The other idea was to hire a foreman with a contracting license that can get the job done without the GC markup cutting into the profit margin.Any suggestions, referrals, and advice is highly appreciated

You will need closer to $10k before it is all said and done unless you cut corners which could jeopardize your interest in the property or create additional costs, regulatory concerns and issues with bring the REO to market.  

They seem to always quote it in $/square foot and it's an annual figure so for example  lower end retail in my area goes for about $10/foot.For the improvement costs (TI, tenant improvements) you can negotiate that with potential tenants but I would again use a short-cut $/square foot or you could do a specific list.

If I come up with the funds I would sublease it to a flipper who would pay the carrying cost say $1100/mo during the rehab then assign the purchase contract to the end buyer with me and the flipper each getting a cut of the profits.

There was also significant population growth and job growth was fueled by tourism (every job is Las Vegas is fueled by tourism, because without it they wouldn't need construction workers, teachers, doctors, etc).

They determined how much they will pay and have already cut a first check in my name. 

If your tenants pay, great, but if not, you need a fuel line item.

Buyers came back in force last month as a modest, seasonal uptick in listings were enough to fuel an increase in contract signings throughout the country," says Lawrence Yun, NAR chief economist.

I would much rather have the rent paid on time even though my late fee is $10/day which can add up.Collecting late rent isn't so cut and dry as it is made out to be above.

Having everyone on a month to month or less than 6 month lease helps keep everyone respectful of each other because they know if they're not I have the power to cut them off when the time comes.