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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash Flows from Operating Activities    
Net income $ 200,326 $ 2,394,551
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 11,806,561 13,779,797
Amortization of deferred finance costs 179,879 179,795
(Income) from investments in joint venture 796,725 (669,098)
Allowance for doubtful accounts 906,986 1,094,588
Change in operating assets and liabilities    
Proceeds from unconsolidated joint ventures 27,250 20,000
(Increase) in rents receivable (498,584) (1,734,831)
Increase (Decrease) in accounts payable and accrued expense 413,183 (508,534)
(Increase) in real estate tax escrow (32,970) (56,650)
(Increase) in prepaid expenses and other assets (1,195,693) (311,297)
Increase (Decrease) in advance rental payments and security deposits 244,888 (883,556)
Total Adjustments 12,648,225 10,910,214
Net cash provided by operating activities 12,848,551 13,304,765
Cash Flows From Investing Activities    
Distribution in excess of investment in unconsolidated joint ventures 603,202 1,186,732
(Investment) in unconsolidated joint ventures (40,702) (11,732)
Improvement of rental properties (2,230,442) (2,254,130)
Net cash provided by (used in) investing activities (1,667,942) (1,079,130)
Cash Flows from Financing Activities    
Payment of financing costs   (136,326)
Proceeds of mortgage notes payable   3,781,877
Payment of note payable   (1,000,000)
Principal payments of mortgage notes payable (1,704,743) (1,668,702)
Stock buyback   (394,031)
Distributions to partners (3,506,581) (3,506,894)
Net cash provided by (used in) provided by financing activities (5,211,324) (2,924,076)
Net Increase (Decrease) in Cash and Cash Equivalents 5,969,285 9,301,559
Cash and Cash Equivalents, at beginning of period 18,646,972 7,546,324
Cash and Cash Equivalents, at end of period $ 24,616,257 $ 16,847,883