| Schedule of Rental Properties, Net |
On June 30, 2026 and December 31, 2025, rental
properties, net consisted of the following:
| Description | |
Useful Life
(Years) | | |
June 30,
2026 | | |
December 31,
2025 | |
| Building and building improvements | |
| 5-39 | | |
$ | 6,909,471 | | |
$ | 8,158,431 | |
| Land | |
| - | | |
| 3,803,685 | | |
| 5,578,015 | |
| Rental properties, at cost | |
| | | |
| 10,713,156 | | |
| 13,736,446 | |
| Less: accumulated depreciation | |
| | | |
| (3,001,937 | ) | |
| (3,245,660 | ) |
| Rental properties, net | |
| | | |
$ | 7,711,219 | | |
$ | 10,490,786 | |
|
| Schedule of Gain on Sale of Rental Properties |
For
the three and six months ended June 30, 2026, gain on sale of rental properties consisted of the following:
| Proceeds
from sale of rental properties, net of costs | |
$ | 562,075 | |
| Increase
in escrow deposits for net proceeds due to the sale of rental properties | |
| 994,051 | |
| Assumption
of notes payable by buyer | |
| 1,702,608 | |
| Net
liabilities assumed by buyer | |
| 56,024 | |
| Reduction
of rental properties, net | |
| (2,632,500 | ) |
| Write-off
of deferred rent receivable | |
| (444,443 | ) |
| | |
| | |
| Gain
from sale of rental properties, net | |
$ | 237,815 | |
|