If the S&P went up I could participate in up to a 21% return, but if it went down I was principal protected and would receive all my money back at maturity (13 months).

UNLESS you are are real estate professional status for tax designation purposes and able to create a "grouping/active participation". 

Shame US probably won't have as many international students. 

As a landlord, the immediate deal-breaker for me has always been the laundry-list of rules and regulations I'm required to abide by if I participate in the program; however, the agency is under absolutely no obligation to remedy debt or damage created by their voucher-holders.

My interests are rental property investing in LTRs/MTRs/STRs, student housing and Section 8, SFHs and small MFHs, FHA househacking locally in Pennsylvania, and OOS investing in the Midwest/South/Sunbelt, particularly Ohio, Indiana, West Virginia, or North Carolina.

It is the home of The Ohio State university bringing in over 60,000+ students yearly which is a strong backbone to the rental market.

2) Do you have a lot of consumer debt (credit cards, car loans, student loans, personal loans, etc)?

If you're a single mom with student loans, a car payment, and living paycheck-to-paycheck, then $20,000 would be devastating and a reserve is critical.

We both participated with everything they needed .

@Al Williamson We do not maintain an official waiting list, but we do have two prospective tenants who would like to live in a specific building of ours ... problem is, the incumbents really do not want to move either :) With our student rentals, we typically get referrals from our existing tenants when they give notice ... friends and classmates who come to visit quickly realize out student housing is about the best in the neighbourhood.