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UPDATES.md

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Property10917 Fidelity Ave, Cleveland, OH 44111
FolderREADME & Property Snapshot
KindText
Updated2026-07-11
Dropbox path00 - README & Property Snapshot/UPDATES.md

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Property Updates ## 2026-06-02 - Property Update (06/02/2026): - Owner-Proposed Governance Results for 10917 Fidelity Ave: - The Governance Voting results are back for the owner-proposed vote. - Yes [Change Property Management to S&P PM LLC] - This voting option received 1,170 / 1,202 votes, which is equal to 97.3% of the total votes. - The voting results can be found on chain [here](https://allo.info/application/3584614364) or by searching the application ID: 3584614364 ## 2026-05-27 - Proper

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# Property Updates

## 2026-06-02

- Property Update (06/02/2026):
- Owner-Proposed Governance Results for 10917 Fidelity Ave:
    - The Governance Voting results are back for the owner-proposed vote.
    - Yes [Change Property Management to S&P PM LLC]
    - This voting option received 1,170 / 1,202 votes, which is equal to 97.3% of the total votes.
    - The voting results can be found on chain [here](https://allo.info/application/3584614364) or by searching the application ID: 3584614364

## 2026-05-27

- Property Update (05/27/2026):
- Owner-Proposed Governance Vote for 10917 Fidelity Ave:
    - An Owner with the following [wallet address](https://allo.info/account/AMINKTXCX2EJCLDSHOD44LBPRE6ESF33DSOUQDAKQ4BJ7JJJERZYYGSDD4) is proposing a governance vote.
    - This owner holds 2 shares in this property.
    - The owner's reasoning is below, word-for-word:
    - *Because this is an owner proposed vote, Lofty cannot change the content. It’s up to owners to verify the accuracy of the claims below.
    - Hello All,
    - The following governance proposal is for changing property management from M1 Homes to S&P Property Management LLC (S&P PM LLC).
    - M1 Homes has decided to immediately exit managing properties in the Cleveland Metro market due to the following reason(s): a.) Changing market regulations, b.) M1 Homes losing their Agent In-Charge (LAIC) coordinator and c.) Limited Lofty platform financial transparency for ongoing operations.
The properties under consideration by S&P PM LLC for a PM change are:
    - 10917 Fidelity Ave (S&P PM LLC Recommends to Maintain/ Upgrade for more value)
    - Market Price Value: $24.28 / token
    - Net Sale Proceeds: $34.97 / token
    - The numbers quoted above are based on the gross values assessed by M1’s Realtor, if each property were to continue its move to sale. The values presented do not include appraisal costs, inspection costs, seller credits (as applicable), outstanding tax liabilities, city mandated repairs (required prior to sale as applicable), and any associated liens on the properties etc. 
    - Property Management would effectively switch over to S&P PM LLC on or before 6/1/26, whom would act as the interim PM for all properties; M1 Homes will coordinate immediately to provide tenant information and rent collection details. Properties would be retained in “for sale” status, remain under coordination to sell unless the ownership group(s) elect to change their previous vote from “sell the property.”
    - In the previous vote(s), S&P PM LLC was not a considered party as we were in the process of securing our required Local Agent In-Charge (LAIC) needed to service this market. The LAIC(s) under contract, have experience working with tenants in the Cleveland metro area, owning, operating, buying and listing their own properties for sale, in addition to, servicing contracting, maintenance and eviction team(s).
    - Additionally, our LAICs have been made aware of the recent and on-going bureaucratic changes in the neighboring areas (Shaker Heights / Garfield Heights), the majority of the Cleveland metro properties are more than sustainable to be taken over and well-managed. The tenants in place are month-to-month offering maximum flexibility to investor(s) for proceeding to sale; otherwise properties electing to retain property operations can renew long-term leases. We believe a sale given the values outlined above is premature, which leaves potential double digit upside within the lifecycle of our PM contract on-the-table.
    - As part of this change, the appointed LAIC will act as a limited contractor for S&P PM LLC. S&P PM LLC will oversee day-to-day property management and operations for financials (rent collection, cashflow statements etc.), assist in tenant communications, repairs and conflict resolution and provide proactive updates to investors.
    - We believe that S&P PM LLC can step in with our values fostering collaboration amongst the community on-platform and our local contacts (LAICs) to elevate these properties. We can more appropriately optimize off-boarding of these properties to local investors, to tenants and / or offering rent to own structures. Bulk wholesaling property portfolios will not optimize investor returns.
    - Our PM Fee will reflect a straightforward 15% property management fee and will follow the terms set forth in our PMA to retain property stability and improve property values over time. [S&P Property Management LLC - Ohio PMA - 5-19-2026](https://docs.google.com/document/u/2/d/1tDnvlFNU0WA2zYUO_cjnyd-FHkI1j0SznPcEp_lp-jw/edit?tab=t.0)
    - Vote 1: Change Property Management to S&P PM LLC:
    - Yes
    - No
    - The proposer of this vote is the owner of S&P PM LLC.
    - The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Tuesday, June 2nd, once the voting period ends.

## 2026-05-19

- Property Update (05/19/2026):
- Owner-Proposed Governance Results for 10917 Fidelity Ave:
    - The Governance Voting results are back for the owner-proposed vote.
    - List the property for sale.
    - This option was declared the winner in Round 1 with 1,120 votes via the Ranked Choice Voting method.
    - The voting results can be found on chain [here](https://allo.info/application/3564608636) or by searching the application ID: 3564608636

## 2026-05-13

- Property Update (05/13/2026):
- Owner-Proposed Governance Vote for 10917 Fidelity Ave:
    - The property manager, M1 Homes LLC, is proposing a governance vote.
    - Their reasoning is below, word-for-word:
    - *Because this is an owner proposed vote, Lofty cannot change the content. It’s up to owners to verify the accuracy of the claims below.
    - Dear Lofty Token Holders of https://www.lofty.ai/property_deal/10917-Fidelity-Ave_Cleveland-OH-44111
    - After extensive consideration, I am proposing two paths forward for this property:
    - List the property for sale
    - Transfer management operations to EcoSystems LLC
    - No Change
    - Cleveland has become increasingly difficult for landlords and investors due to excessive bureaucracy, compliance requirements, inspections, and administrative red tape. The amount of time and energy required each month — both from myself and the people I hire — to satisfy the city’s constantly expanding requirements has become unsustainable.
    - At the same time, Cleveland is not functioning as a strong appreciation market. Property taxes continue to rise year after year, while many of the surrounding areas continue to decline in value. From an investment perspective, this is no longer an ideal long-term hold location.
    - Because of these factors, I believe investors should decide whether they would prefer to exit the investment through a sale or continue operations under EcoSystems LLC management moving forward.
    - Thank you for your consideration.
    - The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Tuesday, May 19th, once the voting period ends.

## 2025-06-20

- Property Update (06/20/2025):
- Daily rent has been temporarily paused for this performing property because the previous property manager, Evernest, has been withholding rental income. This is due to an outstanding unpaid bill balance across properties on Lofty in Evernest's portfolio.
    - Evernest is holding the funds and will release them once the balance is resolved. We've requested a detailed, itemized breakdown of all unpaid bills they are claiming.
    - Once we receive this breakdown, the new property manager, Whalec Property Management, will work with Evernest and the property owners to determine the appropriate next steps.
    - These properties are occupied with paying tenants, and you can view the property’s generated cash flow for this past month under the “Operating Reserve Replenishment” section in the Financials Tab.
    - Once this is resolved and the withheld rent is released, owners will receive back-pay for the missed rental days.

## 2025-05-27

- Property Update (05/27/2025):
- Governance Results for 10917 Fidelity Ave:
    - The Governance Voting results are back for the owner-proposed vote.
    - The winning vote is:
    - Option 3 - Hold All Funds in DAO Operating Reserve: No lending or distribution . Retain all available funds in the DAO’s Operating Reserve to improve liquidity and cover future operational costs.
    - This option was declared the winner in Round 5 with 1,098 token votes via the Ranked Choice Voting method.
    - The voting results can be found on chain [here](https://allo.info/application/3020338871) or by searching the application ID: 3020338871

## 2025-05-21

- Property Update (05/21/2025):
- Owner-Proposed Governance Vote for 10917 Fidelity Ave:
    - Earl Co with ECO Systems LLC, who has the following [wallet address](https://allo.info/account/YILY2YPFH2HODAZSMVJ6C2URUTBJSEPB3377SIKHFCFMGQEEFAJ3E5TYDM), has proposed a governance vote.
    - The owner proposing this vote holds 1 token in this property.
    - The owner's reasoning is below, word-for-word:
    - *Because this is an owner proposed vote, Lofty cannot change the content. It’s up to owners to verify the accuracy of the claims below.
    - Subject: Contribution of Surplus Funds to EARLDAO for Lending to DAO LLCs in Need of Short - Term Capital
    - [View Governance Proposal](https://www.dropbox.com/scl/fi/aqgqlo1vobeprfrl1nr07/EARLDAO_Lender_DAO_Proposal.docx?rlkey=n3gm38rxstyafyakm13dafpr0&e=2&dl=0)
    - [View Summary](https://www.dropbox.com/scl/fi/878plu5tzeb4f1rmgrzxs/EARLDAO-Lender-DAO-Proposal.png?rlkey=krhvm6eyj2ih96yl4094j1z32&e=2&dl=0)
    - The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to all owners on Tuesday, May 27th once the voting period ends.

## 2025-04-21

- Property Update (04/21/2025):
- *Owner-Proposed Governance Results:*
    - The Governance Voting results are back for the owner-proposed governance vote to to change property managers to M1 Homes LLC.
    - Yes [Change property managers to M1 Homes LLC]
    - This voting option received 1,060 / 1,185 token votes, which is equal to 89.45% of the total votes.
    - The voting results can be found on chain [here](https://allo.info/application/2944692975) or by searching the application ID: 2944692975
    - The property management migration process to M1 Homes LLC will begin right away.

## 2025-04-15

- Property Update (04/15/2025):
- *Owner-Proposed Governance Vote:*
    - An Owner with the following [wallet address](https://allo.info/account/PRLPPSU53SGKIK5Y7L2LAZPRJHDRO35FHXPFZQCQAWLOBCRKVGX5B7T6XI) is proposing a governance vote.
    - This owner holds 50 tokens in this property.
    - The owner's reasoning is below, word-for-word:
    - *Because this is an owner proposed vote, Lofty cannot change the content. It’s up to owners to verify the accuracy of the claims below.
    - I recommend that we transition management of 10917 Fidelity Ave Cleveland, OH 44111 to M1 Homes LLC, effective April 25th. M1 Homes is a reputable property management company that owns and manages 36 homes and 3 commercial units in Ohio, as well as 17 homes in Illinois. M1 Homes also manages 8 properties in the Quad City area, as well as another Cleveland home on Lofty.
    - This home is currently being managed by Yhome Nursing LLC. If there are any outstanding or unknown loans to Yhome Nursing LLC or Calixte Duffaut, M1 Homes will have the choice to accept management, propose another vote, or withdraw. I am not going to go into detail on why changing Property Management from Yhome Nursing LLC to M1 Homes would be beneficial to owners. M1 Homes already has current management in place who reside in the Cleveland Area.
    - M1 Homes is an active participant on Lofty and in the Lofty Discord (M1), offering consistent communication and being readily available to answer any questions from investors. M1 Homes' mana