Just a side note, some states (among them, California where I live) have very aggressive anti-discrimination laws for landlords and include things like physical appearance, familial status, and if they have children under 18.  

They saw the house online and had a relative physically see the house (and they were on facetime). 

@Andrew D Hansen Depreciation is based upon your physical assets of the property, such as the home, appliances, etc.

It literally consisted of one trip to Home Depot for lumber which cost me about $300 in materials, $200 to pay my handyman to help with the work this 5” tall gal couldn’t physically muster, and about $150 for the termite company to come back and spray and inspect.  

The only time we physically visit a place before making an offer is when a seller won't accept a "blind offer" or won't accept an offer with an inspection contingency. 

. - Your vacancy is also too low, you have to consider the difference between physical vacancy and economic vacancy.

One insurance policy per physical structure is common, yes.One institutional mortgage per individual property is also how that works.

This was a very physically challenging job but totally worth it, and now I know what 30 cubic yards of junk looks like.

I struggle with evenings as my job is extremely physical and I start early mornings but I can try.

I don't believe we are going anywhere - from what I see, these instutitionals buy and sell in waves ... this may be a wave for them now because they're worried about inflation and parking money into a physical asset but small mom/pop will still own the majority.