Your chances of someone buying it is 100 % better if it is cash flowing opposed to vacant & them trying to fill the vacancy once they purchase said property.

I thought that I might have a good chance catching their interest with a handwritten letter and the fact that I am a local, born and raised in this town, that I am young and starting out, that we could work out a deal without them having to go through the hassle of listing the property. 

Is there a chance of me not being able to refinance the property and what would happen in that case?

Also consider this, if you purchase a building that's occupied, chances are you won't live there for the first few months anyway, or if it needs extensive rehab, or if you're locked in a lease or a property that you can't sell or rent right away.

If it's not from Libby chances are it's not hot (asbestos containing).

You have to know the area, and specifics of the crime--where is the drug dealer,  where are there always shootings, ... if you don't want to go there, chances are -- people won't want to live there, or if they do.. rent will need to be very cheap and not worth your time IMO.    

Do you know anybody who works in the phoenix area by any chance?

I am not experienced, but from my research and knowledge as accountant,  what you shared I would agree with you that you are a low risk borrower and have a much greater chance of makimg this work than most of us.  

Give me a chance to get 3 years of solid financials.

Personally, I would not represent a friend unless I knew I could give him 100% of what he needs and had the best chance of success.