It sounds like the 2 BR floor plan makes this process even more difficult.

Some of the materials we choose and asked him to pick up (such as flooring) he replaced with low quality materials, I assume to keep more of our money for himself. 

Not interested in Condos, developments unless distressed. 3.  

should I adjust the rent, considering I know the same floor plan could be higher?

The roof, AC, plumbing, electrical and flooring will eventually need replacements.

Hoping to go down one of two paths:1- Buy a condo or small single family home and build equity and create value with my maintenance/construction background.2- Find a cash provider to do this on a larger scale with a 3-5 unit building. 

Shoot me a DM if you want some help with finding a condo or house with a low rate that's on market.

While the interior is nice, the first-floor kitchen and bath are original from the 1940s.

It all started with removing some interior walls and changing the floor plan, removing a chimney, adding a bedroom and bathroom, installing patio door to the backyard, and completely renovating every other interior element What was the outcome?

We also updated the entire flooring, renovated the kitchen with new appliances, overhauled both bathrooms, and added new washer and dryer units.