> ## Documentation Index
> Fetch the complete documentation index at: https://docs.mogul.club/llms.txt
> Use this file to discover all available pages before exploring further.

# Returns, Exits & Reserves

> Monthly payouts, sale mechanics, and why we pre-fund maintenance + vacancy buffers.

## Rental income & appreciation

* **Rental payouts:** Monthly once the property is operational (second Tuesday).
* **Portfolio values:** Mark-to-market every month.
* **Projected returns:** Displayed net of fees on each property page; test your own inputs in the Analysis tab.

## Exit options

1. **Hold to term** – Collect rent until typical 5–7 yr hold ends; vote to sell.
2. **Secondary market (coming soon)** – Sell shares at fair market value before term.

## Sale process

* Near end of term, owners vote on selling.
* Super-majority approval lists the home; offers are voted on.
* Proceeds net of closing costs distribute pro-rata to wallets.
* Share trading remains possible once secondary market launches.

## Reserves matter

* **Maintenance Reserve** – Covers big repairs (roof, HVAC) so no capital calls.
* **Vacancy Reserve** – Covers debt service & fixed costs during empty months (8–12 months buffer).

By capitalizing both reserves upfront — plus insurance for major events — mogul keeps cash flow predictable and investor peace of mind intact.