ESP8266 FTDI flash Timeout problem
The required external flash memory for esp8266 is missing in your design. ESP8266 doesn't have internal flash. It executes the code from the external flash.

Read the documentation available on Espressif's site.

From datasheet:


  There is no programmable ROM in the SoC. Therefore, user program must
  be stored in an external SPI flash.
  
  ESP8266EX uses external SPI flash to store user programs, and supports
  up to 16 MB memory capacity theoretically.