If I will refinance before the 5 year fixed period expires, without any penalties, I'm having a hard time understanding why I'd want to go forward with a fixed rate currently.

Thus, your 20% down + fees just became 30% down + fees in a sense.Mortgage brokers job is to find you the best rate / terms.If you're interested to get in contact with investor focused mortgage brokers I'd be happy to make some intros

I'd recommend to reach out to Michael Estes here in Austin - he may be a great fit to help you with what you are looking for based on your goals/anti-goals listed aboveMichael EstesTexas RE Broker License #494994www.trendRE.com

There are some improvements that i'd like to do to increase resale, and just general upkeep (ie- new tile floor in kitchen, replace fence that is end of life. 

I can't imagine buying a house, even a $50K one somewhere in the country, sight unseen.

I'd recommend asking this question to an attorney or a RE agent.

I'd fix it and move on.

Regular financing is still an option but if any of you have some thoughts on what terms make sense, I'd love to hear them.

I'd pass on this deal 10x over. get your housing unit cost lower and look at new construction 

I'd love to connect and hear more about your gameplan for the proeprty you inherited.