<SEC-DOCUMENT>0001839882-25-002275.txt : 20250312
<SEC-HEADER>0001839882-25-002275.hdr.sgml : 20250312
<ACCEPTANCE-DATETIME>20250115134338
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001839882-25-002275
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250115

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INCOME OPPORTUNITY REALTY INVESTORS INC /TX/
		CENTRAL INDEX KEY:			0000949961
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		IRS NUMBER:				752615944
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1603 LBJ FREEWAY
		STREET 2:		SUITE 800
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75234
		BUSINESS PHONE:		4685224200

	MAIL ADDRESS:	
		STREET 1:		1603 LBJ FREEWAY
		STREET 2:		SUITE 800
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75234
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><BR>
    <BR>
    </P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">STEVEN C. METZGER</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">DIRECT DIAL 214-740-5030</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SMETZGER@PMKLAW.COM</P></TD>
    <TD STYLE="width: 51%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center">METZGER LAW PLLC</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">A PROFESSIONAL LIMITED LIABILITY COMPANY</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">ATTORNEYS, MEDIATORS &amp; COUNSELORS</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">4709 W. LOVERS LANE, SUITE 200</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">DALLAS, TEXAS 75209-3178</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">214-969-7600</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">WWW.PMKLAW.COM</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="width: 24%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">FACSIMILE 214-224-7555</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">214-523-3838</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">January 14, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Via EDGAR</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">100 F Street, Mail Stop 4628</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Attn: &nbsp;&nbsp;Laura McKenzie Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;Office of Mergers &amp; Acquisitions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Re:</TD><TD>Income Opportunity Realty Investors, Inc. (Commission File No. 005-45693; CIK No. 0000949961) Schedule 14D-9 filed December 16, 2024
<BR>
File No. 005-45693</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On behalf of Income Opportunity
Realty Investors, Inc., a Nevada corporation (&#8220;<B>IOR</B>&#8221;) a filing is being made under the Securities Exchange Act of 1934,
as amended (the &#8220;<B>Exchange Act</B>&#8221;) of Amendment No. 1 to Schedule 14D-9 originally filed December 16, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This letter is being filed as
correspondence uploaded on the EDGAR system on behalf of <B>IOR</B> in response to a letter of comments from the Staff of the Securities
and Exchange Commission dated January 8, 2025. Schedule 1 annexed to this letter contains the responses to each of the comments of the
Staff. In each instance on such Schedule 1, for convenience, each comment of the Staff is repeated, followed in each instance by the applicable
response to such comment or explanation. Also included in such response, where appropriate, is a letter/page reference to the text to
the applicable document or instrument referred to in the comment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This letter, Schedule 1, and the
Amendment No. 1 to Schedule 14D-9 are being filed under the EDGAR system in direct response to the comments of the Staff. If you would
like to discuss any item concerning the referenced matter included in this letter or Schedule 1, please do not hesitate to contact the
undersigned at any time at 214-740-5030.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 60%; text-align: justify; text-indent: 0">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 50%; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 60%; text-align: justify; text-indent: 0">/s/ Steven C. Metzger</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 50%; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 60%; text-align: justify; text-indent: 0">Steven C. Metzger</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 50%; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">cc: &#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: -11pt 0 0; text-align: justify; text-indent: 0.5in">Erik L. Johnson, President and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Chief Executive Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Income Opportunity Realty Investors,
Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">1603 LBJ Freeway, Suite 800</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Dallas, Texas 75234</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SCHEDULE 1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Response to Comments of the Staff of</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>The Securities and Exchange Commission</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>by letter dated January 8, 2025 with respect to</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Schedule 14D-9 filed December 16, 2024 of</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Income Opportunity Realty Investors, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B> File No. 005-45693</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>_________________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following information is intended
to provide a response to comments of the Staff of the Securities and Exchange Commission rendered by letter dated January 8, 2025, with
respect to Schedule 14D-9 originally filed December 16, 2024 of Income Opportunity Realty Investors, Inc. (the &#8220;<B>Company</B>&#8221;
or &#8220;<B>IOR</B>&#8221;). For convenience, each comment of the Staff is restated below, with the response noted immediately following
the comment. Also included in such response is a letter/page or Item reference to the text in Amendment No. 1 to Schedule 14-D-9 (the
&#8216;<B>Amendment</B>&#8221;) where applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>General</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>Schedule 14D-9 for the Fiscal Year Ended December
31, 2024.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>Item 1. Subject Company Information, page 1.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>Comment/Observation No. 1.</B>
Note that Item 1002(b) of Regulation M-A requires a statement of shares outstanding as of the most recent practicable date. Please revise
to provide updated information or explain why August 8, 2024, is the most recent practicable date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>Response to Comment/Observation
No. 1.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The date August 8, 2024 was an
error and should have been November 8, 2024, which was the Record Date for the determination of stockholders entitled to notice of and
to vote at the <B>IOR&#8217;s</B> Annual Stockholders Meeting held on December 11, 2024, a clarifying statement has been added to Item
1 of the <B>Amendment</B> to indicate the number of <B>Common Shares</B> outstanding of <B>IOR</B> at November 8, 2024 and at present
is 4,066,178.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>Item 3. Past Contacts, Transactions, Negotiations
and Agreements, page 1.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>Comment/Observation No. 2.</B>
Please specify which of the Company&#8217;s SEC filings discuss conflicts of interest or material agreements between the Company and IOR,
or their respective officers, directors, or affiliates. Please include the particular section or page number for any such discussion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Please number all pages in your
filing when amending your report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>Response to Comment/Observation
No. 2.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Under Item 3 of the <B>Amendment</B>,
specific references have been made to pages and sections of <B>IOR&#8217;s</B> SEC filings discussing conflicts of interests or material
agreements between <B>IOR</B> and <B>TCI</B> or their respective officers, directors or affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>Item 6. Interest in Securities of the Subject
Company, page 2.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>Comment/Observation No. 3.</B>
Please clarify that the referenced share repurchases did not occur within the last sixty (60) calendar days. See Item 1008(b) of Regulation
M-A.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>Response to Comment/Observation
No. 3.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Item 6 of the <B>Amendment</B>
has been clarified to reflect that the <B>Share</B> repurchases described were not made within the sixty (60) days preceding December
16, 2024, the date of filing of the Schedule 14D-9 and other items. No purchases of <B>Shares</B> were made by <B>IOR</B>, <B>TCI</B>,
or their respective directors or executive officers or affiliates during the sixty days preceding December 16, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>Item 7. Purposes of the Transaction and Plans
or Proposals, page 2.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>Comment/Observation No. 4.</B>
The disclosure provided does not appear to be responsive to Item 7 of Schedule 14D-9, as it should address subject company negotiations.
Refer to Item 1006(d) of Regulation M-A. Please provide the required disclosure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>Response to Comment/Observation
No. 4.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Item 7 of the <B>Amendment</B>
has been amended to add additional language to clarify that no discussions, agreements, written or oral regarding the limited tender offer
or <B>Share</B> acquisitions have occurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>Item 8. Additional Information,
page 2.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>Comment/Observation No. 5.</B>
Please provide the information required under Item 1011(b) of Regulation M-A or advise. We note that the Offer to Purchase does not appear
to include any exhibits, and the schedules to the Offer to Purchase do not provide the referenced information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>Response to Comment/Observation
No. 5. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>&#9;</B>Although no &#8220;golden
parachute&#8221; type of arrangements exist with respect to <B>IOR&#8217;s</B> executive officers or directors or other personnel (none
of whom are employed by <B>IOR</B>), Item 8 of the <B>Amendment</B> has received added language to reflect that no such items exist. No
table has been included as the table set forth in regulation S-K Item 402 (t) (2) as it is not applicable. The names and other information
concerning each executive officer and director of both <B>IOR</B> and <B>TCI</B> are set forth in the <B>Offer to Purchase</B> at Schedules
I and II.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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