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NLM will facilitate the collection of rent and additional rent as outlined in the lease agreement. Funds are collected into an owner trust account which allows for payment of vendors, property taxes, insurance, loan payments, and monthly owner distributions to the financial institution of their choosing.

NLM delivers the monthly financial report on the 10th of every month through an owner portal.

Once engaged with NLM, each owner is setup with an owner portal to be accessed though the NLM website. The owner portal will contain all historical financial reports. Third parties, such as a CPA, attorney or family members can also be set up with access to the owner portal to view all financial reports.

NLM will seek tenant reimbursement for allowable items as dictated by the lease.

An annual TICAM reconciliation will be completed by NLM to reconcile any tenant impounds paid throughout the year for taxes, insurance, and common area maintenance expenses. Many tenants, such as Starbucks, require the reconciliation to be completed on their form and within certain time periods.

NLM can assist with previous year incomplete or unresolved TICAM reconciliations or tenant reimbursement issues. These services are an additional offering at an additional fee, and available to active clients that have engaged NLM for recurring monthly administrative management of their property.

NLM prepares annual operating budget to be submitted to the owner for recurring monthly tenant payments (impounds) and to outline property performance, required reserves, and cash flow distributions throughout the upcoming year.

Owner distributions are paid at the end of month to the desired owner financial institution. The time period between rent collection and distribution allows NLM to assess any property expenses, loan obligations or reserves that may require payment on the owner’s behalf.

NLM generally provides a single distribution to an ownership entity. In certain cases, NLM will provide cash flow management with distributions to multiple owners. Additional fees may apply.

Many lenders will allow NLM financial oversight from an NLM trust account. NLM will handle the details directly with the lender. In the rare event that the lender requires rents to be funneled through an account at that lender institution, NLM will work with the lender to be added as an additional account holder to administer financial oversight from that account. Additional fees may apply.

An operating expense cap in a lease is a provision that limits the amount a tenant is responsible for paying towards the operating expenses of a property. The cap is usually set as a percentage increase over the operating expenses of a base year, often the first year of the lease. The cap does not necessarily apply to all components of operating expenses; for example, some leases may exempt property taxes or insurance from the cap due to their potential for large, unpredictable changes. Types of caps may include a cumulative or non-cumulative cap.

A cumulative cap allows for unused increases in operating expenses to be carried over to subsequent years. For example, if the expenses increase by 2% in a year when the cap is 3%, the extra 1% can be used in another year when the increase exceeds the cap. A non-cumulative cap limits the increase of operating expenses each year to a fixed percentage. Any unused cap from one year does not carry over to the next year.

Controllable expenses are those costs that can be influenced or changed by decisions the property operator makes within a specific time frame, such as maintenance and repairs. Non-controllable expenses are those that cannot be altered by property operations, especially in the short term. These costs are often predetermined or governed by external factors such as property taxes and insurance.

Tracking tenant sales reports allows for accurate rent calculations based on sales in situations where rent is based on a percentage of tenant sales. Tracking tenant sales reports also supports lease negotiations and renewals by providing insights into tenant viability which allows for benchmarking and performance monitoring against industry standards. As an added benefit, monitoring tenant viability can attract investment and financing opportunities by demonstrating profitability which can also aid in supporting tenant success, promoting stability and reduced turnover.

Property Taxes

NLM works with a third party service that provides information on property taxes for all jurisdictions. NLM tracks property tax due dates and ensures compliance.

NLM will either pay on behalf of the owner and seek reimbursement from the tenant or ensure the tenant pays the taxes directly.


As a possible solution for landlord required insurance, NLM provides owners access to a Master Insurance Policy for our portfolio of managed properties. Certain exceptions may apply. The policy typically provides lower premiums and increased coverage. A quote for NLM’s Master Insurance Policy (MIP) coverage can typically be provided within two-to-three weeks. Though coverage can be bound quickly in many cases, additional time may be needed for declaration documents to be generated. If adequate turnaround time is not possible due to the approaching close of escrow date, it is recommended that alternate insurance coverage is bound and canceled at a future date if the NLM MIP quote is agreeable and a change in coverage is desired. Refer to the alternate provider’s cancellation terms prior to binding coverage to ensure cancellation flexibility exists.

NLM’s Master Insurance Policy (MIP) could be a solution for owners that are struggling to procure insurance in a wind/hail zone or named storm area. In some cases, it is not possible to participate in NLM’s MIP. In these instances, NLM can still assist in securing a standalone policy with our preferred insurance partner.

NLM will require two-to-three weeks to process underwriting with the insurance carrier. If a property is located in a wind/hail zone or named storm area, processing times could take longer.

NLM will obtain COI’s and the appropriate “additional insured” endorsements from tenants for any required insurance, such as building, casualty, and liability coverage.

Site Services

When required by the Landlord, typical site services may include landscaping, day porter services (exterior janitorial), power washing, parking lot sweeping, exterior lighting replacement, parking lot maintenance, and roof maintenance.

NLM works with a reliable nationwide network of licensed and insured preferred vendors and facilities services companies. NLM requires vendors to submit photos after service has been performed for quality assurance purposes and remote visibility of the property. For more detailed condition assessments, various optional services are available, ranging from remote ground-based photography, high resolution drone photography and video, and traditional boots-on-the-ground assessments conducted by one of our trusted partners.

Drone inspections utilize unmanned aerial vehicles equipped with cameras and sensors to perform detailed evaluations of properties. These inspections allow for a comprehensive assessment of roofs, building facades, and infrastructure from elevated and difficult-to-reach angles. This method is not only cost-effective and time-efficient but also enhances safety by reducing the need for physical inspections or costs of travel to a property. NLM has partnered with a national drone inspection vendor to provide high quality images and a user-friendly delivery format.

NLM can coordinate on-site inspection services through one of its national inspection partners to provide a detailed report on property condition for an additional fee.

NLM provides a Roof Condition Oversight Plan (RCOP) to ensure proper roof maintenance and longevity of the roof. In the case of Landlord responsibility, NLM will coordinate an annual or semi-annual inspection, as required by the roof warranty, to address any deferred maintenance, preventive maintenance, or warranty compliance. In the case of Tenant responsibility, a RCOP would provide oversight of the Tenant’s roof maintenance. The inspection and any required maintenance would be an additional fee, which may be reimbursed by Tenant.

NLM can provide capital improvement project oversight, including roof replacement, for an additional fee. NLM will work with a partner vendor to develop a scope of work, bid process, roof replacement supervision, lien release, and facilitation of final payment.

NLM can provide capital improvement project oversight, including parking lot maintenance and remediation services, for an additional fee. NLM will work with a partner vendor to develop a scope of work, bid process, supervision, lien release, and facilitation of final payment.

Neglecting maintenance of roofs can lead to several risks and potential costs such as leaks and water damage, shortened roof lifespan, voided warranty, mold and mildew growth and potential for increased energy costs.

NLM will obtain COI’s and the appropriate “additional insured” endorsements from tenants for any required insurance, such as building, casualty, and liability coverage.

NLM provides tenants with a maintenance emergency phone line and will respond to items that fall under the landlord’s responsibility as dictated by the lease. NLM can also assist in managing any necessary remediation services. Additional fees may apply in the case of more extensive remediation efforts.

Lease Administration

NLM utilizes a technology platform with reminders and notices to tenants for monthly, quarterly, or annual tenant reporting requirements, such as HVAC, roof, or parking lot.

NLM abstracts all leases utilizing a third party AI service with secondary human auditing to extract the obligations of the tenant and integrate them into NLM’s proprietary technology platform for tracking and noticing tenants.


NLM was started as division of CFI (Commercial Facilities, Inc.) in 2015. CFI is an accredited management organization (AMO) that has been in business since 1964 providing traditional property management services in Southern California. NLM became a standalone entity based in Reno, NV in January 2023 after experiencing rapid growth within CFI.

Although NLM was created as a division of a traditional property management company, NLM is now a standalone entity and not a traditional property management company. NLM provides a niche administrative and accounting management solution for the net leased industry. This is accomplished by using, oversight, and facilitating a technology platform and vendor partnerships to execute the required services and responsibilities on behalf of the Landlord.

NLM provides administrative services and oversight in all 50 states.

Many net leased properties have varying lease structures that require administrative oversight, including the following:

  • Payment of property taxes, insurance, and common area maintenance with reimbursement by the Tenant.
  • Site services to include landscaping and property maintenance.
  • Landlord insurance requirements that requires the Landlord to insure the property and seek reimbursement by the Tenant.
  • Lease administration to ensure the Tenant is fulfilling their obligations under the lease.
  • Oversight of Tenant maintenance and capital improvements such as roof and parking lot.

NLM exists to preserve the value of your asset and relieve you from the burdens of administrative oversight so you can enjoy a hassle-free passive income experience.

A net lease is a type of lease where the tenant not only pays rent for the physical space but also covers some or all of the property expenses usually handled by the Landlord. These expenses can include property taxes, building insurance, and maintenance costs. The specific costs the Tenant is responsible for depend on the type of net lease: single net leases involve tenants paying property taxes, double net leases (NN) include taxes and insurance, and triple net leases (NNN) require tenants to handle taxes, insurance, and most maintenance. An absolute triple net lease (abs. NNN) goes even further, making the tenant responsible for all property expenses, including major repairs and structural upkeep.

All net leases are not created equal. Every lease will have different provisions for Landlord and Tenant responsibilities with varying financial responsibilities. Leases can contain timeline provisions, obscure Landlord responsibilities, include first-year caps on reimbursable expenses, include subsequent year caps, and outline non-controllable and controllable expenses. A property may be a part of an association and be subject to a Declaration, association or covenants, conditions, and restrictions (CC&R’s) that put additional responsibility on the Tenant or Landlord. These additional responsibilities require oversight. Understanding every provision of the lease is an important part of owning a net leased property.

Owning a net leased property can commonly be referred to “mailbox money” describing the relatively passive income that property owners receive in regular rent checks that require less effort to maintain when compared to other types of property investments. However, varying net lease structures provide for an array of Tenant and Landlord responsibilities, including administrative obligations, required tenant communication, and Tenant oversight that rarely creates a true passive income experience. By removing the associated Landlord responsibilities, NLM creates a synthetic absolute triple net experience for owners, providing true “mailbox money.”

Management Leverage® enables owners to gain the higher returns of a modified net leased property by utilizing Net Leased Management® services to manage the landlord responsibilities. Using Management Leverage®, the property owner hires NLM for a small monthly rate to create a virtual triple net leased investment. Capitalizing on this leverage, the owner gains the higher returns of a modified net leased property with the ease of management of a triple net leased investment. Watch Video

A corporate lease involves a lease agreement directly with a corporation, providing a stable and financially secure tenant backed by the resources and reputation of the company itself. This type of lease typically offers lower risk due to the corporation’s ability to fulfill its lease obligations. A franchise lease is signed with an individual franchisee who operates under a franchisor’s brand. The franchisee’s financial stability and the success of the business largely depend on the support and strength of the franchisor, introducing potentially higher risks and variability. Franchise leases can experience higher turnover if the franchisee struggles, making them riskier but still viable, especially if the franchisor’s brand is strong.

Accounting oversight is the minimum requirement for engagement with NLM. While NLM can provide accounting only services, no other service offerings can be provided on a stand alone basis without an engagement for accounting oversight.

Asset Management

NLM provides lease renewal services as an additional add-on asset management function at an additional fee. NLM will create a lease renewal strategy with the owner to include timelines, economics, and any additional lease terms subsequently engaging the Tenant for negotiations on the owner’s behalf.

NLM will facilitate the move-out and repositioning of a property as an add-on asset management function to existing NLM clients for an additional fee. NLM will create a repositioning strategy which may include property renovations, change of use, entitlement processing, brokerage services, and oversee third parties to execute the strategy.

NLM can assist with remediation services, property repairs, and capital improvement projects as an add-on asset management function for an additional fee. NLM will engage third parties to include engineers, architects, designers, and contractors to execute on the required project.

NLM can help facilitate lease renewals, new leasing, refinancing, capital improvements, and entitlements for an additional agreed upon fee.

NLM does not directly provide brokerage services, but works with a network of highly capable professional brokers that can assist with acquisition and disposition services.

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