve.. 

Investing in your own personal development will help improve your job performance as well as position you for future growth and advancement in your career.Have a Positive Attitude - A positive attitude is crucial in the workplace not only for you but also for your team and clients.

For example, there's a 1950 duplex for sale (West Palm Beach, FL) for $500k with each tenant (MoM) paying $1,500 = $3k/moThe mortgage is $2.8k/moWould this be a bad investment because you would have to factor improvements and possible vacancy?

I would not invest if the good guys are losing ground, but that would run counter to your description that it is an appreciating area.It looks fine to invest in for the information you shared if the long term forecast for the area is safe and stable to improving.