Here’s how the ATI Exemption would be calculated:ATI Market Value (purchase price): $1,000,000Previous taxable value: $700,00025% reduction (ATI Exemption): $750,000New taxable value: $750,000Without the exemption, your property would likely be taxed at the full $1,000,000 value.

If you're willing to travel and hour and a half and be hands on then you'll most likely accrue more equity in your deal when you have a successful renovation but you're trading your time.

I was wondering if anyone has any experience developing or owning something like this.

The property is likely a little too expensive for me to qualify for with a conventional loan based on DTI.

You CAN limit that agreement to a specific property; but, as others have stated, agents are looking for a certain amount of loyalty from their clients.If an agent gets vibes from a prospective client that indicates that they want to cheapskate and not pay a professional for their service, they are not likely to waste their time with them.

Am I right in saying that it seems like fix & flipping might be the best approach in Spain?

Quote from @Stuart Udis: Good luck, wholesalers are the least likely to follow do not call list/related legislation.

What are the average margins like in areas you are familiar with.  

Another factor is we both work full time jobs so it’s difficult for us to scale as quickly as we would like to but if we can take these early profits that would change things. 

If that isn't the issue, the next most likely issue is an underground leak.