I have a Honeywell furnace and when it starts the exhaust fan kicks on then the flame starts (it's a propane furnace) it warms up between 30 seconds to a minute then the main blower kicks on but it blows out cold air for about 3 to 4 minutes before it starts to blow out warm air and about 6 minutes before it gets hot. I'm wondering if there is a regulatory or resister that is bad it has been wasting a lot of propane running like this.
No, that sounds like it's running correctly. If you want to adjust the timing, you can install an On Delay Timer on your circulation fan. You can use the ICM251 Fan Blower Control - Dual On/Off Delay Timer. It has an Adjustable Time Delay, and a 20 amp 120 volt relay built in. The On delay lets air reach proper level prior to energizing fan, and the off delay purges ducts of residual air to increase efficiency.
Check the thermostat to make sure it is not setup for electric heat. There is a menu item to change the setting from gas to electric in the electronic thermostats. Mine was set to electric and my blower motor came on as soon as it called for heat. It went off after about 10 seconds and came back on when the furnace heated up enough to start to blow warm air into the ductwork.