I’m far more conservative with the estimate because I’m worried about repairs.

It’s important to be more conservative, especially when starting out, to ensure you’re building a solid foundation for for long term success. 

Also, our properties are commercial so it's not like I'd need to go to a duplex and sweep and clean the place.IMHO my CPA is not conservative at all. 

Yes, Spain is one of the countries in which banks will lend to non-residents (they generally don't) but Spanish banks are much more conservative than US banks so it's more difficult to qualify, especially if you don't earn W2 income.

Just be extra conservative with your ARV estimates and have a great team of contractors to keep rehab costs in check.

The key is ensuring you work more hours than anyone else on the property, including your property manager.Keep a detailed log of your hours spent on the property—managing listings, coordinating cleanings, marketing, and even initial decorating/setup all count.Some CPAs are conservative and hesitant to qualify STRs as active, particularly when property managers are involved.

Curious to hear any creative approaches that have worked in today's market.ARV and future value are speculative so when I am looking at property I am looking at it for longer term - does it fit within my strategy based on conservative estimates.

so, i just encourage you to be conservative and cautious. 

If I am all in on the property for 360k (purchase and some finishing construction as well as carry costs) and the home is valued at 450k or more (based on what im told by agents as well as my own analysis while staying conservative), that is 20%+ equity I believe, unless I am missing something.

It should be about 60k profit, about a month and half, 2 months conservatively, on rehab.