Income Opportunity Realty Investors is a real estate investment company that invests primarily in mortgage notes receivables secured by land and multifamily properties, as well as in real property. The company is externally managed by an affiliate of its controlling shareholder and operates with no direct employees, relying entirely on an external advisory agreement for comprehensive services including investment identification, evaluation, and financing arrangement. The company generates returns through its portfolio of mortgage notes and real estate assets, with financial results consolidated into its controlling shareholder's public filings.