And if you find a good property replacement you can go into contract for it at any time. 

You will have to rewrite the contract.

And, would that invalidate the contract?

Starting with house hacking is a smart move, especially in a higher-cost area.

@Sebastian AlborsIn my experience, buying a single-family home (SFH) in Asheville and house hacking with a family member like your brother can be a smart way to balance costs.

However, while I was still getting contractor bids for different projects, I found 3 different companies that are quick (based off of their contracts and guarantees) and have good quality of work (based off of previous and current investor feedback) but come at the cost of price.

You might want to limit your visits though to avoid escalation.Short term if the smart lock is on his personal door just change it to a key if it's isn't working for him, you can always switch back later.

The cancelation contract stated they would refund my deposits in 6 months or if another buyer bought the contract for the properties. 

Absolutely, real estate can still be a smart investment—even in this market—and the Panhandle is one of the best areas to consider right now.

Find a real estate attorney in your area, ask them to draft a contract for you, if that's what you want.