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LEASE INCOME | 9 Months Ended
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Sep. 30, 2023
Lease Income |
LEASE INCOME | 11. LEASE INCOME The Company generally rents its SFRs under lease agreements with a term of one or two years. Future minimum rental revenue under existing leases on our properties at September 30, 2023 in each calendar year through the end of their terms are as follows: SCHEDULE OF FUTURE MINIMUM RENTAL PAYMENTS
2023 |  | $ | 915,765 |
2024 |  |  | 691,045 |
Total Future Receipts |  | $ | 1,606,810 |
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 three months ended September 30, 2023 and 2022, property management fees incurred by the property managers were $35,370 and $28,890, respectively. For the nine months ended September 30, 2023 and 2022, property management fees incurred by the property managers were $101,970 and $60,390, respectively. For the three months ended September 30, 2023 and 2022, leasing fees incurred by the property managers were $29,360 and $36,420, respectively. For the nine months ended September 30, 2023 and 2022, leasing fees incurred by the property managers were $96,115 and $149,625, respectively.

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