I've noticed in some markets, there's an additional tax you have to pay on gross monthly income.

Mine is 20% pad ready land 60% vertical and 20% profit and overhead all based on gross value.

Our value of the building was based on its potential to gross approx. 22K a month and the amount of work it will take to get it there.

We've grossed about $45k annually give or take, less expenses, over the past 2 years.

Downside on FHA is the Self Sufficiency rule where all units, taken at 75% of gross rents must at least equal the total mortgage payment including property tax, home  insurance and FHA monthly mortgage insurance.

If properly managed expenses should take up 35% of gross.

My father resides in this property and is managing the flip, leveraging his extensive experience in property renovation.Financially, I bring to the table a stable annual gross income of $270,000 from my successful healthcare company, which will continue to support my real estate endeavors.

this is math right out of a TV fix and flip program that just talks gross numbers and never any nets.. 

High level $200k for a $36k gross return is a low yield..however I think there are a few variables..with 35% down you should be able to get stronger lending terms, if the seller is workable you could entertain a concession towards a rate buy down for lower obligations, possibility to look at shorter duration (ARM) loans if you only intend to own 3-5 years which could also offer a lower rate.

You can expect 12-16% gross yield.