Rental Properties

12 Months Ended

Dec. 31, 2021

Rental Properties [Abstract]

RENTAL PROPERTIES

NOTE 4 – RENTAL PROPERTIES

On December 31, 2021 and 2020, rental properties, net consisted of the following:

Description	Useful Life (Years)		December 31, 2021			December 31, 2020
Building and building improvements		5-39	$	6,293,748		$	6,260,524
Land		-		2,016,548			2,283,214
Rental properties, at cost				8,310,296			8,543,738
Less: accumulated depreciation				(1,868,831	)		(1,516,302	)
Rental properties, net			$	6,441,465		$	7,027,436

On June 1, 2021, the Company closed on the sale of its Gilbert, AZ property with a third party (the “Purchaser”) pursuant to which the Company agreed to sell, and the Purchaser agreed to purchase, the property located in Gilbert, Arizona, for an aggregate purchase price of $335,000. In connection with the sale, the Company received net proceeds of $322,332 and recorded a gain on sale of rental property of $51,944.

For the years ended December 31, 2021 and 2020, depreciation of rental properties amounted to $352,529 and $356,934, respectively.