I deleted the old install and reinstalled the theme and things went through smoothly. Was able to import the sample data too without issues. Not sure what was the issue before since I did not do anything different here.
You can install revolution slider for the theme as per the instructions in the setup videos linked below –
https://www.livemeshthemes.com/support/faqs/how-to-setup-theme-and-revolution-slider-in-10-min/
BTW, the theme was uploaded in the WordPress Admin Themes page just like a regular theme install. FTP was not used.