@Paul PompeoInvesting out of state can be a good option if your local market isn't a good fit.

The house is clearly abandoned, as the power box is disconnected, AC is removed and someone clearly packed up the stuff. 

I think you are correct in your thinking - a lot of lenders right now are pricing 30-year fixed rate and 5-year ARMs essentially the same, with only the slightest benefit to the ARM option - generally because there is a very low probability priced in that rates will be higher in 5 years. 

You have a few options for cash-out refinance and from the information you provided it should work.

He noted this is likely the best long term option as I should have no other issues moving forward.I am confused and a little shocked as the inspection report from two years ago came back as structurally sound.

It's always a good idea to speak with a financial advisor or real estate professional to get a better understanding of your options

Of course, with the key entry option so if the lock fails, there is a lockbox with a key to access the home.

Would love to connect and discuss some options

Once we jump over our ethical / pro standard hurdles, it is up to the client to pick between Option A and Option B.Find someone that is aligned with this way of thinking, and that you can have open and free communication with.

I have bought properties by signing a lease option where I took control over the property, made the needed repairs, and then got it financed to cover my cost and what I owed.