From 2010 through 2016, we have developed a portfolio of 54 single family rental properties and an 18-unit multifamily rental property in the greater Houston, Texas area, which generated greater than a 23% annual cash return in 2016. We now desire to expand the scope of potential properties in which we may invest. In addition to retaining our existing properties, our focus will be on single family residences and smaller-sized, multifamily properties across the U.S. that are underserved by many investment funds but on which significant returns can be achieved. These properties mainly consist of duplexes to properties with less than 50 units that range in price from $100,000 to $2.0 million, with an average price of $500,000. Our primary investment objective is to provide an 8% annualized return to preferred members by purchasing core properties that can sustain a stable level of rent and are located in stable or growing geographic markets. Our secondary investment objectives are (i) to generate sufficient cash flow to provide a target annualized total return to preferred members exceeding 15%, (ii) to return all capital contributions made by preferred members within 6 years (before any sale proceeds, with a two times return targeted if all properties are then sold) and (iii) to provide a two times return on capital contributions made by preferred members within 11 years (before any sale proceeds, with a 3.5 times return targeted if all properties are then sold).