I'm willing to travel to Miami once or twice a year and manage the properties from Spain, hiring a good property manager to address issues, find new tenants, manage payments, and clean the property for new tenants.

This could temporarily reduce or pause your mortgage payments, providing significant relief.

I will need some build out time approx. 30-60 days and would like to have rent reduced or make no payments until the renovations are completed.

You will have your original mortgage payment, and you will also have a payment on the HELOC if you have drawn from it.

How much (%) down payment would I need as a first time home buyer? 

How much cash is in...as in how much of a down payment was put up, and how much is financed. 

At the end of her lease she is 3.5 months behind on payment and I'm not anticipating receiving it. 

@Bryan Nwokem If your rents are less than your mortgage payment with no other expenses built in then I would not do this deal.

I've build a lot of equity in one of my properties and I am thinking about recasting to lower my monthly payment. 

Does payment for the PM get taking out of the first rents im getting?