I took out a Heloc I owe 230k on the house and I plan on spending 100k updating making my total in 330k.

I'm totally with you on using real estate to give yourself the freedom to travel :) We love Birmingham as a market - we analyze thousands of on-market properties every day for investors around the country (also in the pursuit of giving time back!)

My total all in was under $60k. 

San @San Noble With the apt being 4 units, is the $1850-$2k the total rent per month or per unit?

It's totally normal for it to take some time, often about a month or so.

In this case, correct, 1031 exchange is not available. 1031 exchange is property for property, and an interest in a partnership normally is not (with a few rare exceptions, so you may want someone knowledgeable to give you a second opinion for your particular situation, which requires reading your inheritance documents.)Whether or not you have any mitigation strategies totally depends on your specific situation and requires a one-on-one. 

The total commission is usually negotiated as part of the short sale approval process and deducted from the proceeds.

This past year they have started paying rent late to the point where the total accumulated time is about 3 months of back rent due.

Even though it's about wrapping notes, in Sub2 you have average Joe Six Packs, the homeowner, who gets hit with foreclosure because of your miscalculation.

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.