Heat waffle iron per manufacturers instructions. Whisk together soy flour, sugar substitute, baking powder and salt. Add cream, eggs and syrup and stir until well blended (batter will be stiff). Add cold water 1 tablespoon at a time until batter is easily spoonable and spreadable, about the consistency of a thick pancake batter.
Spray waffle iron with oil spray. Place approximately 3 tablespoons of batter in center of a waffle iron. Cook according to manufacturer's instructions until crisp and dark golden brown. Repeat with remaining batter. Serve warm.