This can potentially result in a more stable investment in a recessionary market, where real estate prices may be more volatile.

Despite coming out of bankruptcy, PR still has a very volatile economy.

If the market is volatile, I would be more inclined to fix and flip in order to minimise risk.

With all the volatility of the market right now, generally speaking rents are remaining strong.

This is similar as you note to equities and dividends.I think for me, the question Syndication v Equity investments is not so much about tax treatment  but rather risk and reward, stability v volatility, etc.I think picking the best investment that fits one’s needs and risk tolerance levels is primary and then the tax issues come next.

The good news is we have more capital now than ever and we're a much more robust organization today than we were over a decade ago.Also keep in mind, the Real Estate market isn't as volatile and fast moving as the stock market.

Seems way too volatile for me.

This year in particular-- depending on the volatile crypto market but 

You need to look at the index and do some research to see how volatile the index is.

The one universal factor for the national market is volatility.