Everywhere I turn all I see are pitches for affordable housing and the same (not so) compelling arguments regurgitated by syndicators, capital raisers, brokers etc. for the investment strategy....strong returns...lower volatility....supply (huh?)

Debt is not only the easiest to originate but also recognized as the  cheapest form of capital.

Agree 100% especially if they don't have capital and a capital sponsor wants 75% or more - something better than nothing especially when you don't have skin in the game 

I'm biased toward investing in syndications since my company Endurus Capital is a syndicator.

Meaning, if you take the money only, you would have depreciation recapture from your cost basis up to the original purchase price of the building (not including the land cost because it wasn't depreciable), plus a capital gain up to the insurance proceeds.Hope this makes sense. 

Jumping into REI with no capital is not worth the risk.

Also, consider a portfolio loan to consolidate and free up capital.

Seller financing or subject-to deals can help acquire properties with little upfront capital.

I'd love to have long term rentals in Barcelona/Valencia but unless I'm getting a crazy good deal, this approach will require a lot of capital for the downpayment requirements of 30% for financing.

I am well capitalized.