NOTE 5 - RENTAL GUARANTEE ADVANCES

6 Months Ended

Jun. 30, 2011

Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

NOTE 5 – RENTAL GUARANTEE ADVANCES

The Company has seven properties being managed under its property management program.  The Company has provided rental guarantees for a period of one year for 7% of the purchase price of the property for five of these properties, two of which the Company advanced one-half of the amount of such guarantee to the purchasers.  These purchasers have agreed to reimburse the funds advanced for their rental guarantees from funds received from the rental of their properties over a period of 13.5 months for one property and 18 months for the other. At June 30, 2011, an aggregate of $24,589 was outstanding.  The Company reflects these advances on its balance sheet as loan advances.  The Company expects that the full amount of each advance of rental guarantee will be repaid completely based on the current rent amounts.  The three remaining properties have all been rented at prices higher than their respective rent guarantees, so there does not appear to be any liability to the Company unless the tenants fail to make their rent payments or terminate their leases.  Therefore, the Company has not reserved against any of these rent guarantees.