Corix Bioscience (CXBS) 10-Q 16 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Mar. 31, 2016USD ($)shares
Document And Entity Information
Entity Registrant Name	American Housing Income Trust, Inc.
Entity Central Index Key	1,433,821
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float | $	$ 0
Entity Common Stock, Shares Outstanding | shares	7,565,417
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2,016

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Investment in real estate:
Land	$ 5,470,964	$ 5,539,877
Building and improvements	3,541,626	3,680,502
Real Estate Investment Property at Cost	9,012,590	9,220,379
Less: accumulated depreciation	(245,953)	(223,450)
Investment in real estate, net	8,766,637	8,996,929
Cash	77,978	199,570
Other assets	178,268	221,033
Equipment, net	5,018	0
Total Assets	9,027,901	9,417,532
LIABILITIES
Accounts payable and accrued liabilities	207,863	88,210
Due to related parties	30,906	14,895
Prepaid rent received	33,723	39,598
Notes payable	4,250,190	4,271,665
Total Liabilities	4,522,682	4,414,368
SHAREHOLDERS' EQUITY
Additional paid-in capital	12,681,311	12,390,239
Accumulated deficit	(8,783,650)	(7,994,647)
Total American Housing Income Trust, Inc.'s Shareholders' Equity	3,973,315	4,471,260
Non-controlling interest	531,904	531,904
Total Shareholders' Equity	4,505,219	5,003,164
Total Liabilities and Shareholders' Equity	9,027,901	9,417,532
Preferred Stock
SHAREHOLDERS' EQUITY
Preferred Stock, 9,980,000 shares authorized, $0.001 par value; no shares issued and outstanding (December 31, 2015 - no shares) and Preferred Stock - Series A, 20,000 shares authorized, $0.001 par value; no shares issued and outstanding (December 31, 2015 - no shares)	0	0
Series A, Preferred Stock
SHAREHOLDERS' EQUITY
Preferred Stock, 9,980,000 shares authorized, $0.001 par value; no shares issued and outstanding (December 31, 2015 - no shares) and Preferred Stock - Series A, 20,000 shares authorized, $0.001 par value; no shares issued and outstanding (December 31, 2015 - no shares)	0	0
Common Stock
SHAREHOLDERS' EQUITY
Common stock, 500,000,000 shares authorized, par value $0.01; 7,565,417 shares outstanding (December 31, 2015 - 7,566,815 shares)	$ 75,654	$ 75,668

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
Preferred Stock
Shares authorized	9,980,000	9,980,000
Par Value	$ .001	$ .001
Shares outstanding	0	0
Series A, Preferred Stock
Shares authorized	20,000	20,000
Par Value	$ .001	$ .001
Shares outstanding	0	0
Common Stock
Shares authorized	500,000,000	500,000,000
Par Value	$ .01	$ .01
Shares outstanding	7,565,417	7,566,815

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenue
Rental revenues	$ 161,767	$ 87,159
Interest income	0	2,402
Other Income	133	500
Total revenue	161,900	90,061
Expenses
Depreciation	27,582	19,268
General and administrative	863,033	466,636
Interest expense	65,269	51,994
Acquisition expense	0	325,000
Total expenses	(955,884)	(862,898)
Net loss before gain on sale of properties	(793,984)	(772,837)
Gain on sale of properties	(4,981)	0
Net Loss	(789,003)	(772,837)
Net loss attributable to non-controlling interest	0	0
Net loss attributable to common stockholders	$ (789,003)	$ (772,837)
Basic and diluted loss per share:
Net loss per share attributable to common stockholders	$ (0.10)	$ (0.19)
Weighted average shares outstanding - basic and diluted	7,565,432	4,130,644

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash Flows from Operating Activities
Net Loss	$ (789,003)	$ (772,837)
Items not affecting cash:
Depreciation	27,582	19,268
Stock-based compensation	291,058	0
Gain on sale of properties	(4,981)	0
Changes in operating assets and liabilities:
Accounts receivable	(50)	(3,200)
Prepaid expenses	42,815	(34,766)
Accounts payable	38,493	12,092
Accrued liabilities	81,160	3,241
Prepaid rent	(5,875)	(3,950)
Due to related parties	16,011	(87,839)
Net Cash Used In Operating Activities	(302,790)	(867,991)
Cash Flows from Investing Activities
Purchase of real estate properties and improvements	(3,411)	(522,733)
Proceeds from sale of real estate properties	211,200	0
Purchase of equipment	(5,116)	0
Net Cash Provided by (Used in) Investing Activities	202,673	(522,733)
Cash Flows from Financing Activities
Proceeds from the sale of common stock	0	1,216,502
Proceeds from notes payable	0	120,000
Repayment of notes payable	(21,475)	(9,819)
Net Cash (Used in) Provided by Financing Activities	(21,475)	1,326,683
Change in Cash	(121,592)	(64,041)
Cash - Beginning of Period	199,570	304,371
Cash - End of Period	77,978	240,330
Interest paid	65,269	50,866
Income taxes paid	0	0
Notes payable issued with acquisition of real properties	$ 0	$ 810,000

Nature of Operations

Nature of Operations	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	1. Nature of Operations American Housing Income Trust, Inc. (“we”, “our”, the “Company”) was incorporated on December 17, 2007 under the laws of the State of Nevada. On February 13, 2015, following the acquisition of the majority and controlling shares of the Company by American Realty Partners, LLC (“ARP”), a change of control of the Company took place. On May 11, 2015, the Company converted into a Maryland corporation and changed its name to American Housing Income Trust, Inc. On August 3, 2015, the Company, and Valfre Holdings, LLC, an Arizona limited liability company, and James A. Valfre and Pamela J. Valfre, f/k/a Pruitt (collectively, "Valfre") closed on the Company's acquisition of nine single family residences in Arizona through an umbrella limited liability partnership organized in Maryland called "AHIT Valfre, LLP" (“AHIT Valfre”). Pursuant to the AHIT Valfre Agreements, in consideration for the conveyance of the nine single family residences, which were acquired by AHIT Valfre “subject to” existing mortgages, AHIT Valfre issued limited partnership interests to Valfre. On April 8, 2016, AHIT Valfre completed its internal restructuring and the partners in AHIT Valfre restructured their respective interests in the partnership resulting in AHIT Valfre GP, LLC (“AHIT Valfre GP”) and AHIT Valfre Limiteds, LLC (“AHIT Valfre Limiteds”) serving as General Partner and Limited Partner respectively, of AHIT Valfre. The Company is in the business of acquiring and operating residential properties. As of the date of this filing, the Company holds title to 47 residential properties and 1 commercial property.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies a) Basis of Presentation and Principles of Consolidation These unaudited consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“US”) and the rules of the Securities and Exchange Commission and should be read in conjunction with the audited financial statements and notes for the years ended December 31, 2015 and 2014 contained in the Company’s Form 10-K filed on March 30, 2016. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary to present fairly the Company's financial position, results of operations and cash flows for the periods shown have been reflected herein. The results of operations for such periods are not necessarily indicative of the results expected for a full year or for any future period. Notes to the financial statements which would substantially duplicate the disclosure contained in the audited financial statements for the years ended December 31, 2015 and 2014 as reported in the Company's Form 10-K have been omitted. These consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries ARP, and its subsidiary special purpose entities, ARP Pledgor, LLC, ARP Borrower, LLC, ARP Pledgor II, LLC, APR Borrower II, LLC and AHIT Valfre, LLP. All significant intercompany transaction and balances have been eliminated. b) Use of Estimates The preparation of financial statements in conformity with US generally accepted accounting principles in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to the useful life and recoverability of long-lived assets, and income taxes. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. c) Fair Value of Financial Instruments The carrying amounts reported in the consolidated balance sheets for accounts payable and accrued liabilities, amounts due to/from related parties and notes payable are reasonable estimate of fair value because of the short period of time between the origination of such instruments and their expected realization and if, applicable, the stated rate of interest is equivalent to rates currently available. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value maximize the use of observable inputs and minimize the use of unobservable inputs. The Company utilizes a three-level valuation hierarchy for disclosures of fair value measurements, defined as follows: Level 1 Level 2 Level 3 The Company does not have any financial instruments that are required to be measured and recorded at fair value on a recurring basis. d) Non-controlling Interest Limited partnership units in AHIT-Valfre that are not owned by the Company are presented as non-controlling interest in the equity section of our consolidated balance sheets. Our limited partners do not have the right to share in the net income or losses of AHIT Valfre but have the right to convert all or part of their partnership units to common shares of the Company on a one-for-one basis following the one-year anniversary of issuance. At the time of redemption, we have the right to determine whether to redeem the non-controlling limited partnership units of AHIT Valfre for cash, based upon the fair value of an equivalent number of shares of our common stock at the time of redemption. As of March 31, 2016, there were 300,026 limited partnership units outstanding in AHIT Valfre. e) Recent Accounting Pronouncements The Company has implemented all new accounting pronouncements that are in effect and that may impact its consolidated financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

Going Concern

Going Concern	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Going Concern	3. Going Concern These interim consolidated financial statements have been prepared on a going concern basis, which implies that the Company will continue to realize its assets and discharge its liabilities in the normal course of business. The Company has never paid any dividends and is unlikely to pay dividends in the immediate or foreseeable future. The continuation of the Company as a going concern is dependent upon the continued financial support from its stockholders, the ability of the Company to obtain necessary equity financing to continue operations, and the attainment of profitable operations. During the three months ended March 31, 2016, the Company incurred a net loss of $ s at March 31, 2016, the Company has accumulated losses of $8,783,650 since inception. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. These consolidated financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. The Company has been successful in raising cash through equity offerings in the past. The Company has financing efforts in place to continue to raise cash through equity offerings. Management has developed a plan to continue operations. This plan includes obtaining equity financing and reducing expenses. Although the Company has successfully completed financings in the past fiscal years, the Company cannot assure that the plans to address these matters in the future will be successful.

Investment in Real Estate

Investment in Real Estate	3 Months Ended
	Mar. 31, 2016
Real Estate [Abstract]
Investment in Real Estate	4. March 31, 2016 December 31, 2015 Cost of real estate properties $ 9,012,590 $ 9,220,379 Accumulated depreciation (245,953) (223,450) Balance at the end of the period $ 8,766,637 $ 8,996,929 During the three month period ended March 31, 2016, the Company recorded depreciation expense of $27,582 (2014 - $19,268).

Prepaid Rent Received

Prepaid Rent Received	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Prepaid Rent Received	5. March 31, 2016 December 31, 2015 Balance, beginning of period $ 39,598 $ 7,450 Prepaid rent recognized as revenue during the period (48,168) (7,450) Prepaid rent received during the period 42,293 39,598 Balance, end of period $ 33,723 $ 39,598

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
Related Party Transactions	6. a) b) c) d)

Notes Payable

Notes Payable	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Notes Payable	7. March 31, 2016 $ December 31, 2015 $ Mortgages payable on February 20, 2034, bearing interest at a variable rate, collateralized by a deed of trust on the real estate properties purchased with the loan 201,245 203,343 Promissory note payable on November 1, 2019, bearing interest at 5.371% per annum, collateralized by the real estate properties titled to ARP Borrower, LLC and 100% equity ownership in ARP Borrower, LLC. The note is also secured by the Company. 1,645,452 1,651,183 Promissory note payable on December 1, 2020, bearing interest at 5.88% per annum, collateralized by the real estate properties titled to ARP Borrower II, LLC and 100% equity ownership in ARP Borrower II, LLC. 965,188 968,000 Promissory note payable on May 27, 2016, bearing interest at 16% per annum, collateralized by a deed of trust on the real estate property purchased with the loan 180,000 180,000 Promissory note payable on July 8, 2016, bearing interest at 18% per annum initially and at 12% per annum after four months, collateralized by a deed of trust on the real estate property purchased with the loan 80,000 80,000 Mortgage payable on April 1, 2018, bearing interest at 5% per annum, collateralized by a deed of trust on the real estate properties purchased with the loan 16,571 18,861 Mortgage payable on July 1, 2029, bearing interest at 4.125% per annum, collateralized by a deed of trust on the real estate properties purchased with the loan 90,664 91,943 Home Equity Line-of-credit, bearing interest at a variable interest rate, collateralized by a deed of trust on the real estate properties purchased with the loan 46,108 46,108 Mortgage payable on October 1, 2035, bearing interest at a variable rate, collateralized by a deed of trust on the real estate properties purchased with the loan 139,220 140,512 Mortgage payable on June 1, 2043, bearing interest at 4.125% per annum, collateralized by a deed of trust on the real estate properties purchased with the loan 112,477 113,036 Mortgage payable on July 1, 2041, bearing interest at 5.25% per annum, collateralized by a deed of trust on the real estate properties purchased with the loan 273,612 274,905 Home Equity Line-of-credit, bearing interest at 8.25% per annum, collateralized by a deed of trust on the real estate properties purchased with the loan 34,337 34,484 Mortgage payable on June 1, 2043, bearing interest at 4.125% per annum, collateralized by a deed of trust on the real estate properties purchased with the loan 131,707 132,362 Mortgage payable on December 1, 2034, bearing interest at a variable rate, collateralized by a deed of trust on the real estate properties purchased with the loan 110,099 111,168 Mortgage payable on January 1, 2022, bearing interest at 4.375% per annum, collateralized by a deed of trust on the real estate properties purchased with the loan 16,683 16,683 Mortgage payable on September 1, 2033, bearing interest at a variable rate, collateralized by a deed of trust on the real estate properties purchased with the loan 75,487 76,336 Home Equity Line-of-credit payable on January 13, 2040, bearing interest at 2.76% per annum, collateralized by a deed of trust on the real estate properties purchased with the loan 50,300 50,215 Mortgage payable on November 1, 2026, bearing interest at 4.5% per annum, collateralized by a deed of trust on the real estate properties purchased with the loan 81,040 82,526 4,250,190 4,271,665 The following table schedules the principal payments on the notes payable for the next five years and thereafter as of March 31, 2016: Year Amount 2016 $ 404,997 2017 90,343 2018 84,563 2019 1,639,388 2020 968,154 thereafter 1,062,745 Total $ 4,250,190 At March 31, 2016, the weighted-average interest rate on short-term borrowings outstanding was 12.60%. The average amount of short-term borrowings during the three months ended March 31, 2016 was $85,111. The average interest on short-term borrowings during the three months ended March 31, 2016 was $10,726.

Common Stock

Common Stock	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Common Stock	8. a) b)

Single Family Residence Acquisi

Single Family Residence Acquisitions	3 Months Ended
	Mar. 31, 2016
Banking and Thrift [Abstract]
Single Family Residence Acquisitions	9. As of March 31, 2016, the Company owns 45 single family homes. The estimated useful life of the buildings and improvements related to these assets is 27 years. The following table sets forth the metropolitan statistical area, metropolitan division, number of homes, aggregate net investment, and average investment for each home acquired. MSA / Metro Division Number of Homes Aggregate Investment Average Investment per Home Arizona 42 $ 8,646,903 $ 205,877 Texas 3 365,686 121,895 Total and Weighted Average 45 $ 9,012,590 $ 200,280 The Company computes depreciation using the straight-line method over the estimated useful lives of 27 years for building cost. The Company makes this determination based on subjective assessments as to the useful lives of the Company’s properties for purposes of determining the amount of depreciation to record on an annual basis with respect to our investments in single family real estate.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	10. Lease Agreements The Company rents properties under non-cancellable lease agreements with a term of one year. Future minimum rental revenues under leases existing on our properties at March 31, 2016 through the end of their term, are as follows: Fiscal Year 2016 $ 316,229 Fiscal Year 2017 50,845 Total $ 367,074 Litigation Other than the litigation identified herein, the Company is not presently subject to any material litigation nor, to its knowledge, is any material litigation threatened against the Company, which if determined unfavorably to the Company, would have a material adverse effect on the Company's consolidated financial position, consolidated results of operations, or consolidated cash flows. The Company is a defendant in a civil matter pending in San Joaqin County, California brought by a current shareholder – Ronald Trinchitella and Billie Jean Trinchitella TTEE Trinchitella Family Trust DTD 7/15/1999 (the “Trinchitella Case”). The plaintiff was a member in American Realty prior to the Share Exchange Agreement with the Company was effectuated. The plaintiff is seeking rescission damages against American Realty, i.e. a return of his investment, on the premise that Performance Realty was required to honor his demand for redemption of his units when, according to American Realty, honoring the redemption was at the sole discretion of Performance Realty. The Company is a defendant by virtue of its relationship with American Realty. The Company has denied all allegations and is defending the case. Environmental Matters The Company follows a policy of monitoring its properties for the presence of hazardous or toxic substances. While there can be no assurance that a material environmental liability does not exist at its properties, the Company is not currently aware of any environmental liability with respect to its properties that would have a material effect on its consolidated balance sheets, consolidated statements of operations, or consolidated cash flows. Additionally, the Company is not aware of any material environmental liability or any unasserted claim or assessment with respect to an environmental liability that management believes would require additional disclosure or the recording of a loss contingency.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	11. a) b) c) d)

Summary of Significant Accoun17

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Basis of Presentationa nd Principles of Consolidation	a) Basis of Presentation and Principles of Consolidation These unaudited consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“US”) and the rules of the Securities and Exchange Commission and should be read in conjunction with the audited financial statements and notes for the years ended December 31, 2015 and 2014 contained in the Company’s Form 10-K filed on March 30, 2016. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary to present fairly the Company's financial position, results of operations and cash flows for the periods shown have been reflected herein. The results of operations for such periods are not necessarily indicative of the results expected for a full year or for any future period. Notes to the financial statements which would substantially duplicate the disclosure contained in the audited financial statements for the years ended December 31, 2015 and 2014 as reported in the Company's Form 10-K have been omitted. These consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries ARP, and its subsidiary special purpose entities, ARP Pledgor, LLC, ARP Borrower, LLC, ARP Pledgor II, LLC, APR Borrower II, LLC and AHIT Valfre, LLP. All significant intercompany transaction and balances have been eliminated.
Use of Estimates	b) Use of Estimates The preparation of financial statements in conformity with US generally accepted accounting principles in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to the useful life and recoverability of long-lived assets, and income taxes. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.
Fair Value of Financial Instruments	c) Fair Value of Financial Instruments The carrying amounts reported in the consolidated balance sheets for accounts payable and accrued liabilities, amounts due to/from related parties and notes payable are reasonable estimate of fair value because of the short period of time between the origination of such instruments and their expected realization and if, applicable, the stated rate of interest is equivalent to rates currently available. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value maximize the use of observable inputs and minimize the use of unobservable inputs. The Company utilizes a three-level valuation hierarchy for disclosures of fair value measurements, defined as follows: Level 1 Level 2 Level 3 The Company does not have any financial instruments that are required to be measured and recorded at fair value on a recurring basis.
Non-controlling Interest	d) Non-controlling Interest Limited partnership units in AHIT-Valfre that are not owned by the Company are presented as non-controlling interest in the equity section of our consolidated balance sheets. Our limited partners do not have the right to share in the net income or losses of AHIT Valfre but have the right to convert all or part of their partnership units to common shares of the Company on a one-for-one basis following the one-year anniversary of issuance. At the time of redemption, we have the right to determine whether to redeem the non-controlling limited partnership units of AHIT Valfre for cash, based upon the fair value of an equivalent number of shares of our common stock at the time of redemption. As of March 31, 2016, there were 300,026 limited partnership units outstanding in AHIT Valfre.
Recent Accounting Pronouncements	e) Recent Accounting Pronouncements The Company has implemented all new accounting pronouncements that are in effect and that may impact its consolidated financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

Prepaid Rent Received (Tables)

Prepaid Rent Received (Tables)	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Prepaid Rent Received	March 31, 2016 December 31, 2015 Balance, beginning of period $ 39,598 $ 7,450 Prepaid rent recognized as revenue during the period (48,168) (7,450) Prepaid rent received during the period 42,293 39,598 Balance, end of period $ 33,723 $ 39,598

Notes Payable (Tables)

Notes Payable (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Notes Payable	March 31, 2016 $ December 31, 2015 $ Mortgages payable on February 20, 2034, bearing interest at a variable rate, collateralized by a deed of trust on the real estate properties purchased with the loan 201,245 203,343 Promissory note payable on November 1, 2019, bearing interest at 5.371% per annum, collateralized by the real estate properties titled to ARP Borrower, LLC and 100% equity ownership in ARP Borrower, LLC. The note is also secured by the Company. 1,645,452 1,651,183 Promissory note payable on December 1, 2020, bearing interest at 5.88% per annum, collateralized by the real estate properties titled to ARP Borrower II, LLC and 100% equity ownership in ARP Borrower II, LLC. 965,188 968,000 Promissory note payable on May 27, 2016, bearing interest at 16% per annum, collateralized by a deed of trust on the real estate property purchased with the loan 180,000 180,000 Promissory note payable on July 8, 2016, bearing interest at 18% per annum initially and at 12% per annum after four months, collateralized by a deed of trust on the real estate property purchased with the loan 80,000 80,000 Mortgage payable on April 1, 2018, bearing interest at 5% per annum, collateralized by a deed of trust on the real estate properties purchased with the loan 16,571 18,861 Mortgage payable on July 1, 2029, bearing interest at 4.125% per annum, collateralized by a deed of trust on the real estate properties purchased with the loan 90,664 91,943 Home Equity Line-of-credit, bearing interest at a variable interest rate, collateralized by a deed of trust on the real estate properties purchased with the loan 46,108 46,108 Mortgage payable on October 1, 2035, bearing interest at a variable rate, collateralized by a deed of trust on the real estate properties purchased with the loan 139,220 140,512 Mortgage payable on June 1, 2043, bearing interest at 4.125% per annum, collateralized by a deed of trust on the real estate properties purchased with the loan 112,477 113,036 Mortgage payable on July 1, 2041, bearing interest at 5.25% per annum, collateralized by a deed of trust on the real estate properties purchased with the loan 273,612 274,905 Home Equity Line-of-credit, bearing interest at 8.25% per annum, collateralized by a deed of trust on the real estate properties purchased with the loan 34,337 34,484 Mortgage payable on June 1, 2043, bearing interest at 4.125% per annum, collateralized by a deed of trust on the real estate properties purchased with the loan 131,707 132,362 Mortgage payable on December 1, 2034, bearing interest at a variable rate, collateralized by a deed of trust on the real estate properties purchased with the loan 110,099 111,168 Mortgage payable on January 1, 2022, bearing interest at 4.375% per annum, collateralized by a deed of trust on the real estate properties purchased with the loan 16,683 16,683 Mortgage payable on September 1, 2033, bearing interest at a variable rate, collateralized by a deed of trust on the real estate properties purchased with the loan 75,487 76,336 Home Equity Line-of-credit payable on January 13, 2040, bearing interest at 2.76% per annum, collateralized by a deed of trust on the real estate properties purchased with the loan 50,300 50,215 Mortgage payable on November 1, 2026, bearing interest at 4.5% per annum, collateralized by a deed of trust on the real estate properties purchased with the loan 81,040 82,526 4,250,190 4,271,665
Principle Payments	Year Amount 2016 $ 404,997 2017 90,343 2018 84,563 2019 1,639,388 2020 968,154 thereafter 1,062,745 Total $ 4,250,190

Single Family Residence Acqui20

Single Family Residence Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2016
Banking and Thrift [Abstract]
Schedule of Homes and Investment	MSA / Metro Division Number of Homes Aggregate Investment Average Investment per Home Arizona 42 $ 8,646,903 $ 205,877 Texas 3 365,686 121,895 Total and Weighted Average 45 $ 9,012,590 $ 200,280

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Minimum Rental Revenue	Fiscal Year 2016 $ 316,229 Fiscal Year 2017 50,845 Total $ 367,074