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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Cash Flows from Operating Activities    
Net income $ 2,448,669 $ 8,722,708
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 4,632,173 4,412,144
Loss from investments in joint ventures 1,222,077 1,443,374
Depreciation and amortization - discontinued operations   30,295
Gain on the sale of rental property   (7,720,459)
Change in operating assets and liabilities    
(Increase) Decrease in rents receivable (111,244) (25,030)
Increase (Decrease) in accounts payable and accrued expense (110,162) (324,307)
(Increase) Decrease in real estate tax escrow (44,989) (90,999)
(Increase) Decrease in prepaid expenses and other assets 406,230 (579,064)
Increase in advance rental payments and security deposits 862 52,220
Total Adjustments 5,994,947 (2,801,826)
Net cash provided by operating activities 8,443,616 5,920,882
Cash Flows Used in Investing Activities    
Proceed from unconsolidated joint venture 772,000 890,710
Investment in unconsolidated joint venture   (40,710)
Purchase and improvement of rental properties (1,640,502) (11,871,330)
Net proceeds from the sale of rental property   8,297,928
Net cash (used in) investing activities (868,502) (2,723,402)
Cash Flows From Financing Activities    
Payment of financing costs (245,633) (101,689)
Proceeds of mortgage notes payable   5,000,000
Proceeds of note payable   3,998,573
Principal payments of mortgage notes payable (825,943) (3,263,623)
Principal payments of note payable (1,668,600) (4,998,573)
Stock Buyback (610,294)  
Distributions to Partners (2,952,515) (2,761,176)
Net cash (used in) financing activities (6,302,984) (2,126,488)
Net Increase in Cash and Cash Equivalents 1,272,130 1,070,992
Cash and Cash Equivalents, at beginning of period 4,050,157 3,245,361
Cash and Cash Equivalents, at end of period $ 5,322,287 $ 4,316,353