Now you need to get the construction rolling, only the 130k rehab is in escrow and your contractor, if he is worth a grain of salt, will want at least a 20k - 25k deposit on a job of that size, maybe more. 

Augusta indeed offers great potential with a strong rental market driven by factors such as population growth and a stable job market.

while I totally understand the frustration especially purchasing what was supposed to be a new and ready to go asset, but these things are pretty common so don't feel to discouraged. 

Your job, your savings, sounds like you have a supportive dad, you live in a place you evidently love, you’ve had exposure to the business.

Don't change jobs or income yet.Once you do and you think you can manage the payments based on your new income, maybe once you get the rooms rented.Then if you want to switch there are plenty of opportunities. 

It's generic but gets the job done. 

Huntsville is a fantastic market with strong job growth, a booming tech industry, and steady rental demand.

Kevin did a great job explaining why you shouldn’t bother. 

They did a great job and the property was very turn key.

Whereas if you and the other investors held ownership as TICs (Tenants in common) then you could sell your portion and do a 1031 of your portion while others did something else.