My question is, is it impossible to change the method of acquisition when already under contract?

While the methods described about are great and increase convenience, they fall short of some options available. erentpayments allows it (one of the options you can select) and clearnow does it as well.

Find Brandon's videos on YouTube for the "four square" method of analyzing homes and practice.

But you're approaching this methodically and should have no problem. 

This method allows you to reuse the same capital.

@Billy Smith that’s definitely one method I’m trying at the moment.

This method provides benefits to you and the owner, along with a lot of flexibility regarding the terms.

Methodically eliminating every item on the inspection report starting with the safety hazards to cosmetic.

Is there a method that you recommend when it comes to assessing whether there is a good rental demand in any given area?

I'm starting to look for more creative financing methods especially given the market is starting to shift - and trying to figure out the "how" to make deals work as opposed to just leaving it once a traditional method doesn't work out.