Based just on your DSCR calculations, it appears this property is significantly under-performing, or if it is operating well, then it is significantly over-priced.If your plan is to reposition the property, then you need a bridge loan or private loan to acquire and manage the property. 

The NC return is correct as is in my opinion.Remember that states often piggyback off Federal amounts, often AGI or taxable income (then make upward or downward adjustments for things like 179 or depletion).Since the passive loss did not enter the taxable income calculation at the Federal level, it won't flow to the state return when NC piggybacks.

Additionally, prepare financial projections, including cash flow forecasts and ROI calculations.

Are there calculators on this site that can calculate Net Present Value?

BiggerPockets also has a calculator you can use to analyze deals and I highly recommend you start this as soon as possible, even if you are not ready to buy.

There's probably so much to this that it would be hard to summarize everything you need to know in a post like this...but here's some basic things I think you should know about:BRRRR SKILLS NEEDEDGenerally speaking you will need several things to successfully complete a BRRRR: ARV - being able to calculate the Value on your own (meaning, without the wholesaler telling you the value) is really important.

@Ross KaneThe cap rate is calculated using the NOI, not the gross rent.

I would get a GC to walk it if you don't know how to calculate.

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

Start playing with the BP Calculators to find the answers to your questions:)