It is now ready and is now my new apartment here in Saint-Gilles, Brussels.I am actually doing something similaras you  and buy property to renovate and rent out so adding value with renovation, permits to divide and build more and rent.Haven't done a pure flip yet as this isn't really interesting in Belgium unfortunately :-( Too high taxes and fees etc etc. 

We're looking to purchase a property and do some pretty heavy renovations.

The difference is significant enough that if we were to consider lowering our price to the appraised value, we'd lose any profit we would have made, plus lost approximately $11K of renovation costs.  

., roof etc. for renovations-Local lenders (who maintain their own RE portfolio)- (i have heard the Schertz Bank and Trust is a portfolio lender...are there any others?)

The large components to any rehab project are: 1)Renovations Costs, 2)Holding Costs, 3)Buying/Selling(Closing) costs, and 4)Profit.

If your considering a minor renovation I like to stick to no less than 10% of the value. 3.

Test your rehab/renov detection skill (bring seller disclosure)7.

Here are the numbers, tell me what you think:Purchase price - $399,9996 unit multi-family - gut renovated 3 years agoGross monthly rent roll - $6600 that's with 100% occupancyTaxes - $13648total expenses- 23,208 which includes taxes, maintainence,insurance,sewar/water.  

I will pay$3300 in taxes but will have freedom to either renovate other properties, use as down payment or whatever.

In my experience, pricing in this area is generally 15-30% lower across the board than say new construction, insurance work or home owner improvements thus in order to actually run a company in the black I would have to complete 3 foreclosure/investor renovations in order to see a sustainable profit margin.