The reason I ask this is I am wondering how macroeconomic conditions such as the 08 crisis affected vacancy rates and those holding and renting out single family homes.If for some reason, I cannot find a tenant for a long period of time 6+ months, what are my exit options?

I also believe that, by the time they do, some of the market pressure you are seeing right now that is partially owing to the lack of new construction in the last few years (a result of the tight funding in the post subprime crisis space) will ease and hedge funds/institutional investors will pull out.  

This is where the true increase in wealth occurred because of inflation.Again, not to get to political, but it would seem our government and monetary system has been highly incentivized to fight the deflationary effects of the 2007-08 financial crisis with every tool at their disposal and that is what has occurred over the last 6-7 years.

This is reminicent of the S&L crisis (granted, much worse) when being an "investor" was a four letter word.

Weren't long term fixed rate loans what caused the last banking crisis 30 years ago?

Current version of the sharks that profited from the S&L crisis. 

My biggest thing is I have somewhat of an identity crisis.

Also you can have pooling of friends and family going through a crisis so lot's of extra war and tear on the units regardless of if they are supposed to be there per the lease or not.The most biggest problem is that you will be states away owning a lower income type property.

Life is to short to have to deal with a crisis caused by a dog.

And as you remember, the whole crisis in 2008 wasn't a housing crisis per se, it was a liquidity freeze.