You was at the mall wit yo friends/I was scared to approach ya." Iyaz reticence about approaching 'her' is not because of ego or fear of rejection but because he doesn't want to be outed as the homosexual he is.
"Who would have ever knew/That we would ever be more than friends" In this verse he is clearly demonstrating that he is acting differntly when with his friends making sure they don't know that they "would ever be more than friends." If the song really is about a girl than why is she the "gun to myhis holster." The gun is clearly a phallic metaphor as it is nothing less than pure masculinity why than does she have the gun? it is because the holster is Iyaz's anus and a man not 'she' is putting the gun in his holster. It is the draw of homosexuality that he replays over and over in his head. More subversive clues are "doin things that i never do," and "the one that could FILL your fantasies"
"Sure, you realize it's a metaphore for represed homosexuality"
"i know Iyaz was gay"
"not there is anything wrong with that"
"no, not at all"