I’m active duty Air Force and ran into the same issue at my last base.

I have cash on hand and no issues paying 25% down. 

The rate is pretty good though and I might have to move for work related reasons and if thats the case I’d love to keep the NACA loan at its rate without refinancing.

FHA is tough on a few things like "Chipped paint" any signs of chipped paint will stop financing and need to be addressed (Painted), Loose or missing hand railings, Water damage, Mold, Termites, Outdated electrical or any wiring that is exposed.FHA will also stop you dead in your tracks if the appraisal shows anything that is considered a "hazard or safety issue" and must be fixed.

To add to this there may be some tax related questions you may want to speak with your accountant about. 

Hail is the bigger issue in my opinion. 

https://www.car.org/-/media/CAR/Documents/Transaction-Center/PDF/QUICK-GUIDES/Quick-Guide--Cannabis-Marijuana-Issues--Sale-of-Residential-Real-Property-revised-22822.pdf

@Dominick Tonnarini, The only issue with your plan is that you will have to pay a sizable tax on the sale of that property when you do sell. 

Hi Michael,It is great that you are doing this together, I read some great tips on here, something I wanted to add:I have been checking a lot of 2-4 units, in the past it was not easy to find them in good areas.During COVID, a lot of investors decided to build these types of units which is great, but not all builders are great, I had a client, he purchased 2 duplexes in the same area, we had some pricy maintenance issues, one was with the plumbing.

The houses are in the low 200's, so they're still relatively affordable.