> For the complete documentation index, see [llms.txt](https://docs.playestates.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.playestates.com/our-real-estate-strategy/real-estate-management.md).

# Real Estate Management

PlayEstates LLC has an Operating Agreement and each Series of the LLC will be governed through an independent Series operating agreement. The Operating Agreement will be assigned and recorded internally, and defines the governance and operation of the LLC and the relationships among members of the LLC (between various owners, PNFT token holders, and the management group of LLC). 

PlayEstates will not charge management fees for the maintenance and upkeep of each property under the Series of LLC. Rather than relocating the entire membership interest of the LLC, PlayEstates shall maintain 20-30% of ownerships, which can ensure the margin will be able to offset and take care of such management fees for the Series, on behalf of PNFT holders.

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