They're not the straight A kids with their noses in the books and a drive (whether internal or from mom) to be on top but they're not the flunkies either. 

Is there a standard calculation or rule of thumb?

The property realistically needs about 40-50K in renovations to bring it up to really nice standard, but it might over renovate it at that price.

Its a nice house with a pool, but in its entirety needs both internal and external repairs estimating around $10,000. 

I am debating doing a standard rental (I think I can get over $1,500 for it) or doing an AirBnB. 

Costs are normal, including appraisals, standard fees, and escrow account set-ups.

Something standard for a CPA who specializes in real estate / multi-state taxation.Travel related costs between Texas to GA to visit the property may be eligible deductions.

Unfortunately, with market being so hot most sellers aren't accepting the VA loan since it entails high inspection standards and it takes longer to close.

The number above on the rehab might be reasonable but maybe not so if you are close on numbers then don't forget you are protected in your "option period" with a standard Texas REC contract.  

It works better now due to loose lending standards and the hot appreciating market.