By Popular demand, here is my tutorial for realistic bullet physics in UE4 with C++.

The bullet physics include:

-Bullet Drop
-Debug line darkens as bullet slows down
-Bullets despawn if they don't hit a target after 3s
-Destructible Meshes can be broken by bullets

Check the video out here:

https://www.youtube.com/watch?v=aTzhE0Zi9Fs