Can just invest 80/20 stocks bonds and pull out an inflation adjusted annual 4-5% a year.

If this winter season lands with a convergence of buyer collapse, finance wows, and retail sales falling (retail as in consumer shopping, thus stoking "the recession is here" fears)....... well it's not just a "correcting" stock market that will be of fear, but that will probably be happening too. 

A simple way to make an example here is stocks on Wall Street. 

Identify the top 10 markets with the least amount of projected new deliveries, relative to existing housing stock.

If you have a property in another city and strong property management and once a month you look at the report.On the other hand, if you have a stock portfolio and you check it every day, read the annual reports and 10ks, it is time consuming.  

Best STR market in America, cashflow versus appreciation, Stock market versus REI, secret sauce, worst or missed deals, scaling, deal flow examples, etc etc.  

And the shelves weren't fully stocked.

That's what I do with stocks. 

It may be easier to get 1mm in the stock market and live off their 4% or 40k/year.

Same in the stock market with REITs.