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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
3 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Cash Flows from Operating Activities    
Net income $ 626,953 $ 172,812
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 1,514,045 1,353,609
Loss from investments in joint ventures 403,117 454,047
Depreciation and amortization - discontinued operations   11,360
Changes in operating assets and liabilities    
(Increase) Decrease in rents receivable 10,955 (84,786)
Increase in accounts payable and accrued expense 27,629 144,208
(Increase) in real estate tax escrow (21,937) (70,128)
Decrease in prepaid expenses and other assets 88,870 46,056
Increase (decrease) in advance rental payments and security deposits (48,486) 88,822
Total Adjustments 1,974,193 1,943,187
Net cash provided by operating activities 2,601,146 2,115,999
Cash Flows From Investing Activities    
Proceeds from unconsolidated joint ventures 330,000 312,500
Purchase and improvement of rental properties (365,918) (765,385)
Net cash (used in) investing activities (35,918) (452,885)
Cash Flows From Financing Activities    
Payment of financing costs (25,927) (1,018)
Principal payment of notes payable (750,000)  
Principal payments of mortgage notes payable (274,496) (234,769)
Distributions to partners (986,134) (920,392)
Net cash (used in) financing activities (2,036,557) (1,156,179)
Net Increase in Cash and Cash Equivalents 528,671 506,935
Cash and Cash Equivalents, at beginning of period 4,050,157 3,245,361
Cash and Cash Equivalents, at end of period $ 4,578,828 $ 3,752,296