LEASE INCOME

12 Months Ended

Dec. 31, 2021

Lease Income

LEASE INCOME

12. LEASE INCOME

The Company generally rents its SFRs under lease agreements with a term of one year. Future minimum rental revenue under existing leases on our properties at December 31, 2021 in each calendar year through the end of their terms are as follows:

2022		464,343
Total Future Receipts	$	464,343

Property Management Agreements

The Company has entered into property management agreement with the property managers under which the property managers generally oversee and direct the leasing, management and advertising of the properties in our portfolio, including collecting rents and acting as liaison with the tenants. The Company pays its property managers a monthly property management fee for each property unit and a leasing fee. For the years ended December 31, 2021 and 2020, property management fees incurred by the property managers were $15,390 and $0, respectively. For the years ended December 31, 2021 and 2020, leasing fees incurred by the property managers were $63,880 and $0, respectively.