I received notice for an update to this theme. Do I download the entire them again then upload the new one? Do I delete the old one first?? Just asking for a little help in this process. I have never done it before. Thank you in advance.
It depends the usual way is via FTP or re-upload the theme with a different name or removing the old one. But more authors include auto-update function that will do this for you, it will show a notification and to update the theme and just click on update button.
You can take a look in theme’s documentation, there should be specified how to update.
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Thank you…Ill check it out…Much appreciated.
Always generate and work with the Child Theme when purchase a premium theme. This way if you did modifications to your theme, when update it all changes will be lost.
If your theme does not have auto update function, then you should remove and reinstall it as @hawk95 mentioned before 
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Just updated it. Worked perfectly. Thanks for the help guys.