FIRST AMENDMENT TO SINGLE FAMILY HOMES REAL ESTATE PURCHASE AND SALE AGREEMENT

FIRST AMENDMENT TO

SINGLE FAMILY HOMES REAL ESTATE PURCHASE AND SALE AGREEMENT

THIS FIRST AMENDMENT TO SINGLE FAMILY HOMES REAL ESTATE PURCHASE AND SALE AGREEMENT (this "First Amendment") is made as of October 30, 2013, by and between RED DOOR HOUSING LLC, a Texas limited liability company and WFI FUNDING, INC., a Texas corporation d/b/a RED DOOR FUNDING (collectively, “Seller”), and REVEN HOUSING TEXAS, LLC, a Delaware limited liability company (“Buyer”), successor-in-interest to REVEN HOUSING GEORGIA, LLC, a Delaware limited liability company (“Assignor”) with reference to the following recitals:

RECITALS

A. Seller and Assignor entered into that certain Single Family Homes Real Estate Purchase and Sale Agreement, dated as of October 4, 2013 ("Agreement"), pursuant to which Seller agreed to sell and Assignor agreed to purchase from Seller, that certain group of One Hundred Seventy (170) single family homes, in the City of Houston, Texas, and which is more particularly defined in the Agreement as the “Property,” all upon the terms and subject to the conditions contained in the Agreement.

B. Seller and Assignor have agreed to amend the Agreement to reflect the scheduled closing dates, as set forth herein.

AGREEMENT

1. Definitions. All initially-capitalized terms used in this First Amendment without definition shall have the meanings given such terms in the Agreement.

2. Closing Dates. Section 5(d) of the Agreement is hereby deleted in its entirety and replaced with the following:

(d) Deferred Closing. Buyer will cause the Closing to occur with respect to the Property identified on Exhibit A-1 on the Closing Date. The consideration required to close with respect to those Properties will be equal to the sum of the values of the properties set forth on Exhibit A-1 (less the value of any Excluded Properties) and Buyer will close with respect to those properties on the scheduled Closing Date. Buyer may, in its discretion, close on the properties identified on Exhibit A-2 by delivering to Escrow the sum of the values of the properties set forth on Exhibit A-2 (less the value of any Excluded Properties) on any day after January 15, 2014 and before January 31, 2014, and the consideration required to close with respect to those Properties will be the amount so delivered to Escrow.

3. Delivery of Purchase Price. The last sentence of Section 5(a)(1) of the Agreement is hereby deleted in its entirety and replaced with the following:

At the closing of the transactions contemplated by this Agreement (the “Closing”), Buyer shall receive a credit against the Purchase Price in the amount of the Deposit with respect to the Property identified on Exhibit A-1. No further deposit will be placed into Escrow.

4. Assignment. Pursuant to Section 22(g) of the Agreement, Assignor hereby assigns its interests under the Agreement to Buyer, and Buyer hereby assumes all obligations of Assignor under the Agreement. Assignor acknowledges that all of Assignor’s obligations under the Agreement remain in full force and effect, and Assignor is not released from any obligations thereunder.

5. Exhibits. Exhibit A-1 and Exhibit A-2 of the Agreement are hereby replaced by Exhibit A-1 and Exhibit A-2, respectively, attached to this First Amendment.

6. Full Force and Effect. Except as modified herein, Buyer, Seller, and Assignor hereby agree and affirm that the Agreement remains in full force and effect.

IN WITNESS WHEREOF, Assignor, Buyer, and Seller have caused this First Amendment to be duly executed on their behalfs as of the day and year stated above.

ASSIGNOR: REVEN HOUSING GEORGIA, LLC, a Delaware limited liability company       By: /s/ Xxxx Carpenter____________________ Name: Xxxx Xxxxxxxxx Its: Chief Executive Officer  

BUYER:	REVEN HOUSING TEXAS, LLC, a Delaware limited liability company By: /s/ Xxxx Carpenter_____________________ Name: Xxxx Xxxxxxxxx Its: Chief Executive Officer
SELLER:	RED DOOR HOUSING, LLC, a Texas limited liability company By: /s/ Xxxxxx Williams____________________ Name: Xxxxxx Xxxxxxxx Its: Manager

SELLER: WFI FUNDING, INC., a Texas corporation       By: /s/ Xxxxxx Williams___________________ Name: Xxxxxx Xxxxxxxx Its: President   

EXHIBIT A-1

DESCRIPTION OF PROPERTies

		Address		Zip		Bed		Bath		Sq. Ft		REVEN Price
1		25th Ave. 709		77590		3		2		1370		$	72,936.28
0		00xx Xxx 2622		77590		3		2		1712		$	68,073.87
3		3rd 2510		77547		3		2		1189		$	58,349.03
4		6th 401		77571		3		1		1084		$	68,073.87
5		Aberdeen 11113		77502		3		1		992		$	65,642.66
6		Xxxxxxx Xxxxxxx 4003		77082		3		2		1960		$	92,385.96
7		Xxxxx 4218		77047		3		1		1034		$	60,293.99
8		Aldis 10918		77075		4		1		1426		$	77,798.70
9		Andalusian18530		77433		3		2		1197		$	81,688.64
10		Xxxxxxx Xxx 2414		77449		3		2		1420		$	87,523.54
11		Banton 742		77530		3		1		896		$	68,073.87
12		Barada 10530		77034		3		1		981		$	71,477.56
13		Barcelona 17147		77546		3		2		1704		$	97,248.38
14		Bazelbriar 15835		77489		3		2		1240		$	77,798.70
15		Beaver Trail 11007		77086		3		2		1286		$	69,289.47
16		Xxxx Ridge 16234		77053		3		2		1011		$	73,908.77
17		Belle Xxxx 7818		77072		3		2		1146		$	77,798.70
18		Xxxxx 4326		77045		3		1		1212		$	61,266.48
19		Bintliff 7322		77074		4		1		1852		$	104,055.77
20		Bowridge 16211		77053		3		2		1803		$	80,473.03
21		Brickarbor Dr. 1607		77449		3		2		1378		$	78,771.19
22		Brookfield 3719		77045		3		2		1196		$	74,881.25
23		Brookston 4130		77045		3		2		1237		$	77,798.70
24		Brookston 4806		77045		4		2		2046		$	82,661.12
25		Brookston3410		77045		3		2		1058		$	77,798.70
26		Xxxxx 718		77536		4		2		1936		$	107,945.70
27		Xxxxxx 10310		77051		3		1		1170		$	59,807.75
00		Xxxxx Xxx 00000		77346		3		2		1397		$	77,798.70
29		Canterview 1310		77047		3		1		1305		$	63,211.45
30		Cape Hyannis 12202		77048		3		2		1328		$	66,128.90
31		Cardinal 712		77502		3		1		1487		$	77,798.70
32		Xxxxxxx Ln5010		77581		3		2		1416		$	106,973.22
33		Catbird 16107		77396		3		2		1488		$	97,248.38
34		Charriton 3302		77039		3		1.5		1320		$	80,716.15
35		Cherry Meadow 3806		77039		3		1		927		$	69,046.35
36		Cleveland 1903		77502		3		1		1475		$	74,881.25
37		Concho 11242		77072		3		2		1479		$	93,066.70
38		Creekhurst 12115		77099		3		2		1853		$	92,385.96
39		Crestwood 2006		77469		4		2		2622		$	97,248.38
40		Darlinghurst 6422		77085		4		2		2064		$	89,954.75
41		Dartwood 14122		77049		3		2		1114		$	73,908.77
42		Dawnmist 20121		77346		4		2		1866		$	87,523.54
43		Dawnridge 7710		77071		4		2		1772		$	92,385.96
44		Dayflower 4311		77449		3		2		1337		$	82,661.12
45		Dragonwick 2722		77045		3		1		1135		$	66,128.90
00		Xxxxxxx Xx 000		00000		3		1		1216		$	65,156.41
47		E Xxxxx 2101		77520		3		2		1501		$	63,211.45
00		X. Xxxx 343		77022		3		1		1200		$	65,156.41
49		Ebbtide 2923		77045		3		1.5		1624		$	68,073.87
50		Evesborough 11218		77099		3		2		1069		$	69,532.59
51		Fall Meadow 1902		77459		3		2		1706		$	92,385.96
52		Fern valley 8815		77044		3		2		1605		$	90,440.99
53		Xxxxxxxxx 4523		77373		3		2		1484		$	73,908.77
54		Folkstone 7731		77075		4		2		1702		$	92,385.96
55		Foredale 9610		77075		3		1		1255		$	72,936.28
56		Foredale 9617		77075		3		1.5		1015		$	74,881.25
57		Foredale 9618		77075		4		2		1662		$	77,798.70
58		Foxhurst 7023		77338		3		2		1685		$	87,523.54
59		Foxway 7302		77338		3		2		1615		$	92,385.96
60		Xxx 10610		77093		3		1		1104		$	63,211.45
61		Garland 8108		77017		3		1		1417		$	74,881.25
62		Xxxx Shadow 9202		77088		3		2		1363		$	82,661.12
63		Xxxx Shadow 9311		77088		3		2		1413		$	82,661.12
64		Glenridge 4938		77053		3		1		1364		$	68,073.87
00		Xxxxxx Xxx 1502		77568		3		1		1541		$	65,156.41
00		Xxxxxxxxx Xx 294		77060		4		2		1089		$	72,936.28
67		Heatherbloom 4015		77045		3		1		1476		$	65,642.66
68		Heatherbrook 3919		77045		3		2		1604		$	75,853.74
69		Xxxxxx 9702		77078		3		2		1528		$	68,073.87
70		Horncastle 818		77530		3		1		1552		$	70,505.07
00		Xxxxxxx Xxx 1208		77502		3		1		1436		$	77,798.70
72		Hurlingham 3422		77093		3		1		952		$	63,211.45
73		Ivyknoll 6334		77035		4		2		1898		$	82,661.12
00		Xxxx Xx 1907		77502		3		1		1386		$	77,798.70
75		Xxxxxxx 12509		77015		3		1		1067		$	63,211.45
76		Kentucky 2003		77520		3		2		1960		$	63,211.45
77		Kindlewood 8915		77099		3		2		1088		$	73,908.77
78		Kings 7106		77521		3		1.5		1527		$	66,128.90
79		Xxxxxxxx 8714		77089		3		2		1314		$	106,973.22
80		Xxxxxxx 1230		77568		3		2		1704		$	82,661.12
81		Knotty Oaks 2707		77045		3		2		1109		$	62,238.96
82		Knotty Oaks 3219		77045		3		2		1592		$	66,128.90
83		Knotty Post 6026		77373		3		2		1508		$	77,798.70
84		Knottynold 3923		77053		3		2		1374		$	77,798.70
85		KnottyOaks3314		77045		3		2		1626		$	67,830.74
86		Longbrook 12315		77099		4		2		1858		$	97,248.38
87		Lyden Ridge 5522		77053		3		2		1160		$	73,908.77
88		Xxxxxxx 1131		77034		3		1		1068		$	79,743.67
89		Xxxxxx 2412		77502		3		2		1400		$	82,661.12
90		Mcgallion 11311		77076		3		1		830		$	65,156.41
00		Xxxxxx Xxxx 4710		77048		3		1		1320		$	63,211.45
00		Xxxxxxxx Xx. 1250		77037		3		2		1517		$	79,257.43
93		Morning Dove 15314		77396		3		2		1353		$	75,124.37
94		Navidad 6927		77083		3		2		1320		$	76,826.22
95		Newgate 23315		77373		3		2		1462		$	79,743.67
96		Wuthering Heights 3107		77045		3		2		1097		$	65,642.66
97		Xxxxxx 714		77530		3		1		1188		$	63,211.45
98		Oak Shadows 4547		77091		3		1.5		1005		$	68,073.87
99		Oakside 4010		77053		3		2		1189		$	72,936.28
100		Overcross 3430		77045		3		2		1099		$	69,289.47
101		Xxxxxx 7322		77016		3		2		1638		$	66,128.90
102		Xxxxxxx 807		77502		3		1		1044		$	68,073.87
103		Plumbrook 12106		77099		3		2		1204		$	77,798.70
104		Ponderosa 4503		77521		3		2		1558		$	82,661.12
000		Xxxxxxxxxx Xx 4151		77047		3		2.5		1732		$	107,945.70
106		Quail  Xxxxx 23006		77389		3		2.5		1935		$	106,973.22
107		Quiet Bend 2735		77489		3		2		1528		$	87,523.54
000		Xxxxxxxxxx Xx 00000		77053		3		2.5		1512		$	81,202.40
109		Ridgewest 4915		77053		3		2		992		$	68,073.87
110		Ripplebrook 3530		77045		4		2		1612		$	76,826.22
111		Riptide 7606		77072		3		2		1133		$	82,661.12
112		Roandale 11618		77048		4		2		1328		$	72,936.28
113		Rosebriar 15827		77489		3		2		1190		$	77,798.70
114		Rosebriar 15919		77489		3		2		1190		$	77,798.70
000		X Xxxxxx Xxxxx 00000		77449		3		2		1298		$	85,578.57
116		Sagedowne 10122		77089		4		2.5		1806		$	106,973.22
000		Xxxxxxxx 11203		77089		3		1.5		1766		$	99,679.59
118		Sagewillow 10631		77089		3		2		1494		$	97,248.38
119		Sailfish 3914		77571		4		2		2025		$	82,661.12
120		Seagrove 323		77571		4		2		1500		$	82,661.12
121		Shady Arbor 7035		77040		3		2		1660		$	97,248.38
122		Shady Brook 2419		77087		3		2		1969		$	99,193.35
123		Xxxxxxx 993		77530		3		2.5		1056		$	82,661.12
000		Xxxxxxxxxxx Xx 23810		77493		3		2		1210		$	74,881.25
125		Sommercoats 922		77530		3		2		1629		$	82,661.12
126		Springhaven 6406		77396		3		2		1513		$	81,688.64
127		Xxxxxx 10350		77075		3		2		1183		$	75,367.49
128		Xxxxxx 10801		77075		3		2		1649		$	72,936.28
000		Xxxxx Xx 2402		77093		3		1		1146		$	70,991.32
130		Swan Valley 19715		77433		3		2		1380		$	84,606.09
131		Xxxx Blue Ridge 7122		77469		3		2		1529		$	92,385.96
132		Tavenor 4223		77047		3		1		946		$	61,266.48
133		Teal Park 15314		77396		3		2		1529		$	84,606.09
134		Tenderden 1355		77530		4		2		1535		$	87,523.54
135		Tidewater 2730		77045		3		1		1732		$	68,073.87
136		Xxxxxxx 3934		77045		4		2		1403		$	77,798.70
137		Xxxxxx 205		77506		3		1		1072		$	65,642.66
138		Tiltree 9945		77075		3		1		1328		$	77,798.70
139		Timber 202		77520		3		2		2556		$	82,661.12
140		Twinridge 11655		77099		3		2		1615		$	87,523.54
000		Xxxxxxxxx Xx 4306		77373		3		2		1178		$	72,936.28
142		Valley Park 10006		77078		3		2		1189		$	66,128.90
000		Xxxxxx Xxxx 9918		77078		3		2		1189		$	67,101.38
144		Valley Wind 9930		77078		3		1		1161		$	70,018.83
145		Xxxxxxx 12710		77039		3		1.5		1289		$	85,578.57
146		Virginia 1809		77502		3		1.5		1464		$	81,202.40
147		W Xxxxx 7439		77489		3		2		1938		$	74,589.51
000		X Xxxx Xxxx 0000		00000		3		2		1340		$	70,018.83
149		Washington 3217		77503		3		1		953		$	68,073.87
150		Waterchase 7706		77489		3		2		1500		$	79,743.67
										212444		$	11,691,832.22

EXHIBIT A-2

DESCRIPTION OF DEFERRED PROPERTies

		Address		Zip		Bed		Bath		Sq. Ft		RVEN Price
1		27th 4801		77539		2		2		1162		$	63,211.45
2		34th St 4903		77539		3		2		1386		$	71,963.80
3		Belarbor 6315		77087		3		1		975		$	60,780.24
4		Camden 1307		77502		3		2		1141		$	79,743.67
5		Charney 8714		77088		3		1		1140		$	69,046.35
6		Crooked Creek 5458		77017		4		1.5		1509		$	72,936.28
7		Denoron 4907		77048		3		1		1397		$	67,587.62
8		Foxside 7011		77338		3		2		2097		$	92,385.96
9		Maplemont 16339		77095		4		2		1545		$	92,385.96
10		Paddington 6214		77085		4		2		1566		$	82,661.12
11		Pinetex 7326		77396		4		2		1659		$	87,523.54
12		Red Leaf 711		77090		4		2		2556		$	116,698.05
13		Wavecrest 1607		77062		3		2		1836		$	116,698.05
14		Whispering Willow 23311		77373		3		2		1209		$	82,661.12
00		Xxxxxxxxxx Xxx 13203		77015		3		2		1520		$	95,303.41
00		Xxxxx Xxxx Xx 00000		00000		5		2		2464		$	97,248.38
17		Whitehall 214		77060		3		2		1220		$	86,551.06
00		Xxxxxx Xxx 0000		77521		3		2		1448		$	102,110.80
19		Winding Trace 6827		77086		3		2		1318		$	81,202.40
00		Xxxxxxxx Xx 15907		77082		3		2		1524		$	89,468.51
										30672		$	1,708,167.78