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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash Flows from Operating Activities    
Net income $ (294,180) $ 1,368,783
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 3,905,918 4,565,467
Amortization of deferred finance costs 59,960 59,876
(Income) from investments in joint venture 325,170 (474,567)
Allowance for doubtful accounts 1,271,051 197,800
Change in operating assets and liabilities    
Proceeds from unconsolidated joint ventures 8,500  
(Increase) in rents receivable (1,083,925) (351,497)
Increase (Decrease) in accounts payable and accrued expense 186,928 (880,166)
Decrease (Increase) in real estate tax escrow (11,485) (81,286)
Decrease (Increase) in prepaid expenses and other assets 254,378 59,110
Increase (Decrease) in advance rental payments and security deposits (278,905) (231,217)
Total Adjustments 4,637,590 2,863,520
Net cash provided by operating activities 4,343,410 4,232,303
Cash Flows From Investing Activities    
Distribution in excess of investment in unconsolidated joint ventures 187,500 9,062
(Investment) in unconsolidated joint ventures   (9,062)
Improvement of rental properties (634,103) (1,047,185)
Net cash provided by (used in) investing activities (446,603) (1,047,185)
Cash Flows from Financing Activities    
Payment of financing costs   (132,306)
Proceeds of mortgage notes payable   3,781,877
Payment of note payable   (1,000,000)
Principal payments of mortgage notes payable (552,575) (575,128)
Stock buyback   (389,947)
Distributions to partners (1,168,860) (1,169,173)
Net cash provided by (used in) provided by financing activities (1,721,435) 515,323
Net Increase (Decrease) in Cash and Cash Equivalents 2,175,372 3,700,441
Cash and Cash Equivalents, at beginning of period 18,646,972 7,546,324
Cash and Cash Equivalents, at end of period $ 20,822,344 $ 11,246,765