There are a number of common issues I see on these motors of this age.
Since this motor is new to you did you happen to get a history from the previous owner?
What I mean is, when was the water pump last done, gear oil, have the coils ever been replaced - anything else been done to it.
The motor is a little more than 20 years old now.
If you don't know then minimally I would replace the sparkplugs, the impeller and change the gear oil in the lower unit.
If that gets it running then either run a good dose of Seafoam with a tank of gas or better yet, stop into a Merc dealer and grab a can of Powertune (under 10 bucks) and just follow the directions on the can - either product will clean all the gunk/cooties/carbon out of the motor.
Some things that are known to go wrong and do go wrong with this particular model -
The main seals on the crank - most notably the upper seems to go more commonly than the lower. A toasted seal results in stalling when you try to idle.
The gasket on the intake cover at the transfer port. Again, similar symptoms - won't stay running unless you give it some gas.
Coils crack - if original they develop small spider cracks in the case. This can cause arcing back to the block robbing spark to the plugs - again, motor runs crappy.
In the past few years I have replaced coils, seals and gaskets on dozens of 1986-1994 portable Merc's 6/8/9.9/15. They are great motors but some parts don't last forever.
With a bit of maintenance these will last just about forever. They have a great carb and arguably the best ignition system ever developed for an outboard.