For rehab funds I've used both Discover and SoFi personal loans, one day funding and no fees at all,  but they do require good credit.Another solution would be seller financing if the seller would entertain that.Good luck!

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.

Fast forward a year into owning the house, we discovered Bigger Pockets and decided to get our financial life in order.

We have had some very wet weather here and I have discovered a bit of water on the 3rd floor unit sheetrock, and some water at the wall level (same spot on the building) of the 1st floor unit resulting in some damp sheetrock.

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.

@Brandon Sturgill you brought some really Important points that I did not think before. using having Move in/ Move out checklist helps but to address tenant needs we personally want our tenants to be happy so will communicate with them on that. just discovered Buildium, looks this Platform is solid and far better than Zillow RM. it has a feature to add local handyman, Repairs ticket, status track, Community wall to notify all tenants and much more. i will see if anyone had any success stories using these Platforms. 

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.