SRO. single room occupancy. are in HIGH demand with populations who are getting served by DHS-dept of human services. think of domestic violence, homeless, exiting or enter jail, prison, rehabs -for physical or mental reasons -accidents, surgery, breakdowns etc.; divorced, teens exiting foster care (18-21 age). yes there is a need. you need to know where your clients will hail from. there you will find them at DHS/DSS/WIC/DV/ agencies. single rooms, shared kitchen, bath etc. all very commonly used for "temporary/shelter care" housing. for 30days to one year. pending --usual things like court hearings, sentencings, adjudications, or pending finding a larger unit to reunify with children taken by CPS. be ready for drama. but if you work it hard-the state/county/federal will pay.

The physical occupancy is 92% but does that include any friends and family units that are erring discounts or no charge....which leads me to the next question, what is the economic occupancy?

@Jameson Tanner print out listing and verify information as you physically walk through.

I also spoke with the previous owner this evening and he said before he sold the place to me  she let him know she was in therapy and considering an ESA and he informed her to ask me about my policies bc I was in process of buying.

Though I haven't included this, I'd like to add that the video walkthrough at the beginning of the lease recording tenants agreeing that there isn't physical damage to the property will go a long way when the tenants are moving out and start saying that some particular damage has "always been there".   

I hope to learn as much as I physically possibly can do that way I can start building something for me and not just my employer.

I would suggest sending a written letter (physical and email) informing the tenant of your intent to let the lease expire.

You do not need to have a physical address within the state of Pennsylvania either.

do you physically shift $X to a separate fund on a monthly basis?

Buying a stabilized property (a property that is in no need of repair or improvements) is going to be lower risk (and generally deliver a lower return) than a property that is in disrepair and needs either physical and/or management improvements.