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UPDATES.md

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Property7411 Elton Ave, Cleveland, Ohio 44102
FolderREADME & Property Snapshot
KindText
Updated2026-07-11
Dropbox path00 - README & Property Snapshot/UPDATES.md

What This File Appears To Be

Property Updates ## 2026-04-13 - Property Update (04/13/2026): - We are actively monitoring sale/disposition-related file activity for this property. - Transaction and documentation review is in progress. - A follow-up owner update will be sent with any material changes to status, timeline, or economics. - Confirmed transaction stage - Any owner actions required - Reconciliation/distribution notes if closing occurs ## 2026-04-06 - Property Update (04/06/2026): - Yhome Transition Reconciliation

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# Property Updates

## 2026-04-13

- Property Update (04/13/2026):
- We are actively monitoring sale/disposition-related file activity for this property.
    - Transaction and documentation review is in progress.
    - A follow-up owner update will be sent with any material changes to status, timeline, or economics.
    - Confirmed transaction stage
    - Any owner actions required
    - Reconciliation/distribution notes if closing occurs

## 2026-04-06

- Property Update (04/06/2026):
- Yhome Transition Reconciliation (as of 2026-04-06 via Lofty PM/Yhome Transition Reconciliation.xlsx):
    | Field | Value |
    |-------|-------|
    | Yhome Net Due TO DAO | $844.42 |
    | Lofty Operating Cash | $-2,015.58 |
    | ECO Operating Cash | $-2,505.75 |
    | Outstanding Liabilities (Unpaid Bills) | $-1,421.24 |
    | DAO Net Cash (Capital Call) | $-13,848.15 |
    | Estimated Owners' Equity | $120,628.00 |
    | DAO Estimated NAV Per Token | $43.34 |
    | DAO Tokens | 2464 |
    | Current PM | ECO (Sold) |

## 2026-04-05

- Property Update (04/05/2026):
- Cross-check against `Yhome Transition Reconciliation.xlsx` shows 7411 Elton Ave, Cleveland, OH 44102 flagged as **ECO (Sold)**.
    - Public DESCRIPTION.md and DETAILS.md refreshed to reflect sold status.

## 2026-04-05

- Property Update (04/05/2026):
- Cross-check against `Yhome Transition Reconciliation.xlsx` shows 7411 Elton Ave, Cleveland, OH 44102 flagged as **ECO (Sold)**.
    - Public DESCRIPTION.md and DETAILS.md refreshed to reflect sold status.

## 2026-04-03

- Property Update (04/03/2026):
The sale of 7411 Elton Ave closed on March 16, 2026. Gross sale price was $42,000.00. Cash to seller (wire to Lofty) was $33,985.57. DAO net cash is $30,938.16, resulting in a NAV of $12.56 per token across 2,464 tokens. ECO's 1.5% transaction coordinator fee was $630.00, and EARLDAO accrued interest was $2.83. We are waiting for the insurance claim to complete before fully closing out the DAO.

## 2026-04-03

- Property Update (04/03/2026):
The sale of 7411 Elton Ave closed on March 16, 2026. Gross sale price was $42,000.00. Cash to seller (wire to Lofty) was $33,985.57. DAO net cash is $30,938.16, resulting in a NAV of $12.56 per token across 2,464 tokens. ECO's 1.5% transaction coordinator fee was $630.00, and EARLDAO accrued interest was $2.83. We are waiting for the insurance claim to complete before fully closing out the DAO.

## 2026-01-06

- Property Update (01/06/2026):
- This property received an insurance refund check totaling $424.71, which will be added to its Operating Reserve.

## 2026-01-06

- Property Update (01/06/2026):
- This property received an insurance refund check totaling $424.71, which will be added to its Operating Reserve.

## 2025-07-15

- Property Update (07/15/2025):
- Governance Results for 7411 Elton Ave:
    - The Governance Voting results are back for the owner-proposed vote to change property managers.
    - The winning vote is:
    - Transition to ECO Systems LLC as PM with Aligned, Hemlane, or Nomad as Sub-PM 15% Property Management Fee to ECO Systems Leasing Fee
    - This option received 747 / 762 token votes, which is equal to 98% of the total votes.
    - The voting results can be found on chain [here](https://allo.info/application/3120230111) or by searching the application ID: 3120230111

## 2025-07-15

- Property Update (07/15/2025):
- Governance Results for 7411 Elton Ave:
    - The Governance Voting results are back for the owner-proposed vote to change property managers.
    - The winning vote is:
    - Transition to ECO Systems LLC as PM with Aligned, Hemlane, or Nomad as Sub-PM 15% Property Management Fee to ECO Systems Leasing Fee
    - This option received 747 / 762 token votes, which is equal to 98% of the total votes.
    - The voting results can be found on chain [here](https://allo.info/application/3120230111) or by searching the application ID: 3120230111

## 2025-07-07

- Property Update (07/07/2025):
- Owner-Proposed Governance Vote for 7411 Elton Ave:
    - The current property manager, M1 Homes LLC with the following [wallet address](https://allo.info/account/PRLPPSU53SGKIK5Y7L2LAZPRJHDRO35FHXPFZQCQAWLOBCRKVGX5B7T6XI), is proposing a governance vote.
    - M1 Homes LLC holds 50 tokens in this property.
    - The property manager'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.
    - PROPOSAL: Transition Property Management to ECO Systems LLC
    - Background:
    - When M1 Homes LLC was originally proposed as property manager, it was under the condition that the property in question would be free of outstanding financial obligations at the time of transfer. Unfortunately, that condition has not been met. The property currently carries unresolved debts and liabilities, placing it outside the original scope of M1 Homes' intended role.
    Given this, M1 Homes LLC does not believe it is appropriate or consistent with its original proposal to assume management responsibilities under the current financial conditions.
    - Recommendation:
    - We propose transferring property management responsibilities to ECO Systems LLC. Earl, representing ECO Systems, has been closely involved in the property's financial tracking and has maintained comprehensive and transparent spreadsheets regarding its operational and debt status. His proactive engagement and detailed oversight make him well-positioned to step into the property management role at this time.
    Key Points Supporting This Proposal:
    - Original Agreement Integrity: M1 Homes' proposal was contingent on a debt-free property. Continuing under current conditions would contradict that premise.
    - Established Oversight: ECO Systems, led by Earl, has already demonstrated deep operational familiarity with this property through diligent financial documentation.
    - Capital Flexibility: Upon transition, ECO Systems LLC will have the discretion to propose capital calls to EARLDAO as needed for property stabilization and repair planning.
    - Operational Efficiency: ECO Systems LLC, in coordination with Hemlane as sub-property manager, offers a lean and transparent fee structure with no repair markups and rent-readiness verification.
    - Property Management Transition (If Property is Retained):
    - Option 1 ) Transition to ECO Systems LLC as PM with Aligned, Hemlane, or Nomad as Sub-PM 15% Property Management Fee to ECO Systems Leasing Fee: One month's rent Hemlane rent-ready service $495 + materials & labor costs 10% markup on repairs or maintenance to Aligned if we must stay with them due to LAIC requirement, no markup to ECO Systems Rent placement to follow post-rehab verification
    - ECO Systems may initiate capital calls post-transition
    - Option 2 - Reject Vote #2 and Remain with M1 Homes LLC
    - M1 Homes remains as manager
    - No changes to current structure
    - Financial obligations remain unresolved under the existing framework
    - The results will be determined by a 60% Supermajority and sent to all owners on Tuesday, July 15th once the voting period ends.

## 2025-07-07

- Property Update (07/07/2025):
- Owner-Proposed Governance Vote for 7411 Elton Ave:
- The current property manager, M1 Homes LLC with the following [wallet address](https://allo.info/account/PRLPPSU53SGKIK5Y7L2LAZPRJHDRO35FHXPFZQCQAWLOBCRKVGX5B7T6XI), is proposing a governance vote.
- M1 Homes LLC holds 50 tokens in this property.
- The property manager'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.
- PROPOSAL: Transition Property Management to ECO Systems LLC
- Background:
- When M1 Homes LLC was originally proposed as property manager, it was under the condition that the property in question would be free of outstanding financial obligations at the time of transfer. Unfortunately, that condition has not been met. The property currently carries unresolved debts and liabilities, placing it outside the original scope of M1 Homes’ intended role.
Given this, M1 Homes LLC does not believe it is appropriate or consistent with its original proposal to assume management responsibilities under the current financial conditions.
- Recommendation:
- We propose transferring property management responsibilities to ECO Systems LLC. Earl, representing ECO Systems, has been closely involved in the property’s financial tracking and has maintained comprehensive and transparent spreadsheets regarding its operational and debt status. His proactive engagement and detailed oversight make him well-positioned to step into the property management role at this time.
Key Points Supporting This Proposal:
- Original Agreement Integrity: M1 Homes’ proposal was contingent on a debt-free property. Continuing under current conditions would contradict that premise.
- Established Oversight: ECO Systems, led by Earl, has already demonstrated deep operational familiarity with this property through diligent financial documentation.
- Capital Flexibility: Upon transition, ECO Systems LLC will have the discretion to propose capital calls to EARLDAO as needed for property stabilization and repair planning.
- Operational Efficiency: ECO Systems LLC, in coordination with Hemlane as sub-property manager, offers a lean and transparent fee structure with no repair markups and rent-readiness verification.
- Property Management Transition (If Property is Retained):
- Option 1 ) Transition to ECO Systems LLC as PM with Aligned, Hemlane, or Nomad as Sub-PM 15% Property Management Fee to ECO Systems Leasing Fee: One month's rent Hemlane rent-ready service $495 + materials & labor costs 10% markup on repairs or maintenance to Aligned if we must stay with them due to LAIC requirement, no markup to ECO Systems Rent placement to follow post-rehab verification
- ECO Systems may initiate capital calls post-transition
- Option 2 – Reject Vote #2 and Remain with M1 Homes LLC
- M1 Homes remains as manager
- No changes to current structure
- Financial obligations remain unresolved under the existing framework
- The results will be determined by a 60% Supermajority and sent to all owners on Tuesday, July 15th once the voting period ends.

## 2025-07-07

- Property Update (07/07/2025):
- Owner-Proposed Governance Vote for 7411 Elton Ave:
    - The current property manager, M1 Homes LLC with the following [wallet address](https://allo.info/account/PRLPPSU53SGKIK5Y7L2LAZPRJHDRO35FHXPFZQCQAWLOBCRKVGX5B7T6XI), is proposing a governance vote.
    - M1 Homes LLC holds 50 tokens in this property.
    - The property manager'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.
    - PROPOSAL: Transition Property Management to ECO Systems LLC
    - Background:
    - When M1 Homes LLC was originally proposed as property manager, it was under the condition that the property in question would be free of outstanding financial obligations at the time of transfer. Unfortunately, that condition has not been met. The property currently carries unresolved debts and liabilities, placing it outside the original scope of M1 Homes' intended role.
    Given this, M1 Homes LLC does not believe it is appropriate or consistent with its original proposal to assume management responsibilities under the current financial conditions.
    - Recommendation:
    - We propose transferring property management responsibilities to ECO Systems LLC. Earl, representing ECO Systems, has been closely involved in the property's financial tracking and has maintained comprehensive and transparent spreadsheets regarding its operational and debt status. His proactive engagement and detailed oversight make him well-positioned to step into the property