You can do that to help cover down payments & closing costs for new real estate investment purchases.Now lets look even further down the road.

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."

I will be his local boots on the ground and my management company will do all the management (a bank turned him down because he doesn't have any investing or management experience in the USA, even though I will be the local manager). 

That seems unrealistic even for a foreclosure. 

Have a legal advisor or counsel review your documents before signing.These will make your ultimate exit strategy, post Hard Money financing period, much easier when: - preparing & submitting paperwork for individual tax returns - maintaining the note in good stating with consistent payments & digital payment history paper trail - digital and/or easy access to documentation - preparing for a Re-Fi, Conventional financing, payoff, or even Flip/Sale & deed/title reconveyance to remove the Hard Money Lein holider at the end of the note's term

I bought my first duplex in 2021 along with a single family home a few weeks later.

I have done interior ivy walls, ice cream makers, fresh squeeze orange juice, and even converted an outdoor shed into a "Van Gough Art Studio" to give 1 house a leg up.

." - So you don't own the land... you have a mortgage on single family and want to convert and build a multi-family?

Maybe with 2 or 3 hours if even that far. i include Westchester, Putnam, Orange as well as the Albany area.

Don't settle for properties that merely break even; aim for those that generate consistent income from the start.