A good ol fashion phone call or house visit would probably solve your problem. 

Combined that can cost $50k+ which they may not want to pay nor their is the possibility they would not they pass the DD report.Nothing wrong with raising money in this fashion (FB or online ads), many do it and are great sponsors. 

Each potential buyer has come to their own conclusion that it would be too much hassle and risk to manage in this fashion vs a traditional rental even though the average cap rate in our area has been half that at best.

I've worked with tenants in a similar fashion and ended up feeling ok about it but it was short term, over the course of a few months and they paid me something the entire time. 

I’m hoping to find more success in Phoenix, but as you stated, the old fashioned way may be my best bet.

The last thing you want is to have a home run deal that theoretically should be a high-profit flip but is ruined because your contractor screws you over in some form or fashion (late deadlines, inaccurate scope of work, etc.). 

Think there is some substantial validity in this, but do you think it could potentially be utilized in a different fashion?

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I'm really old fashioned and have been using spreadsheets for years.

Just because it’s come down does not it will bounce back automatically in a timely fashion.