Assuming that you would rebuild the property if it were to burn to the ground, getting an ACV policy means that you are self-insuring for the difference between the depreciated value and the cost to rebuild.If you can afford to do that, and if you don't mind retaining that risk, then you can save money on your premiums.

But if interest rates head back up I suspect calls will become much more frequent.  

I feel stupid asking this question, but I am a very frugal person and frequently my frugal-ness interferes with efficiency in my life.

A lot of people think it's a push button business,  but it definitely takes some boots on the ground leg work.  

If you're that frustrated because you can't see the properties that are 1200 miles away and you don't have someone on the ground that you trust there then put that on the back burner for now or find someone in those housing markets thats on the ground and can operate in your best interest when you can't be there.

Also, a new 7M sq.ft. office building at Bay 101 for 8,000 employees will break ground soon.  

You're challenge is to either find someone you can trust & build a relationship with to function as your boots on the ground, during acquisition and to find a PM you can trust.If you can build those relationships, you can invest anywhere and do it successfully.For a little insight on virtual REI, check out this podcast...http://www.biggerpockets.com/renewsblog/2013/09/05...

We can’t get any outside pics as we have a crap load of snow on the ground still.

And I agree with you that it's worth having a long-term tenant (especially a great one) in place at below-market rent, rather than frequent turnover to sustain market rents

In the meantime, I was gonna offer to be their "man on the ground" here in LA being that they're so far away.