But with my head held high gone was all the normal trappings of RE success being served as a big slice of humble pie :(.

You normally handle the whole project yourself.  

To me, renting an apartment or a "normal house" would cost more and I'm ATLEAST getting rent towards ownership/equity.

As far as I know, it generally doesn't work in the US anymore as you describe now that interest rates have returned to a normal level.I totally agree with @Henry Clark that, if I want to invest in Italy, I want mass tourism and STRs.

We didn't buy much from the MLS and if we did, it was either a "handyman special" or it had been on the market 180+ days with a motivated seller willing to take less than market value.This will be the "new normal" going forward and a lot of newer investors will drop out of the acquisition market and just hold what they have.

I think your correct though folks have to adjust to the new normal and the interest rates they are not coming down like folks hoped for I think we are in for a run of years were rates will be more like the 2000s  6 to 7% and Owner occ in the 5s with Maybe some high 4s. but by the time folks wait for that prices will rise in the better markets.

This could be a huge problem, as the "the rent is too damn high" people will be extremely upset with huge surges in the cost of living, felt acutely in some major metros.3) 2027-2029 should see a return to a more normal inflation adjusted rent growth curve, with the caveat that if supply continues to remain relatively low, we could see national rent growth outpace inflation in these years as well, so long as interest rates remain high. 

As a 3rd-party real estate consultant that has no skin in the game other than what I charge, I provide exactly what you've described—unbiased, no-nonsense, and straightforward advice.

But like I think I mentioned in some other states ( I have not been in one in Ohio yet) the boiler plate of the MLS / board of realtor contracts normally call for mandatory non binding mediation. 

Normally when a  property is advertised as "cash only" the property is in poor condition and/or the seller wants to reduce contingencies and opts for a cleaner transaction.