My suggestion would be to develop workforce housing, purchase a property with an existing Section 8 contract or acquire an underperforming market rate property and work with an affordable housing consultant to reposition the property for a 4% LIHTC allocation.

The $1.2 trillion figure comes from including additional funding normally allocated each year for highways and other infrastructure projects.

Did these companies allocate their new capital in the most effecient manner (like by bolstering reserve funds to weather a black swan)?

While I think real estate is an *excellent* investment, you should probably consider what your desired allocations look like. 

I'd get rid of the consumer debt, then focus on increasing your allocation to equities and starting some fixed income.

Took two years to refurb it because we didn't have the time to allocate to it.

I suggest you self manage but always have in mind and allocate the money to pay someone else. 

I agree many/most newer investors under allocate for maintenance/cap ex.  

You will need to expect and allocate time to additional paperwork but establishing a strong working relationship with the housing adviser in your area will really help.

I think the formula comes from what takes up most of your time by managing these tenants, in the last few months, what took up more time than what you are willing to allocate?