The only reason I'm thinking about doing this is because I would get a ton of loan pay down very quickly because of his low interest rate and 0% secondary note to pay his Equity off. 

Rate, amortization, low down.

(I wouldn't waste my time at Lowes--they are more for DIY'ers and wannabe handyman types, IMHO.)Hope this helps you, and keep moving forward!

The Niceville market is HOT for retail houses and inventory to rehab is low.

I'm going to have to crunch a lot of numbers for the loan, property tax, maintenance (which should hopefully be low on new builds), and I have to figure out how to obtain an insurance policy for the units. 

I can't retire, refuse to work for someone else,  but I do have cash built up (Thank GOD), and a 850 Fico across all the Credit Bureaus.

You can pick one up for $235k and right now the builder will give you a closing cost credit and cover the HOA fee for the first year. 

I house hack my primary home in which I do a thoroughly credit check, background check and interviewing process.

We both have great credit scores (low 800s) we own a property for collateral.  

Previously, that 2.5% could have served as a powerful negotiating chip, either to bolster your offer or to pocket as a credit.