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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash Flows from Operating Activities    
Net income $ 275,711 $ 2,833,834
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 7,849,582 9,167,084
Amortization of deferred finance costs 119,919 119,835
(Income) from investments in joint venture 563,595 (918,680)
Allowance for doubtful accounts 1,176,554 729,653
Change in operating assets and liabilities    
Proceeds from unconsolidated joint ventures 18,500 5,000
(Increase) in rents receivable (915,340) (1,259,948)
Increase (Decrease) in accounts payable and accrued expense 424,125 (676,850)
Decrease (Increase) in real estate tax escrow (31,287) 9,279
Decrease (Increase) in prepaid expenses and other assets (505,968) 188,556
Increase (Decrease) in advance rental payments and security deposits 193,584 (672,890)
Total Adjustments 8,893,264 6,691,039
Net cash provided by operating activities 9,168,975 9,524,873
Cash Flows From Investing Activities    
Distribution in excess of investment in unconsolidated joint ventures 400,000 1,060,585
(Investment) in unconsolidated joint ventures   (10,585)
Improvement of rental properties (1,385,258) (1,504,059)
Net cash provided by (used in) investing activities (985,258) (454,059)
Cash Flows from Financing Activities    
Payment of financing costs   (136,325)
Proceeds of mortgage notes payable   3,781,877
Payment of note payable   (1,000,000)
Principal payments of mortgage notes payable (1,125,589) (1,134,602)
Stock buyback   (394,031)
Distributions to partners (2,337,721) (2,338,034)
Net cash provided by (used in) provided by financing activities (3,463,310) (1,221,115)
Net Increase (Decrease) in Cash and Cash Equivalents 4,720,407 7,849,699
Cash and Cash Equivalents, at beginning of period 18,646,972 7,546,324
Cash and Cash Equivalents, at end of period $ 23,367,379 $ 15,396,023