I have a friend who works for a well-renowned construction company in our town who has offered to be our general contractor at a discount (only charging us 8% vs. the standard 15%) and "teach me the ropes"/make the right introductions so that I can repeat this on my own in the future. 

If you where going to be able to recreate the orginal layout, you would of been able to do so by the clues left behind by remaining framing, be it the "honey" holes where the toliets once where, the sizes of the holes in the joist would indicate what pipes ran where be it hot and cold supply, toliets, showers and other industry standard tell tale clues. 

@Stepan Fedetskiy section 8 can be good option if you have a good PM who maintains the property in good shape all the time as per the needed standards. best part is govt pays a portion of the rents so you dont have to chase tenants, downside the upkeep of the unit will eat up appx 20%. so its little tricky..sounds good on paper but when you go through one you will get an idea. i had 4-5 section 8's , 3 of them had no issues, but 1 of them had lot of issues and ate up all the profits.  

And that's even using the high rent estimate, a low vacancy rate (8% would be more realistic), and a very low property management expense (10% of rents is pretty standard), just for starters.If you personally were going to live in this property, it would likely be a slam-dunk...... but, as an investment, it's a money-loser!

However, this is less common for standard FHA loans.

That has to work fast, smooth, and to a certain standard. 

Or, you could just sell, now, today, standard sale.

In Texas, the standard earnest money when agents are involved is 1%. 

This ensures that you adhere to legal and professional standards in property management.

That's why you do have to hold a certain standard for what you will and will not do or replace.