Opening bid will be in excess of 280K...and they had a BPO come in at 239K...does anybody see anything wrong with this picture?

Also, I feel like the $330 a month I pay in HOA fees is a bit excessive.

But if you have taken accelerated depreciation in excess over straight line, this amount is not deferrable.  

Tax benefits come into play when you want to avoid excess self employment tax and you can classify it as an S-corp instead of a sole prop. 

The $700 flat fee tight now is excessive I feel.

That seems excessive.

The syndicators that I invest in have sophisticated value adds (value adds in excess of simple rehab) and in recent years hit max GP profit share every time.

@Brian Kantor late to the party, but the $4k/year quote definitely seems excessive and hope you did better with Proper.

I now recommend having them sign a contract saying they will communicate status once a month with distributions (even if status hasnt changed) and hiring a company with an internal maintenance person so as to avoid paying excessive maintenance fees for routine things.

For now the plan is to renovate, but not excessively and just rent it out at a fair price.