I think there may be Fairfax county rules against this, but I am wondering if anyone has an idea of how loosely/strictly those rules are enforced.

In that area once the property is stabilized its easy to calculate the ARV, if the property is vacant I would use the 70% rule(or less in certain areas) when determining a bid price. 

I think it cost us about $50 at the time.  

Also, what is a good 'rule of thumb' when it comes to an Earnest Money Deposit?? 

This has been a general rule to investing for my entire lifetime, and Im middle aged.

We paid off the mortgage, misc expenses and I got my axtual repair expenses plus 40% back, then we split the net profit 50/50%.

After 15 years of investing my #1 rule is never buy or create Alligator properties (negative cash flow) - Regardless of Appreciation.

Please note, however, that if you are planning on raising a fund, those interests are categorized as securities, which has a different set of rules than real estate. 

@Raul Cesar cortes adding a pool is great as the summer is so hot here, however, the rule of thumb with pools is that you take the cost of the pool and divide by two, the number you get is the amount of equity you add to your home.

It’s much harder to go back to learning when you’re 30 and expect to be paid $50/hr than when you’re 18 and thrilled for a deal.