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Investment in Tenancy-in-Common | 12 Months Ended
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Dec. 31, 2023
Tenant In Common Investment [Abstract] |
Investment in Tenancy-in-Common | Note 11 – Investment in Tenancy-in-Common On August 13, 2021, the Company entered into a tenancy-in-common (“TIC”) structure whereby the TIC acquired a 15,288 square foot single tenant building in Rockford, IL for total consideration of approximately $4.5 million. The Company acquired a 36.8% interest in the TIC acquisition with Sunny Ridge HHP, LLC (“Sunny Ridge”) holding the remaining TIC interest. Funding for the Company’s interest was primarily funded through a Redeemable Non-Controlling Interest Contribution from Mr. Hornstrom to one of the Company's subsidiaries for $0.65 million. The remainder of the purchase price of the property was funded by Sunny Ridge of $1.2 million and debt financing of approximately $2.7 million. Mr. Hornstrom owns 50% of Sunny Ridge and also contributed $600,000 of $950,000 Redeemable Non-Controlling Interest contribution for the Plant City, FL property. On April 1, 2022, the TIC refinanced the debt reducing the total debt outstanding to $2.1 million with an interest rate of 3.85% from April 1, 2022 through and until March 31, 2027. Effective April 1, 2027, the interest rate adjusts to the 5-year Treasury plus 2.5% and subject to a floor of 3.85%. In conjunction with the refinancing of the debt, the Company contributed $455,888 to the TIC increasing the Company's ownership to 50% interest and reducing Sunny Ridge's interest to 50%. On September 7, 2023, the Company purchased the remaining TIC interest in its Rockford, IL property for $1,318,367 plus transaction costs of $37,064. Until the purchase of the remaining TIC interest, the Company has been accounting for the investment under the equity method. Upon acquiring the full TIC interest, the Company consolidated the TIC and records the TIC activity since then as a consolidated entity. The condensed income statements for the twelve months ended December 31, 2023 and 2022 for the tenancy-in-common investment is as follows:
| Jan 1 to Sep 7, |  | Twelve Months ended Dec 31, |
| 2023 |  | 2022 |
Total revenue | $ | 267,454 |  | $ | 372,556 |
Total expenses | $ | 201,909 |  | $ | 262,942 |
Operating income |  | 65,545 |  |  | 109,614 |
Loss on debt extinguishment |  | - |  |  | (31,851 | )
Net income | $ | 65,545 |  | $ | 77,763 |
GIP, LP's Share | $ | 32,773 |  | $ | 37,298 |
The condensed balance sheets as of December 31, 2023 and December 31, 2022 for the tenants in common investment is as follows:
| As of December 31, |  | As of December 31, |
| 2023 |  | 2022 |
Net real estate investments | $ | - |  | $ | 4,503,120 |
Deferred rent asset |  | - |  |  | 7,132 |
Prepaid expenses |  | - |  |  | 343 |
Due from related party |  | - |  |  | 21,710 |
Total Assets | $ | - |  | $ | 4,532,305 |
Accounts payable and accrued expenses | $ | - |  | $ | 6,738 |
Prepaid rent |  | - |  |  | 30,550 |
Acquired lease intangible liabilities, net |  | - |  |  | 35,561 |
Mortgage loan, net of unamortized debt issuance costs |  | - |  |  | 2,088,116 |
Total Liabilities | $ | - |  | $ | 2,160,965 |
GIP, LP | $ | - |  | $ | 1,218,268 |
SUNNY RIDGE MHP, LLC |  | - |  |  | 1,153,072 |
Total Tenants in Common Equity | $ | - |  | $ | 2,371,340 |
Total Liabilities and Tenants in Common Equity | $ | - |  | $ | 4,532,305 |

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