You can get both an execution and capias at the same time.Collecting can be a challenge, but interest accrues at 12% per year.

After bumbling into real estate as an asset on the otherside of the ledger, i see the numbers are not favorable with the accrued bad debt tacked on.

Partnership operating agreements are very flexible.You could do a waterfall schedule for both allocation of income and capital distributions.e.g.1) You're allocated a cumulative fixed annual return on your unrecovered capital contribution (6%, 8%, 10%, you name it)2) Profit in excess of the fixed annual percentage return is split 50/50.Capital distributions could be something like: first distributions are to recover your capital contribution(s), then preferred return accrued to you, and finally the 50/50 profits.Food for thought. 

If this is interest accrued IE no payments .. then when is the balloon payment.. and what are you options if the home has not sold by the time the due date arises. also one lady in Atlanta who had well publicized issue with this company.. said that she had to front the rehab costs and then wait for reimbursement.. and that became a challenge since rehab contractors usually need money up front.. and wont wait for the draws.. 

will i actually be able to enjoy any of the money i hope to make now, or should i just accrue until I am ready to quit my job completely someday?  

The preferred return can accrue.

Instead of paying down that loan, I'd rather accrue savings to invest in rentals.Remember, debt is simply a tool (think of a chainsaw).

Accruing debt by a person who is irresponsible and has a low financial iq is like giving the town drunk a loaded pistol 

I also second increasing income as that will help you accrue reserves faster

The interest on your note should be accruing during the time you have to wait.