I cold called the seller and asked How did you finance this deal?

@Racheli Ta yes, one could do SMS, cold calling, etc.

To put it nicely, I would proceed with extreme extreme caution, if I were in your shoes. 

That is an extremely difficult accomplishment in the near-term.

Really appreciate all of the insight and information.It's obvious from your post that student housing is an extremely high-touch business, but one that you have mastered - timing in marketing, expectation setting with kids, quarterly check-ins, the list goes on.So my question is, as an out of state investor considering investing in the same type of space, how would you characterize other property management companies ability to successfully run a business like this? 

Note local rules could be more extreme.  

They are two young professionals with money, they have extremely high demands, they "know already" because they talked to their "xyz professional buddies already." 

I wonder how not have freezing weather and cold will affect other things..

AprilApril: Extremely bummed, almost didn't want to get out of bed.

Im sure you know that philly is very neighborhood specific and markets are extremely hyper local.