As someone in the greater Orlando market the cashflow numbers work the closer to the hood you are but I've been noticing a much higher vacancy rate at "market" rents. 

How is a 4 month vacancy ok?

I have questions about profits and vacancy rates.

For a building that size I would expect they would have had someone like a John Burns or someone else provide a report to understand the comps and current absorption rates and vacancy rates for this class of building.Now that you have invested, it cannot hurt to go out and view the property but what are you trying to accomplish by visiting ? 

Other than saving a certain amount from each rent payment (for taxes, insurance, PM, general repairs, maintenance, Cap X, and vacancy), does anyone have a rule of thumb for what a good amount of reserves would be for a SFH or any 1-4 unit property? 

For the places I have in Denver vacancy ranges from 3% over 3 years to 20%.

If you are renting multiple units, you'll have a big number of vacancies at a possibly inopportune time.

Cap rates are not very well defined as sometimes they don’t include repairs or vacancies.  

For example, you may project that each property will turn over every 24 months and lose 1.5 months of rent for a vacancy or additional maintenance.

The rent is similar, but with much higher quality tenants and less vacancy risk.