Sheetrocking and taping isn't that big a deal once you get the swing of it and have the right tools. Do the ceiling first, and I'd check with your homeowners insurance company to see if you had water damage how they would handle it. Some good friends of ours got flooded a few years back and the insurance said they would only replace the bottom 4 ft of the wall, unless the water level was higher than that. By laying the wall horizontally you will only need to replace full 4x8 sheet all around the room. Our friends sheetrock had been done vertically, so they had to cut and piece the whole perimeter of the room. It doesn't make a difference in it's appearance when finished but could save you some hassle down the road. Make sure you get your mud thin enough to spread on smoothly and apply the joint tape( paper, as the woven is worthless) and mud as your first layer. Don't worry about being to precise and you can knock down any rough spots when it's dry. Sand the first coat lightly removing any rough or high areas. The second coat of mud you'll use this to fill in any imperfections, you'll also want this to be applied with a medium width knife. sand again when dry being sure to sand all edges totally feathered and smooth, without roughing up the paper on the sheetrock. Apply your third and final coat of mud with a wide knife, being sure to keep the coat as smooth and light as possible. Give it a final sanding with ultra fine sand paper. Primer and paint.
Corners are a bit tricky. Inside corners use the joint tape folded down the center lengthwise, mud both sides of the corner and apply tape. Smooth the tape and sqweege out excess mud. Let dry, now add a medium coat of mud being sure to feather out the mud onto the wall more, dry and sand. You may need a third light coat to remove any blemishes. Outside coners you buy metal corner and mud over the top of it, down both sides keeping it as smooth as possible, feathering it out onto the wall. A second coat maybe needed to fill in any areas in need of filling.
Hope this helps and just remember to take your time and you can remove it and start again,that is when it's still wet. I'm not fast at mudding, but I rarely have to sand it, just use the knives to knock down any high spots. Good luck.
PS. Take the money and rent a ceil jack for sheetrock for your ceiling. It's a blessing to those who would have to stand and hold it while someone else is screwing on the sheetrock. I know, I've helped hold up many sheets
