I recently had a urine and blood test. Results show egfr @ 53, creatinine @ 1.35 and protein urine @ 123.7. Does this mean renal failure?

Renal failure? You do not have renal failure. What you have is chronic kidney disease. To find what what your actual GFR is, you need to have a 24 hour urine for creatinine clearance and protein, as well as another lab test to get the creatinine at the time of your urine collection. You will also need a renal ultrasound. See a nephrologist for the best treatment of your chronic kidney disease and proteinuria.