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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Cash Flows from Operating Activities    
Net income $ 433,714 $ 5,337,867
Adjustments to reconcile net income to net cash provided by operating activities    
Gain on the sale of real estate 0 (3,678,839)
Gain on the sale of equipment 0 (2,250)
Depreciation and amortization 7,935,355 5,758,310
Loss from investments in joint ventures 422,535 1,028,601
Depreciation and amortization - discontinued operations 0 2,111
Change in operating assets and liabilities    
(Increase) in rents receivable (72,411) (89,114)
(Decrease) Increase in accounts payable and accrued expense (269,825) 181,883
Decrease in real estate tax escrow 71,162 186,865
(Increase) in prepaid expenses and other assets (408,753) (2,402,166)
Increase in advance rental payments and security deposits 108,237 389,939
Total Adjustments 7,786,300 1,375,340
Net cash provided by operating activities 8,220,014 6,713,207
Cash Flows From Investing Activities    
Proceed from unconsolidated joint ventures 2,346,690 920,472
Net proceeds from the sale of equipment 0 2,250
Net proceeds from sale of real estate 0 2,155,546
Distribution in excess of investment in unconsolidated joint ventures 185,000 1,640,250
(Investment in) unconsolidated joint ventures (149,190) (255,722)
Improvement of rental properties (3,701,170) (3,400,894)
Purchase of rental properties 0 (20,884,105)
Net cash (used in) investing activities (1,318,670) (19,822,203)
Cash Flows from Financing Activities    
Payment of financing costs (289,561) (588,448)
Proceeds of mortgage notes payable 1,109,555 20,500,000
Principal payments and payoffs of mortgage notes payable (3,526,869) (4,581,283)
Stock buyback (1,564,397) (1,021,987)
Distributions to partners (2,898,801) (2,922,143)
Net cash provided by (used in) financing activities (7,170,073) 11,386,139
Net (Decrease) in Cash and Cash Equivalents (268,729) (1,722,857)
Cash and Cash Equivalents, at beginning of period 14,013,380 6,981,906
Cash and Cash Equivalents, at end of period $ 13,744,651 $ 5,259,049