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<SEC-DOCUMENT>0000950134-04-011401.txt : 20040805
<SEC-HEADER>0000950134-04-011401.hdr.sgml : 20040805
<ACCEPTANCE-DATETIME>20040805115645
ACCESSION NUMBER:		0000950134-04-011401
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20040916
FILED AS OF DATE:		20040805
EFFECTIVENESS DATE:		20040805

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INCOME OPPORTUNITY REALTY INVESTORS INC /TX/
		CENTRAL INDEX KEY:			0000949961
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				752615944
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14784
		FILM NUMBER:		04953887

	BUSINESS ADDRESS:	
		STREET 1:		1800 VALLEY VIEW LANE
		STREET 2:		SUITE 300
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75234
		BUSINESS PHONE:		4685224200

	MAIL ADDRESS:	
		STREET 1:		1800 VALLEY VIEW LANE
		STREET 2:		SUITE 300
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75234
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>d17298def14a.htm
<DESCRIPTION>DEFINITIVE PROXY STATEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>def14a</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="70%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="13%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="15%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3" nowrap align="center"><FONT size="2">OMB APPROVAL</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3" nowrap align="center"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
OMB Number:
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">3235-0059</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Expires:
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>

<TD nowrap align="right" valign="top"><FONT size="2">July&nbsp;31, 2004</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="2" nowrap align="left" valign="top"><FONT size="2">Estimated average burden<br>hours per

response</FONT></TD>

        <TD align="right" valign="bottom"><FONT size="2">14.73</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><font size="2"><B>UNITED STATES<BR>SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B>
</font>

<P align="center"><FONT size="2"><B>SCHEDULE 14A</B>
</FONT>


<P align="center"><FONT size="2">Proxy Statement Pursuant to Section 14(a) of the Securities<BR>
Exchange Act of 1934 (Amendment No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">Filed by the Registrant
&nbsp;&nbsp;<FONT face="wingdings">&#120;</FONT></FONT></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">Filed by a Party other than the Registrant &nbsp;&nbsp;<FONT face="wingdings">&#111;</FONT></FONT></TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">Check the appropriate box:</FONT></TD>
</TR>
</TABLE>
<p>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>

<TD><FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp; Preliminary Proxy Statement</FONT></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>

<TD><FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp;
<B>Confidential, for Use of the Commission Only (as permitted by
Rule&nbsp;14a-6(e)(2))</B></FONT></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>

<TD><FONT size="2"><FONT face="wingdings">&#120;</FONT>&nbsp;&nbsp; Definitive Proxy Statement</FONT></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp; Definitive Additional Materials</FONT></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>

<TD><FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp;
Soliciting Material Pursuant to &#167;240.14a-11(c) or &#167;240.14a-12</FONT></TD>
</TR>
</TABLE>


<P align="center"><FONT size="2"><B>Income Opportunity Realty Investors,
Inc.</B>
</FONT>
<HR size="1">
<P align="center"><FONT size="2">(Name of Registrant as Specified In Its Charter)
</FONT>
<p>
<HR size="1">
<P align="center"><FONT size="2">(Name of Person(s) Filing Proxy
Statement, if other than the Registrant)
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment of Filing Fee (Check the appropriate box):
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>

<TD><FONT size="2"><FONT face="wingdings">&#120;</FONT>&nbsp;&nbsp; No fee required.</FONT></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>

<TD><FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp; Fee computed on table below per Exchange Act Rules&nbsp;14a-6(i)(4) and
0-11.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1)&nbsp;Title of each class of securities to which transaction applies:</FONT></TD>
</TR>
</TABLE>
<HR size="1">

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2)&nbsp;Aggregate number of securities to which transaction applies:</FONT></TD>
</TR>
</TABLE>
<HR size="1">

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3)&nbsp;Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule&nbsp;0-11 (set forth the amount on which the
filing fee is calculated and state how it was determined):</FONT></TD>
</TR>
</TABLE>
<HR size="1">

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4)&nbsp;Proposed maximum aggregate value of transaction:</FONT></TD>
</TR>
</TABLE>
<HR size="1">

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5)&nbsp;Total fee paid:</FONT></TD>
</TR>
</TABLE>
<HR size="1">

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp; Fee paid previously with preliminary materials.</FONT></TD>
</TR>
</TABLE>
<HR size="1">

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp; Check box if any part of the fee is offset as provided by Exchange Act
Rule&nbsp;0-11(a)(2) and identify the filing for which the offsetting fee
was paid previously. Identify the previous filing by registration
statement number, or the Form or Schedule and the date of its filing.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1)&nbsp;Amount Previously Paid:</FONT></TD>
</TR>
</TABLE>
<HR size="1">


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2)&nbsp;Form, Schedule or Registration Statement No.:</FONT></TD>
</TR>
</TABLE>
<HR size="1">

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3)&nbsp;Filing Party:</FONT></TD>
</TR>
</TABLE>
<HR size="1">

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4)&nbsp;Date Filed:</FONT></TD>
</TR>
</TABLE>
<HR size="1">

<p>
<center>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="20%"></TD>
        <TD width="80%"></TD>
</TR>
<TR valign="top">
        <TD valign="bottom"><font size="2">SEC 1913 (11-01)</font></TD>
        <TD><font size="2"><b>Persons who are to respond to the collection of information
contained in this form are not required to respond unless the form displays a currently valid
OMB control number.</b></font></TD>
</TR>
</TABLE>
</center>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt"><B>INCOME OPPORTUNITY REALTY INVESTORS, INC.<BR>
NOTICE OF ANNUAL MEETING OF STOCKHOLDERS<BR>
TO BE HELD ON SEPTEMBER 16, 2004</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income Opportunity Realty Investors, Inc. will hold its Annual Meeting of
Stockholders on Thursday, September&nbsp;16, 2004 at 2:15 p.m., local Dallas, Texas
time, at 1800 Valley View Lane, Suite&nbsp;300, Dallas, Texas 75234. The purpose of
the meeting is to:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elect a Board of five directors to serve until the next
Annual Meeting of Stockholders and until their successors are
duly-elected and qualified.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>

<TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratify the appointment of Swalm &#038; Associates, P.C. as
independent auditors.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>

<TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Act upon such other matters as may properly be presented at
the Annual Meeting.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Only Stockholders of record at the close of business on July&nbsp;30, 2004 will
be entitled to vote at the meeting.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Your vote is important. Whether or not you plan to attend the meeting,
please complete, sign, date and return the enclosed proxy card in the
accompanying envelope provided or vote by telephone or through the designated
internet site. Your completed proxy or your telephone or internet vote will
not prevent you from attending the meeting and voting in person should you
choose.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dated: July&nbsp;30, 2004.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By order of the Board of Directors,</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Louis J. Corna</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Louis J. Corna</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice President, General Counsel,</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Tax Counsel and Secretary</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="center" style="font-size: 10pt"><B>INCOME OPPORTUNITY REALTY INVESTORS, INC.</B>



<P align="center" style="font-size: 10pt"><B>PROXY STATEMENT</B>



<P align="center" style="font-size: 10pt"><B>FOR THE ANNUAL MEETING OF STOCKHOLDERS</B>



<P align="center" style="font-size: 10pt"><B>TO BE HELD SEPTEMBER 16, 2004</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors of Income Opportunity Realty Investors, Inc. (the
&#147;Company&#147;or &#147;we&#148; or &#147;us&#148;) is soliciting proxies to be used at the 2004 Annual
Meeting of Stockholders (the &#147;Annual Meeting&#148;). Distribution of this Proxy
Statement and a Proxy Form is scheduled to begin on August&nbsp;5, 2004. The
mailing address of the Company&#146;s principal executive offices is 1800 Valley
View Lane, Suite&nbsp;300, Dallas, Texas 75234.


<P align="center" style="font-size: 10pt"><B>About the Meeting</B>



<P align="left" style="font-size: 10pt"><B>Who Can Vote</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Record holders of Common Stock of the Company at the close of business on
July&nbsp;30, 2004 (the &#147;Record Date&#148;) may vote at the Annual Meeting. On that
date, 1,438,945 shares of Common Stock were outstanding. Each share is
entitled to cast one vote.


<P align="left" style="font-size: 10pt"><B>How Can You Vote</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you return your signed proxy or vote by telephone or the internet
before the Annual Meeting, we will vote your shares as you direct. You can
specify whether your shares should be voted for all, some or none of the
nominees for director. You can also specify whether you approve, disapprove or
abstain from the other proposal to ratify the selection of auditors.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a proxy is executed and returned but no instructions are given, the
shares will be voted according to the recommendations of the Board of
Directors. The Board of Directors recommends a vote <B>FOR </B>Proposals 1 and 2.


<P align="left" style="font-size: 10pt"><B>Revocation of Proxies</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You may revoke your proxy at any time before it is exercised by (a)
delivering a written notice of revocation to the Corporate Secretary, (b)
delivering another proxy that is dated later than the original proxy, or (c)
casting your vote in person at the Annual Meeting. Your last vote will be the
vote that is counted.


<P align="left" style="font-size: 10pt"><B>Vote Required</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The holders of a majority of the shares entitled to vote who are either
present in person or represented by a proxy at the Annual Meeting will
constitute a quorum for the transaction of business at the Annual Meeting. As
of July&nbsp;30, 2004, there were 1,438,945 shares of Common Stock issued and
outstanding. The presence, in person or by proxy, of stockholders entitled to
cast at least 719,473 votes constitutes a quorum for adopting the proposals at
the Annual Meeting. If you have properly signed and


<P align="center" style="font-size: 10pt">- 1 -
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">returned your proxy card
by mail, you will be considered part of the quorum, and the persons named on the proxy card will vote your shares as you have instructed. If broker
holding your shares in &#147;street&#148; name indicates to us on a proxy card that the
broker lacks discretionary authority to vote your shares, we will not consider
your shares as present or entitled to vote for any purpose.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A plurality of the votes cast is required for the election of directors.
This means that the director nominee with the most votes for a particular slot
is elected to that slot. A proxy that has properly withheld authority with
respect to the election of one or more directors will not be voted with respect
to the director or directors indicated, although it will be counted for
purposes of determining whether there is a quorum.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the other proposal, the affirmative vote of the holders of a majority
of the shares representing in person or by proxy entitled to vote on the
proposal will be required for approval. An abstention with respect to such
proposal will not be voted, although it will be counted for purposes of
determining whether there is a quorum. Accordingly, an abstention will have
the effect of a negative vote.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of the Record Date, two affiliates held 1,140,101 shares representing
approximately 79.2% of the shares outstanding. These two affiliates have
advised the Company that they currently intend to vote all of their shares in
favor of the approval of both proposals.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you received multiple proxy cards, this indicates that your shares are
held in more than one account, such as two brokerage accounts, and are
registered in different names. You should vote each of the proxy cards to
ensure that all your shares are voted.


<P align="left" style="font-size: 10pt"><B>Other Matters to be Acted Upon at the Annual Meeting</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We do not know of any other matters to be validly presented or acted upon
at the Annual Meeting. Under our Bylaws, no business besides that stated in
the Annual Meeting Notice may be transacted at any meeting of stockholders. If
any other matter is presented at the Annual Meeting on which a vote may be
properly taken, the shares represented by proxies will be voted in accordance
with the judgment of the person or persons voting those shares.


<P align="left" style="font-size: 10pt"><B>Expenses of Solicitation</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company is making this solicitation and will pay the entire cost of
preparing, assembling, printing, mailing and distributing these proxy materials
and soliciting votes. Some of our directors, officers and employees may
solicit proxies personally, without any additional compensation, by telephone
or mail. Proxy materials will also be furnished without cost to brokers and
other nominees to forward to the beneficial owners of shares held in their
names.


<P align="left" style="font-size: 10pt"><B>Questions</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You may call our Investor Relations Department at 469-522-4245 if you have
any questions.

<!-- link1 "PLEASE VOTE &#151; YOUR VOTE IS IMPORTANT" -->

<P align="center" style="font-size: 10pt"><B>PLEASE VOTE - YOUR VOTE IS IMPORTANT</B>



<P align="center" style="font-size: 10pt">- 2 -
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="center" style="font-size: 10pt"><B>Corporate Governance and Board Matters</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The affairs of the Company are managed by the Board of Directors. The
Directors are elected at the annual meeting of stockholders each year or
appointed by the incumbent Board of Directors and serve until the next annual
meeting of stockholders or until a successor has been elected or approved.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After December&nbsp;31, 2003, a number of changes occurred in the composition
of the Board of Directors of the Company, the creation of certain Board
Committees, the adoption of Committee charters, the adoption of a Code of
Ethics for Senior Financial Officers and the adoption of Guidelines for
Director Independence. Also, the composition of the members of the Board of
Directors changed with the resignations of Henry A. Butler (July&nbsp;1, 2003), Earl
D. Cecil (February&nbsp;29, 2004) and Martin L. White (March&nbsp;15, 2004), as well as
the election of Ken L. Joines as a Director in July&nbsp;2003, and independent
Directors, David E. Allard and Peter L. Larsen on February&nbsp;20, 2004, and Robert
A. Jakuszewski on March&nbsp;16, 2004. Additionally, on June&nbsp;2, 2003, Basic Capital
Management, Inc. (&#147;BCM&#148;) sold a total of 781,773 shares of Common Stock of the
Company (approximately 54.3% of the outstanding) as a &#147;block&#148; to Syntek West,
Inc. (&#147;SWI&#148;). SWI also purchased 12,600 shares of Common Stock of the Company
in open market purchase transactions which increased SWI&#146;s ownership to 794,223
shares (approximately 55.2% of the outstanding shares). On June&nbsp;30, 2003, SWI
replaced BCM as the contractual advisor to the Company.


<P align="left" style="font-size: 10pt"><B>Current members of the Board</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The members of the Board of Directors on the date of this proxy statement,
and the committees of the Board on which they serve, are identified below:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="55%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="55%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Governance and</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Compensation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Nominating</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Director</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Audit Committee</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Committee</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Committee</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Ted P. Stokley</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">David E. Allard</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Chair</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B><FONT face="wingdings">&#252;</font></B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B><FONT face="wingdings">&#252;</font></B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Robert A. Jakuszewski</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B><FONT face="wingdings">&#252;</font></B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B><FONT face="wingdings">&#252;</font></B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B><FONT face="wingdings">&#252;</font></B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Ken L.
Joines</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B><FONT face="wingdings">&nbsp;</font></B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Peter L. Larsen</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B><FONT face="wingdings">&#252;</font></B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Chair</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Chair</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt"><B>Role of the Board&#146;s Committees</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors has standing Audit, Compensation and Governance and
Nominating Committees.


<P align="center" style="font-size: 10pt">- 3 -
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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Audit Committee</I></B>. The functions of the Audit Committee are described below
under the heading &#147;<I>Report of the Audit Committee.</I>&#148; The charter of the Audit
Committee is attached to this proxy statement as Appendix&nbsp;I, and is available
on the Company&#146;s Investor Relations website (<I>www.incomeopp-realty.com). </I>The
Audit Committee was formed on February&nbsp;20, 2004, and the Board selected the
current members of the Audit Committee for the coming year, as shown above.
All of the members of the Audit Committee are independent within the meaning of
SEC regulations, the listing standards of the American Stock Exchange and the
Company&#146;s <I>Corporate Governance Guidelines</I>. Mr.&nbsp;Allard, a member of the
Committee, is qualified as an audit committee financial expert within the
meaning of SEC regulations and the Board has determined that he has accounting
and related financial management expertise within the meaning of the listing
standards of the American Stock Exchange. The predecessor Audit Committee met
four times during 2003.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Governance and Nominating Committee</I></B>. The Governance and Nominating
Committee is responsible for developing and implementing policies and practices
relating to corporate governance, including reviewing and monitoring
implementation of the Company&#146;s <I>Corporate Governance Guidelines</I>. In addition,
the Committee develops and reviews background information on candidates for the
Board and makes recommendations to the Board regarding such candidates. The
Committee also prepares and supervises the Board&#146;s annual review of director
independence and the Board&#146;s performance self-evaluation. The charter of the
Governance and Nominating Committee was adopted on March&nbsp;22, 2004, and is
available on the Company&#146;s Investor Relations website
(www.incomeopp-realty.com). On March&nbsp;22, 2004, the Board selected the members
of the Governance and Nominating Committee for the coming year, as shown above.
All of the members of the Committee are independent within the meaning of the
listing standards of the American Stock Exchange and the Company&#146;s <I>Corporate
Governance Guidelines.</I>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Compensation Committee</I></B>. The Compensation Committee is responsible for
overseeing the policies of the Company relating to compensation to be paid by
the Company to the Company&#146;s principal executive officer and any other officers
designated by the Board and make recommendations to the Board with respect to
such policies, produce necessary reports on executive compensation for
inclusion in the Company&#146;s proxy statement in accordance with applicable rules
and regulations and to monitor the development and implementation of succession
plans for the principal executive officer and other key executives and make
recommendations to the Board with respect to such plans. The charter of the
Compensation Committee was adopted on March&nbsp;22, 2004, and is available on the
Company&#146;s Investor Relations website (<I>www.incomeopp-realty.com). </I>On March&nbsp;22,
2004, the Board selected the members of the Compensation Committee for the
coming year as shown above. All of the members of the Committee are
independent within the meaning of the listing standards of the American Stock
Exchange and the Company&#146;s <I>Corporate Governance Guidelines</I>. The Compensation
Committee is to be comprised of at least two directors who are independent of
management and the Company.


<P align="left" style="font-size: 10pt"><B>Presiding Director</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In March&nbsp;2004, the Board created a new position of presiding director,
whose primary responsibility is to preside over periodic executive sessions of
the Board in which management directors and other members of management do not
participate. The presiding director also advises the Chairman of the Board and,
as appropriate, Committee chairs with respect to agendas and


<P align="center" style="font-size: 10pt">- 4 -
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">information needs
relating to Board and Committee meetings, provides advice with respect to the
selection of Committee chairs and performs other duties that the Board may from
time to time delegate to assist the Board in the fulfillment of its
responsibilities.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Director Peter L. Larsen will serve in this position during fiscal 2004,
and in March&nbsp;2004, the non-management members of the Board designated him to
serve in this position until the Company&#146;s 2004 annual meeting of stockholders.


<P align="left" style="font-size: 10pt"><B>Selection of nominees for the Board</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Governance and Nominating Committee will consider candidates for Board
membership suggested by its members and other Board members, as well as
management and stockholders. The Committee may also retain a third-party
executive search firm to identify candidates upon request of the Committee from
time to time. A stockholder who wishes to recommend a prospective nominee for
the Board should notify the Company&#146;s Corporate Secretary or any member of the
Governance and Nominating Committee in writing with whatever supporting
material the stockholder considers appropriate. The Governance and Nominating
Committee will also consider whether to nominate any person nominated by a
stockholder pursuant to the provisions of the Company&#146;s bylaws relating to
stockholder nominations.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Once the Governance and Nominating Committee has identified a prospective
nominee, the Committee will make an initial determination as to whether to
conduct a full evaluation of the candidate. This initial determination will be
based on whatever information is provided to the Committee with the
recommendation of the prospective candidate, as well as the Committee&#146;s own
knowledge of the prospective candidate, which may be supplemented by inquiries
to the person making the recommendation or others. The preliminary
determination will be based primarily on the need for additional Board members
to fill vacancies or expand the size of the Board and the likelihood that the
prospective nominee can satisfy the evaluation factors described below. If the
Committee determines, in consultation with the Chairman of the Board and other
Board members as appropriate, that additional consideration is warranted, it
may request the third-party search firm to gather additional information about
the prospective nominee&#146;s background and experience and to report its findings
to the Committee. The Committee will then evaluate the prospective nominee
against the standards and qualifications set out in the Company&#146;s <I>Corporate
Governance Guidelines, </I>including:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the ability of the prospective nominee to represent
the interests of the stockholders of the Company;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the prospective nominee&#146;s standards of integrity,
commitment and independence of thought and judgment;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the prospective nominee&#146;s ability to dedicate
sufficient time, energy and, attention to the diligent
performance of his or her duties, including the prospective
nominee&#146;s service on other public company boards, as
specifically set out in the Company&#146;s <I>Corporate Governance
Guidelines</I>;</TD>
</TR>


</TABLE>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the extent to which the prospective nominee
contributes to the range of talent, skill and expertise
appropriate for the Board;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the extent to which the prospective nominee helps the
Board reflect the diversity of the Company&#146;s stockholders,
employees, customers, guests and communities; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the willingness of the prospective nominee to meet any
minimum equity interest holding guideline.</TD>
</TR>

</TABLE>

<P align="left" style="font-size: 10pt">The Committee also considers such other relevant factors as it deems
appropriate, including the current composition of the Board, the balance of
management and independent directors, the need for Audit Committee expertise
and the evaluations of other prospective nominees. In connection with this
evaluation, the Committee determines whether to interview the prospective
nominee, and if warranted, one or more members of the Committee, and others as
appropriate, interview prospective nominees in person or by telephone. After
completing this evaluation and interview, the Committee makes a recommendation
to the full Board as to the persons who should be nominated by the Board, and
the Board determines the nominees after considering the recommendation and
report of the Committee.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Bylaws of the Company provide that any stockholder entitled to vote in
the election of directors generally may nominate one or more persons for
election as directors at a meeting only if written notice of such stockholders&#146;
intention to make such nomination has been delivered personally to, or has been
mailed to and received by the Secretary at the principal office of the Company
not later than 35 nor more than 60&nbsp;days prior to the date of the meeting. If a
stockholder has a suggestion for candidates for election, the stockholder
should follow this procedure. Each notice from a stockholder must set forth
(i)&nbsp;the name and address of the stockholder who intends to make the nomination
and the name of the person to be nominated, (ii)&nbsp;the class and number of shares
of stock held of record, owned beneficially and represented by proxy by such
stockholder as of the record date for the meeting and as of the date of such
notice, (iii)&nbsp;a representation that the stockholder intends to appear in person
or by proxy at the meeting to nominate the person specified in the notice, (iv)
a description of all arrangements or understandings between such stockholder
and each nominee and any other person (naming those persons) pursuant to which
the nomination is to be made by such stockholder, (v)&nbsp;such other information
regarding each nominee proposed by such stockholder as would be required to be
included in a proxy statement filed pursuant to the proxy rules, and (vi)&nbsp;the
consent of each nominee to serve as a director of the Company if so elected.
The chairman of the Annual Meeting may refuse to acknowledge the nomination of
any person not made in compliance with this procedure.


<P align="left" style="font-size: 10pt"><B>Determinations of directors independence</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In February&nbsp;2004, the Board enhanced its <I>Corporate Governance Guidelines.</I>
The <I>Guidelines </I>adopted by the Board meet or exceed the new listing standards
adopted during the year by the American Stock Exchange. The full text of the
<I>Guidelines </I>can be found in the Investor Relations section of the Company&#146;s
website (<I>www.incomeopp-realty.com). </I>A copy may also be obtained upon request
from the Company&#146;s Corporate Secretary.


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the <I>Guidelines, </I>the Board undertook its annual review of
director independence in March&nbsp;2004. During this review, the Board considered
transactions and relationships between each director or any member of his or
her immediate family and the Company and its subsidiaries and affiliates,
including those reported under <I>&#147;Certain Relationships and Related Transactions&#148;</I>
below. The Board also examined transactions and relationships between directors
or their affiliates and members of the Company&#146;s senior management or their
affiliates. As provided in the <I>Guidelines</I>, the purpose of this review was to
determine whether any such relationships or transactions were inconsistent with
a determination that the director is independent.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a result of this review, the Board affirmatively determined of the then
directors, Messrs.&nbsp;Allard, Jakuszewski and Larsen are each independent of the
Company and its management under the standards set forth in the <I>Corporate
Governance Guidelines</I>.


<P align="left" style="font-size: 10pt"><B>Board meetings during fiscal 2003</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board met six times during fiscal 2003. Each director attended all of
the meetings of the Board and Committees on which he served. Under the
Company&#146;s <I>Corporate Governance Guidelines</I>, each Director is expected to
dedicate sufficient time, energy an attention to ensure the diligent
performance of his or her duties, including by attending meetings of the
stockholders of the Company, the Board and Committees of which he or she is a
member.


<P align="left" style="font-size: 10pt"><B>Directors&#146; compensation</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each non-employee director receives an annual retainer of $15,000 plus
reimbursement for expenses. The Chairman of the Board receives an additional
fee of $1,500 per year. The members of the Audit Committee receive a fee of
$250 for each Committee meeting attended. In addition, each independent
director receives an additional fee of $1,000 per day for any special services
rendered by him to the Company outside of his or ordinary duties as a director
plus reimbursement of expenses. The Company also reimburses directors for
travel expenses incurred in connection with attending Board, committee and
stockholder meetings and for other Company-business related expenses.
Directors who are also employees of the Company or its Advisor receive no
additional compensation for service as a director.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During 2003, $53,000 was paid to the non-employee directors in total
directors&#146; fees for all services, including the annual fee for service during
the period from January&nbsp;1, 2003 through December&nbsp;31, 2003. Those fees received
by directors were Earl D. Cecil ($17,250), Ted P. Stokely ($18,750) and Martin
L. White ($17,000).


<P align="left" style="font-size: 10pt"><B>Stockholders communication with the Board</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholders and other parties interested in communicating directly with
the presiding director or with the non-Management directors as a group may do
so by writing to David E. Allard, Director, One Dallas Centre, 350 St. Paul
Street, Suite&nbsp;3000, Dallas, Texas 75201. Effective March&nbsp;22, 2004, the
Governance and Nominating Committee of the Board also approved a process for
handling letters received by the Company and addressed to members of the Board
but received at the Company. Under that process, the Corporate Secretary of the
Company reviews all such


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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">correspondence and regularly forwards to the Board a
summary of all such correspondence and copies of all correspondence that, in
the opinion of the Corporate Secretary, deals with the functions of the Board
or committees thereof or that he otherwise determines requires their attention.
Directors may at any time review a log of all correspondence received by the
Company that is addressed to members of the Board and received by the Company
and request copies of any such correspondence. Concerns relating to accounting,
internal controls or auditing matters are immediately brought to the attention
of the Chairman of the Audit Committee and handled in accordance with
procedures established by the Audit Committee with respect to such matters.



<P align="left" style="font-size: 10pt"><B>Code of Ethics</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company has adopted a Code of Business Conduct and Ethics, which
applies to all directors, officers and employees (including those of the
Contractual Advisor). In addition, the Company has adopted a code of ethics
entitled &#147;Code of Ethics for Senior Financial Officers&#148; that applies to the
principal executive officer, president, principal financial officer, chief
financial officer, the principal accounting officer and Controller. The text
of both documents is available on the Company&#146;s Investor Relations website
(<I>www.incomeopp-realty.com). </I>The Company intends to post amendments to or
waivers from its Code of Ethics for Senior Financial Officers (to the extent
applicable to the Company&#146;s chief executive officer, principal financial
officer or principal accounting officer) at this location on its website.


<P align="left" style="font-size: 10pt"><B>Compliance With Section&nbsp;16(a) of Reporting Requirements</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;16(a) under the Securities Exchange Act of 1934 requires the
Company&#146;s directors, executive officers and any persons holding 10% or more of
the Company&#146;s shares of Common Stock are required to report their ownership of
the Company&#146;s shares of Common Stock and any changes in that ownership to the
Securities and Exchange Commission (the &#147;Commission&#148;) on specified report
forms. Specific due dates for these reports have been established, and the
Company is required to report any failure to file by these dates during each
fiscal year. All of these filing requirements were satisfied by the Company&#146;s
directors and executive officers and holders of more than 10% of the Company&#146;s
Common Stock during the fiscal year ended December&nbsp;31, 2003. In making these
statements, the Company has relied upon the written representations of its
directors and executive officers and the holders of 10% or more of the
Company&#146;s Common Stock and copies of the reports that each has filed with the
Commission.


<P align="center" style="font-size: 10pt"><B>Security Ownership of Certain Beneficial Owners and Management</B>



<P align="left" style="font-size: 10pt"><B>Security Ownership of Certain Beneficial Owners</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth the ownership of the Company&#146;s Common
Stock, both beneficially and of record, both individually and in the aggregate,
for those persons or entities known by the Company to be the beneficial owners
of more than 5% of its outstanding Common Stock as of the close of business on
July&nbsp;30, 2004.


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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="65%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount and Nature</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>of Beneficial</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Approximate Percent</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name and Address of Beneficial Owner</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Ownership*</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>of Class**</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Syntek West, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1755 Wittington Place, Suite&nbsp;340</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Dallas, Texas 75234
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">794,223</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">55.2</TD>
    <TD nowrap valign="top">%</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Transcontinental Realty Investors, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1800 Valley View Lane, Suite&nbsp;300</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Dallas, Texas 75234
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">345,728</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">24.0</TD>
    <TD nowrap valign="top">%</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt"><B>Security Ownership of Management</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth the ownership of the Company&#146;s Common
Stock, both beneficially and of record, both individually and in the aggregate
for the directors and executive officers of the Company as of the close of
business on July&nbsp;30, 2004:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="55%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name and Address of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount and Nature of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Approximate Percent</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Beneficial Owner</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Beneficial Ownership*</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>of Class**</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">David E. Allard
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">-0-</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mark W. Branigan
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">345,728</TD>
    <TD nowrap valign="top">(1)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">24.0</TD>
    <TD nowrap valign="top">%</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Henry A. Butler
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">345,728</TD>
    <TD nowrap valign="top">(1)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">24.0</TD>
    <TD nowrap valign="top">%</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Louis J. Corna
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">345,728</TD>
    <TD nowrap valign="top">(1)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">24.0</TD>
    <TD nowrap valign="top">%</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Sharon Hunt
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">345,728</TD>
    <TD nowrap valign="top">(1)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">24.0</TD>
    <TD nowrap valign="top">%</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Robert A. Jakuszewski
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">-0-</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ken L. Joines
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">794,223</TD>
    <TD nowrap valign="top">(2)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">55.2</TD>
    <TD nowrap valign="top">%</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">J.C. Lowenberg III
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">345,728</TD>
    <TD nowrap valign="top">(1)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">24.0</TD>
    <TD nowrap valign="top">%</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Peter L. Larsen
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">-0-</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ted R. Munselle
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">345,728</TD>
    <TD nowrap valign="top">(1)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">24.0</TD>
    <TD nowrap valign="top">%</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Gene E. Phillips
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">794,223</TD>
    <TD nowrap valign="top">(2)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">55.2</TD>
    <TD nowrap valign="top">%</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ted P. Stokely
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">345,728</TD>
    <TD nowrap valign="top">(1)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">24.0</TD>
    <TD nowrap valign="top">%</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Martin L. White
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">345,728</TD>
    <TD nowrap valign="top">(1)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">24.04</TD>
    <TD nowrap valign="top">%</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">All directors and
executive officers as
a group (12 people)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>1,139,951(1</TD>
    <TD nowrap valign="top">)(2)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">79.2</TD>
    <TD nowrap valign="top">%</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">- 9 -
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">






<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%"></TD>
</TR>

<TR><TD colspan="3"><HR size="1" width="18%" align="left" noshade></TD></TR>

<TR valign="top">
    <TD width="96%">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Beneficial Ownership&#148; means the sole or shared power to vote, or
to direct the voting of, a security or investment power with respect
to a security, or any combination thereof.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="96%">**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Percentages are based upon 1,438,945 shares of Common Stock
outstanding at July&nbsp;30, 2004.</TD>
</TR>

</TABLE>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;Includes 345,728 shares owned by Transcontinental Realty
Investors, Inc. (&#147;TCI&#148;), of which the directors and executive
officers of TCI may be deemed to be the beneficial owners by virtue
of their positions as directors and executive officers. Each of the
directors (Messrs.&nbsp;Butler, Munselle, Stokely and White and Ms.&nbsp;Hunt)
and executive officers (Messrs.&nbsp;Branigan, Corna and Lowenberg) of TCI
disclaim beneficial ownership of such shares.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;Includes 794,223 shares owned by SWI, of which the directors and
executive officers of SWI (Messrs.&nbsp;Joines and Phillips) may be deemed
to be the beneficial owners by virtue of their positions as directors
and executive officers of SWI.

<!-- link1 "PROPOSAL 1" -->

<P align="center" style="font-size: 10pt"><B>PROPOSAL 1</B>


<!-- link1 "ELECTION OF DIRECTORS" -->

<P align="center" style="font-size: 10pt"><B>ELECTION OF DIRECTORS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Five directors are to be elected at the Annual Meeting. Each director
elected will hold office until the 2005 Annual Meeting. All of the nominees
for director are now serving as directors. Each of the nominees has consented
to being named in this proxy statement as a nominee and has agreed to serve as
a director if elected. The persons named on the proxy card will vote for all
of the nominees for director listed unless you withhold authority to vote for
one or more of the nominees. The nominees receiving a plurality of votes cast
at the Annual Meeting will be elected as directors. Abstentions and broker
non-votes will not be treated as a vote for or against any particular nominee
and will not affect the outcome of the election of directors. Cumulative
voting for the election of directors is not permitted. If any director is
unable to stand for re-election, the Board will designate a substitute. If a
substitute nominee is named, the persons named on the proxy card will vote for
the election of the substitute director.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The nominees for directors are listed below, together with their ages,
terms of service, all positions and offices with the Company or the Company&#146;s
advisor, SWI, other principal occupations, business experience and
directorships with other companies during the last five years or more. The
designation &#147;affiliated&#148; when used below with respect to a director means that
the director is an officer, director or employee of the Company or the advisor.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>David E. Allard, 45</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive Vice President (since 2003) of Internet America, Inc. Mr.
Allard was Chief Operating Officer (2000-2002) of Primedia Workplace Learning;
Executive Vice President and Chief Financial Officer (1999-2000) of E-Train;
Special Advisor (1998-1999) of Thayer Capital Partners; Chief Operating Officer
(1997-1998) of Career Track, Inc. (a TCI subsidiary); Senior Vice President


<P align="center" style="font-size: 10pt">-10-
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">and
Vice President - Business Development (1992-1996) of Westcott Communications,
Inc.; Partner (1985-1992) of Farmer and Allard, P.C. (a CPA firm); Audit
Manager/CPA (1983-1985) of Grant Thornton LLP (a CPA firm). Mr.&nbsp;Allard was
elected as a director of the Company on February&nbsp;20, 2004.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Robert A. Jakuszewski, 41</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice President - Sales and Marketing (since September&nbsp;1998) of New
Horizons Communications, Inc. Mr.&nbsp;Jakuszewski was a Consultant
(01/1998-09/1998) for New Horizon Communications, Inc.; Regional Sales Manager
(1996-1998) of Continental Funding; Territory Manager (1992-1996) of Sigvaris,
Inc.; Senior Sales Representative (1988-1992) of Mead Johnson Nutritional
Division, USPNG; Sales Representative (1986-1987) of Muro Pharmaceutical, Inc.
Mr.&nbsp;Jakuszewski was elected a director of the Company on March&nbsp;16, 2004.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Ken L. Joines, 36 (Affiliated)</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive Vice President and Chief Financial Officer (since July&nbsp;15, 2004)
of the Company; Vice President, Secretary and Treasurer (since March&nbsp;2001) of
SWI, an administrative services company and the advisor to the Company.
Owner/Operator (since September&nbsp;1998) of Joines &#038; Associates (a financial
consulting company, subcontractor of Whitson Management Group); Financial
Consultant (1996-1998) of Whitson Financial/Whitson Management Group. Mr.
Joines has been a director of the Company since July&nbsp;2003.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Peter L. Larsen, 62</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Larsen has been involved in the commercial real estate industry since
1972. From 1996 through 2002, he was Senior Vice President of Acquisitions of
Tarragon Corporation (formerly Tarragon Realty Investors, Inc.), and its
predecessors, a publicly-held real estate entity, the common stock of which is
traded on the NASDAQ National Market. Since 1992, Mr.&nbsp;Larsen has also been a
director of four Texas non-profit corporations which own 545 apartment units
and are overseeing the development of a multi-million dollar retirement center
in Coppell, Texas.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Ted P. Stokely, 70 (Affiliated)</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chairman of the Board of the Company (since January&nbsp;1995). Mr.&nbsp;Stokely is
General Manager (since January&nbsp;1995) of ECF Senior Housing Corporation, a
non-profit corporation; General Manager (since January&nbsp;1993) of Housing
Assistance Foundation, Inc., a non-profit corporation; part-time unpaid
Consultant (since January&nbsp;1993) of Eldercare Housing Foundation, a non-profit
corporation; General Manager (since April&nbsp;2002) of Unified Housing Foundation,
Inc., a non-profit corporation; Director and Chairman of the Board of ARI (since
November&nbsp;2002); and Director (since April&nbsp;1990) and Chairman of the Board
(since January&nbsp;1995) of TCI. Mr.&nbsp;Stokely has been a director of the Company
since April&nbsp;1990.


<P align="center" style="font-size: 10pt"><B>The Board of Directors unanimous recommends a vote FOR<BR>
the election of all of the Nominees named above.</B>




<P align="center" style="font-size: 10pt">- 11 -
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<!-- link1 "PROPOSAL 2" -->

<P align="center" style="font-size: 10pt"><B>PROPOSAL 2</B>


<!-- link1 "RATIFICATION OF APPOINTMENT OF INDEPENDENT AUDITOR" -->

<P align="center" style="font-size: 10pt"><B>RATIFICATION OF APPOINTMENT OF INDEPENDENT AUDITOR</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee has appointed Swalm &#038; Associates, P.C. as the
independent auditor of the Income Opportunity Realty Investors, Inc. for the
2004 fiscal year. The Company&#146;s Bylaws do not require that stockholders ratify
the appointment of Swalm &#038; Associates, P.C. as the Company&#146;s independent
auditor. The Audit Committee will consider the outcome of this vote in its
decision to appoint an independent auditor next year, however, it is not bound
by the stockholders&#146; decision. Even if the selection is ratified, the Audit
Committee, in its sole discretion, may change the appointment at any time
during the year if it determines that such a change would be in the best
interest of the Company and its stockholders.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A representative of Swalm &#038; Associates, P.C. will attend the Annual
Meeting. The representative will have an opportunity to make a statement if he
or she desires to do so and will be available to respond to appropriate
questions from the stockholders.


<P align="center" style="font-size: 10pt"><B>The Board of Directors recommends a vote FOR the ratification of the appointment of<BR>
Swalm &#038; Associates, P.C. as the Company&#146;s independent auditor.</B>



<P align="center" style="font-size: 10pt"><B>Changes in Registrant&#146;s Certifying Accountant</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective July&nbsp;1, 2003, the Board of Directors of the Company engaged the
Plano, Texas firm of Farmer, Fuqua &#038; Huff, P.C. as the independent accountant
to audit the Company&#146;s financial statements for the fiscal year ending December
31, 2003. During the Company&#146;s two most recent fiscal years ended December&nbsp;31,
2002 and any subsequent interim period, the Company did not consult with
Farmer, Fuqua &#038; Huff, P.C. or any of its members about the application of
accounting principles to any specified transaction or any other matter. The
engagement effective July&nbsp;1, 2003 of Farmer, Fuqua &#038; Huff, P.C. as a new
independent accountant for the Company necessarily resulted in the termination
or dismissal of the then principal accountant which audited the Company&#146;s
financial statements for the past two fiscal years ended December&nbsp;31, 2001 and
2002, BDO Seidman, LLP. BDO Seidman, LLP made a fee proposal estimate the
Company for 2003 which was greater than the fee proposal of Farmer, Fuqua &#038;
Huff, P.C. for the same work. During the Company&#146;s two most recent fiscal
years and any subsequent interim period through July&nbsp;1, 2003, BDO Seidman,
LLP&#146;s report on the Company&#146;s financial statements for those two years did not
contain an adverse opinion or disclaimer of opinion, nor was such opinion
qualified or modified as to uncertainty, audit scope or accounting principles,
and no disagreement existed between the Company and BDO Seidman, LLP concerning
any matter of accounting principles or practices, financial statement
disclosure or auditing scope or procedure. The decision to change accountants
was approved by the then Audit Committee of the Board of Directors of the Company which then
consisted of Messrs.&nbsp;Ted P. Stokely, Earl D. Cecil (who resigned as a director
on February&nbsp;29, 2004) and Martin L. White (who resigned as a director on March
15, 2004).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective June&nbsp;1, 2004, Farmer, Fuqua &#038; Huff, P.C. was engaged by the
Audit Committees of two affiliates of the Company to serve as those entities&#146;
independent accountant for the fiscal year ending December&nbsp;31, 2004. By virtue
of the other assignments for Farmer, Fuqua &#038; Huff, P.C. with


<P align="center" style="font-size: 10pt">- 12 -
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">those affiliates
of IOT, Farmer, Fuqua &#038; Huff, P.C. suggested that perhaps another firm should
handle the audit of IOT&#146;s financial statements for the fiscal year ending
December&nbsp;31, 2004 and in fact recommended Swalm &#038; Associates, P.C. The
approval of the engagement of Swalm &#038; Associates, P.C. was given by the Audit
Committee of the Board of Directors of IOT effective June&nbsp;1, 2004, and a
Current Report on Form 8-K for event occurring May&nbsp;31, 2004 was filed with the
Securities and Exchange Commission (the &#147;SEC&#148;). However, it was discovered
that Swalm &#038; Associates, P.C. had not completed the registration process with
the Public Company Accounting Oversight Board (&#147;PCAOB&#148;). Accordingly, on June
17, 2004, the Audit Committee of the Board of Directors (consisting of Messrs.
Allard, Jakuszewski and Larsen) re-engaged Farmer, Fuqua &#038; Huff, P.C. as the
independent accountants for the Company. During the short period of time of
engagement of Swalm &#038; Associates, P.C. (from June&nbsp;1, 2004 through June&nbsp;17,
2004), Swalm &#038; Associates, P.C. performed no work for the Company. In
addition, during the Company&#146;s two most recent fiscal years ended December&nbsp;31,
2003, and any subsequent interim period through May&nbsp;31, 2004, the Company did
not consult with Swalm &#038; Associates, P.C. or any of its members about the
application of accounting principles to any specified transaction or any other
matter.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On July&nbsp;19, 2004, the Company received notification that Swalm &#038;
Associates, P.C.&#146;s registration with the PCAOB had become effective. Effective
July&nbsp;22, 2004, the Audit Committee (consisting of Messrs.&nbsp;Allard, Jakuszewski
and Larsen) of the Board of Directors re-engaged the Plano, Texas firm of Swalm
&#038; Associates, P.C. as the independent accountant to audit the Company&#146;s
financial statements for the fiscal year ending December&nbsp;31, 2004. The
engagement effective July&nbsp;22, 2004 of Swalm &#038; Associates, P.C. as the
independent accountant for the Company necessarily resulted in the termination
or dismissal of the principal accountant which had audited the Company&#146;s
financial statements for the last fiscal year ended December&nbsp;31, 2003, Farmer,
Fuqua &#038; Huff, P.C. During the Company&#146;s most recent fiscal year and any
subsequent interim period, Farmer, Fuqua &#038; Huff, P.C.&#146;s report on the Company&#146;s
financial statements for that year did not contain an adverse opinion or
disclaimer of opinion nor was such opinion qualified or modified as to
uncertainty, audit scope or accounting principles, and no disagreement existed
between the Company and Farmer, Fuqua &#038; Huff, P.C. concerning any matter of
accounting principles or practices, financial statement disclosure or auditing
scope or procedure.


<P align="center" style="font-size: 10pt"><B>Fiscal Years 2002 and 2003 Audit Firm Fee Summary</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth the aggregate fees for professional
services rendered to the Company for the years 2003 and 2002 by the Company&#146;s
principal accounting firm, BDO Seidman, LLP (January&nbsp;2002 to June&nbsp;2003) and
Farmer Fuqua &#038; Huff, P.C. (July&nbsp;1, 2003 to December&nbsp;31, 2003):

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="55%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="51%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Type of Fees</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2002</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Audit Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">53,407</TD>
    <TD nowrap>(a)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">62,004</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Audit-Related Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Tax Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2,000</TD>
    <TD nowrap>(a)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,950</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">All Other Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Total Fees:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">55,507</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">64,954</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">-13-
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<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="font-size: 10pt"><HR size="1" noshade width="18%" align="left">



<DIV align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The amount of audit fees paid to BDO Seidman, LLP for January to June
2003 was $10,269; the amount of audit fees paid to Farmer, Fuqua &#038; Huff, P.C.
for July through December&nbsp;2003 was $43,237.87. All tax fees for 2003 were paid
to Farmer, Fuqua &#038; Huff, P.C.
</DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All services rendered by the principal auditors are permissible under
applicable laws and regulations and were pre-approved by either the Board of
Directors or the Audit Committee, as required by law. The fees paid the
principal auditors for services as described in the above table fall under the
categories listed below:



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Audit Fees</I>. These are fees for professional services
performed by the principal auditor for the audit of the Company&#146;s
annual financial statements and review of financial statements
included in the Company&#146;s 10-Q filings and services that are
normally provided in connection with statutory and regulatory
filing or engagements.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Audit-Related Fees</I>. These are fees for assurance and related
services performed by the principal auditor that are reasonably
related to the performance of the audit or review of the Company&#146;s
financial statements. These services include attestations by the
principal auditor that are not required by statute or regulation
and consulting on financial accounting/reporting standards.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Tax Fees</I>. These are fees for professional services performed
by the principal auditor with respect to tax compliance, tax
planning, tax consultation, returns preparation and review of
returns. The review of tax returns includes the Company and its
consolidated subsidiaries.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>All Other Fees</I>. These are fees for other permissible work
performed by the principal auditor that do not meet the above
category descriptions.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These services are actively monitored (as to both spending level and work
content) by the Audit Committee to maintain the appropriate objectivity and
independence in the principal auditor&#146;s core work, which is the audit of the
Company&#146;s consolidated financial statements.


<P align="center" style="font-size: 10pt"><B>Report of the Audit Committee<BR>
Of the Board of Directors</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee oversees the Company&#146;s auditing, accounting and
financial reporting processes on behalf of the Board. The Audit Committee also
recommends to the Board of Directors the selection of the Company&#146;s independent
accountants.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee&#146;s job is one of oversight as set forth in its charter,
a copy of which is attached as Appendix&nbsp;I. It is not a duty of the Audit
Committee to prepare the Company&#146;s financial statements, to plan or conduct
audits or to determine that the Company&#146;s financial statements are complete and
accurate and are in accordance with generally accepted accounting principles.


<P align="center" style="font-size: 10pt">-14-
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">Management of the Company is responsible for preparing the Company&#146;s financial
statements and for maintaining internal controls. The independent auditors are
responsible for auditing the financial statements and for expressing an opinion
as to whether those audited financial statements fairly present the financial
position, results of operations and cash flows of the Company in conformity
with generally accepted accounting principles.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee has reviewed and discussed the audited consolidated
financial statements of the Company for the 2003 fiscal year with management,
and has discussed with the independent accountants the matters required to be
discussed by Statement on Auditing Standards No.&nbsp;61 (Codification of Statements
on Auditing Standards, AU SEC. 380) which includes, among other things, matters
related to the conduct of the audit of the Company&#146;s financial statements. The
Audit Committee has received the written disclosures and the letter from the
independent accountants required by Independence Standards Board Standard No.&nbsp;1
(Independence Discussions with Audit Committees), and the Audit Committee has
discussed with representatives of the independent accountants their
independence.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based upon the review and discussions described above, the Audit Committee
recommended to the Board of Directors, and the Board has approved, that the
audited consolidated financial statements be included in the Company&#146;s Annual
Report on Form 10-K for the year ended December&nbsp;31, 2003, filed with the
Securities and Exchange Commission. The Audit Committee and the Board have
also recommended, subject to stockholder approval, the selection of Swalm &#038;
Associates, P.C. as the Company&#146;s independent auditors for fiscal year 2004.





<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="90%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="29%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="37%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="24%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">AUDIT COMMITTEE
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">David E. Allard
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Robert A. Jakuszewski
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Peter L. Larsen</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt"><B>Pre-Approval Policy for Audit and Non-Audit Services</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Sarbanes-Oxley Act of 2002 (the &#147;SO Act&#148;), and the rules of the
Securities and Exchange Commission (the &#147;SEC&#148;), the Audit Committee of the
Board of Directors is responsible for the appointment, compensation and
oversight of the work of the independent auditor. The purpose of the
provisions of the SO Act and the SEC rules for the Audit Committee role in
retaining the independent auditor is two-fold. First, the authority and
responsibility for the appointment, compensation and oversight of the auditors
should be with directors who are independent of management. Second, any
non-audit work performed by the auditors should be reviewed and approved by
these same independent directors to ensure that any non-audit services
performed by the auditor do not impair the independence of the independent
auditor. To implement the provisions of the SO Act, the SEC issued rules
specifying the types of services that an independent auditor may not provide to its audit client, and governing the Audit Committee&#146;s
administration of the engagement of the independent auditor. As part of this
responsibility, the Audit Committee is required to pre-approve the audit and
non-audit services performed by the independent auditor in order to assure that
they do not impair the auditor&#146;s independence. Accordingly, the Audit
Committee has adopted a pre-approval policy of audit and non-audit services
(the &#147;Policy&#148;), which sets forth the procedures and conditions pursuant to
which services to be performed by the independent auditor are to be
pre-approved. A copy of the Policy is attached as Appendix&nbsp;II.


<P align="center" style="font-size: 10pt">- 15 -
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">Consistent with
the SEC rules establishing two different approaches to approving non-prohibited
services, the policy of the Audit Committee covers pre-approval of audit
services, audit-related services, international administration tax services,
non-U.S. income tax compliance services, pension and benefit plan consulting
and compliance services, and U.S. tax compliance and planning. At the
beginning of each fiscal year, the Audit Committee will evaluate other known
potential engagements of the independent auditor, including the scope of work
proposed to be performed and the proposed fees, and approve or reject each
service, taking into account whether services are permissible under applicable
law and the possible impact of each non-audit service on the independent
auditor&#146;s independence from management. Typically, in addition to the
generally pre-approved services, other services would include due diligence for
an acquisition that may or may not have been known at the beginning of the
year. The Audit Committee has also delegated to any member of the Audit
Committee designated by the Board or the financial expert member of the Audit
Committee responsibilities to pre-approve services to be performed by the
independent auditor not exceeding $25,000 in value or cost per engagement of
audit and non-audit services, and such authority may only be exercised when the
Audit Committee is not in session.



<P align="center" style="font-size: 10pt"><B>Compensation Committee Report</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company has no employees, payroll or benefit plans and pays no
compensation to its executive officers. The executive officers of the Company
who are also officers or employees of Prime Income Asset Management LLC
(&#147;Prime&#148;) are compensated by Prime. Such executive officers perform a variety
of services for Prime, and the amount of their compensation is determined
solely by Prime. Prime does not allocate the cash compensation of its officers
among the various entities for which it may serve as advisor or sub-advisor.
Prime contracts with SWI to provide certain services to the Company through
SWI.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The only remuneration paid by the Company is to the directors who are not
officers or directors of SWI. These independent directors (i)&nbsp;review the
business plan of the Company to determine that it is in the best interest of
the stockholders, (ii)&nbsp;review the advisory contract, (iii)&nbsp;supervise the
performance of the Company&#146;s advisor and review the reasonableness of the
compensation paid to the advisor in terms of the nature and quality of services
performed, (iv)&nbsp;review the reasonableness of the total fees and expenses of the
Company, and (v)&nbsp;select, when necessary, a qualified independent real estate
appraiser to appraise properties acquired. See &#147;Director Compensation&#148; for a
description of the compensation paid.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Compensation Committee is responsible for overseeing the policies of
the Company relating to compensation to be paid by the Company, if any, to
certain designated officers and to make recommendations to the Board with
respect to compensation policies, produce necessary reports and executive
compensation for inclusion in the proxy statement, and to monitor the development and implementation of succession plans. The charter of the
Compensation Committee was adopted on March&nbsp;22, 2004, and the members of the
Compensation Committee, all of whom are independent within the meaning of the
listing standards of the American Stock Exchange and the Company&#146;s corporate
governance guidelines, are listed below. Since its formation on March&nbsp;22,
2004, the Compensation Committee has not performed any task to report other
than to review its existing charter.


<P align="center" style="font-size: 10pt">- 16 -
</DIV>
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<P align="center" style="font-size: 10pt">COMPENSATION COMMITTEE


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="90%">
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<TR valign="bottom">
    <TD width="29%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="24%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="37%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">David E. Allard
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Peter L. Larsen
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Robert A. Jakuszewski</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt"><B>Compensation Committee Interlocks and Insider Participation</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&#146;s Compensation Committee is made up of non-employee directors
who have never served as officers of, or been employed by the Company. None of
the Company&#146;s executive officers serve on a board of directors of any entity
that has a director or officer serving on this Committee.


<P align="left" style="font-size: 10pt"><B>Executive Officers</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive officers of the Company are Mark W. Branigan, Executive Vice
President &#150; Residential, Louis J. Corna, Executive Vice President &#150; Tax,
General Counsel/Tax Counsel and Secretary, and Ken L. Joines, Executive Vice
President and Chief Financial Officer. Messrs.&nbsp;Branigan and Corna are employed
by Prime, and Mr.&nbsp;Joines is employed by SWI. None of the executive officers
receive any direct remuneration from the Company, nor do any hold any options
granted by the Company. Their positions with the Company are not subject to a
vote of stockholders. The ages, terms of service and all positions and offices
with the Company, Prime, BCM, SWI, other affiliated entities, other principal
occupations, business experience and directorships with other publicly-held
companies during the last five years or more are set forth below as to Messrs.
Branigan and Corna. See Proposal 1 &#147;Election of Directors&#148; above for similar
information concerning Ken L. Joines.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Mark W. Branigan, 49</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive Vice President&#150;Residential (since June&nbsp;2001), Executive Vice
President and Chief Financial Officer (August&nbsp;2000 to June&nbsp;2001), Vice
President&#150;Director of Construction (August&nbsp;1999 to August&nbsp;2000) of the Company,
TCI, ARL and BCM; Director (September&nbsp;2000 to June&nbsp;2001) of the Company, TCI
and ARL; Executive Vice President&#150;Residential (since June&nbsp;2003) of Prime and
PIAMI; and Executive Vice President&#150;Residential Asset Management (January&nbsp;1992
to October&nbsp;1997) of American Realty Trust, Inc. (&#147;ART&#148;); Real Estate Consultant
(November&nbsp;1997 to July&nbsp;1999).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Louis J. Corna, 56</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive Vice President, General Counsel/Tax Counsel and Secretary (since
February&nbsp;2004), Executive Vice President (October&nbsp;2001 to February&nbsp;2004),
Executive Vice President and Chief Financial Officer (June&nbsp;2001 to October
2001) and Senior Vice President&#150;Tax (December&nbsp;2000 to June&nbsp;2001) of the Company, TCI, ARL and BCM; Executive Vice
President, General Counsel/Tax Counsel and Secretary (since February&nbsp;2004),
Executive Vice President&#150;Tax (July&nbsp;2003 to February&nbsp;2004) of Prime and PIAMI;
Private Attorney (January&nbsp;2000 to December&nbsp;2000); Vice President&#150;Taxes and
Assistant Treasurer (March&nbsp;1998 to January&nbsp;2000) of IMC Global, Inc.; Vice
President&#150;Taxes (July&nbsp;1991 to February&nbsp;1998) of Whitman Corporation.


<P align="center" style="font-size: 10pt">-17-


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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>The Advisor</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although the Board of Directors is directly responsible for managing the
affairs of the Company and for setting the policies which guide it, day-to-day
operations are performed by a contractual advisor under the supervision of the
Board of Directors. The duties of the advisor include, among other things,
locating, investigating, evaluating and recommending real estate and mortgage
note investment and sales opportunities, as well as financing and refinancing
sources. The advisor also serves as a consultant to the Board of Directors in
connection with the business plan and investment decisions made by the Board.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SWI has served as the Company&#146;s advisor since June&nbsp;30, 2003. Prior to
June&nbsp;30, 2003, and since 1989, BCM had served as the advisor to the Company and
its predecessors. SWI is 100% owned by Gene E. Phillips. Mr.&nbsp;Phillips is
chairman, president, chief executive officer and a director of SWI, is involved
in daily consultation with the officers of SWI and has significant influence
over the conduct of SWI&#146;s business, including the rendering of advisory
services and the making of investment decisions for itself and the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Advisory Agreement, SWI is required to annually formulate and
submit for Board approval a budget and business plan containing a twelve-month
forecast of operations and cash flow, a general plan for asset sales and
purchases, borrowing activity and other investments. SWI is required to report
quarterly to the Board on the Company&#146;s performance against the business plan.
In addition, all transactions require prior Board approval, unless they are
explicitly provided for in the approved plan or are made pursuant to authority
expressly delegated to SWI by the Board.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Advisory Agreement also requires prior approval of the Board for the
retention of all consultants and third party professionals, other than legal
counsel. The Advisory Agreement provides that SWI shall be deemed to be in a
fiduciary relationship to the stockholders; contains a broad standard governing
SWI&#146;s liability for losses by the Company; and contains guidelines for SWI&#146;s
allocation of investment opportunities as among itself, the Company and other
entities it advises.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Advisory Agreement provides for SWI to be responsible for the
day-to-day operations of the Company and to receive an advisory fee comprised
of a gross asset fee of 0.0625% per month (0.75% per annum) of the average of
the gross asset value (total assets less allowance for amortization,
depreciation or depletion and valuation reserves) and an annual net income fee
equal to 7.5% of the Company&#146;s net income.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Advisory Agreement also provides for SWI to receive an annual
incentive sales fee equal to 10% of the amount, if any, by which the aggregate
sales consideration for all real estate sold by the Company during the fiscal
year exceeds the sum of (1)&nbsp;the cost of each property as originally recorded in the Company&#146;s books for tax purposes (without deduction for
depreciation, amortization or reserve for losses), (2)&nbsp;capital improvements
made to such assets during the period owned, and (3)&nbsp;all closing costs
(including real estate commissions) incurred in the sale of such real estate.
However, no incentive fee shall be paid unless (a)&nbsp;such real estate sold in
such fiscal year, in the aggregate, has produced an 8% simple annual return on
the net investment, including capital improvements, calculated over the holding
period before depreciation and inclusive of operating


<P align="center" style="font-size: 10pt">-18-
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">income and sales
consideration, and (b)&nbsp;the aggregate net operating income from all real estate
owned for each of the prior and current fiscal years shall be at least 5%
higher in the current fiscal year than in the prior fiscal year.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additionally, pursuant to the Advisory Agreement, SWI or an affiliate of
SWI is to receive an acquisition commission for supervising the acquisition,
purchase or long-term lease of real estate equal to the lesser of (i)&nbsp;up to 1%
of the cost of acquisition, inclusive of commissions, if any, paid to
non-affiliated brokers, or (ii)&nbsp;the compensation customarily charged in
arm&#146;s-length transactions by others rendering similar property acquisition
services as an ongoing public activity in the same geographical location and
for comparable property, provided that the aggregate purchase price of each
property (including acquisition fees and real estate brokerage commissions) may
not exceed such property&#146;s appraised value at acquisition.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Advisory Agreement requires SWI or any affiliate of SWI to pay the
Company one-half of any compensation received from third parties with respect
to the origination, placement or brokerage of any loan made by the Company.
However, the compensation retained by SWI or any affiliate of SWI shall not
exceed the lesser of (i)&nbsp;2% of the amount of the loan commitment, or (ii)&nbsp;a
loan brokerage and commitment fee which is reasonable and fair under the
circumstances.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Advisory Agreement also provides that SWI or an affiliate of SWI is to
receive a mortgage or loan acquisition fee with respect to the purchase of any
existing mortgage loan equal to the lesser of (i)&nbsp;1% of the amount of the loan
purchased, or (ii)&nbsp;a brokerage or commitment fee which is reasonable and fair
under the circumstances. Such fee will not be paid in connection with the
origination or funding of any mortgage loan by the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Advisory Agreement, SWI or an affiliate of SWI also is to
receive a mortgage brokerage and equity refinancing fee for obtaining loans or
refinancing on properties equal to the lesser of (i)&nbsp;1% of the amount of the
loan or the amount refinanced, or (ii)&nbsp;a brokerage or refinancing fee which is
reasonable and fair under the circumstances. However, no such fee shall be
paid on loans from SWI or an affiliate of SWI without the approval of the Board
of Directors. No fee shall be paid on loan extensions.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Advisory Agreement, SWI is to receive reimbursement of certain
expenses incurred by it in the performance of advisory services to the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Advisory Agreement, all or a portion of the annual advisory fee
must be refunded by SWI if the Operating Expenses of the Company (as defined in
the Advisory Agreement) exceed certain limits specified in the Advisory
Agreement based on the book value, net asset value and net income of the
Company during the fiscal year. SWI was required to refund $226,000 of the
2003 advisory fee under this provision.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additionally, if management were to request that SWI render services other
than those required by the Advisory Agreement, SWI or an affiliate of SWI is
separately compensated for such additional services on terms to be agreed upon
from time to time. As discussed below, under Property Management, the Company
has hired Triad Realty Services, Ltd. (&#147;Triad&#148;), an affiliate of BCM, to
provide management for the Company&#146;s properties and, as discussed below, under
&#147;Real


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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">Estate Brokerage,&#148; the Company has engaged Regis Realty I LLC (&#147;Regis
I&#148;), a related party, on a non-exclusive basis to provide brokerage services
for the Company. SWI may assign the Advisory Agreement only with the prior
consent of the Company.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The directors and principal officers of SWI are set forth below:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="55%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="54%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Office(s)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Gene E. Phillips
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>Director, Chairman, President and Chief Executive Officer</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ken L. Joines
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director, Vice President, Treasurer and Secretary</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt"><B>Property Management</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since February&nbsp;1, 1990, affiliates of BCM have provided property
management services. Currently, Triad provides such property management
services for a fee of 6% or less of the monthly gross rents collected on
residential properties and 3% or less of the monthly gross rents collected on
commercial properties under its management. Triad subcontracts with other
entities for the provision of the property-level management services to the
Company at various rates. The general partner of Triad is BCM. The limited
partner of Triad is Highland Realty Services, Inc., a related party. Triad
subcontracted the property-level Management and leasing of five of the
Company&#146;s commercial properties to Regis Realty, Inc., a related party, which
is a company owned by Highland Realty Services, Inc., until December&nbsp;2002.
Regis Realty, Inc. was entitled to receive property and construction management
fees and leasing commissions in accordance with its property-level management
agreement with Triad until December&nbsp;2002. Since January&nbsp;1, 2003, Regis I has
provided these services. The sole member of Regis I is Highland Realty
Services, Inc.


<P align="left" style="font-size: 10pt"><B>Real Estate Brokerage</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regis Realty, Inc. provided real estate brokerage services to the Company
(on a non-exclusive basis), until December&nbsp;2002. Since January&nbsp;1, 2003, Regis
I has provided these services. Regis Realty, Inc. was, and Regis I is, entitled
to receive a real estate commission for property purchases and sales in
accordance with a sliding scale of total fees to be paid (i)&nbsp;maximum fee of
4.5% on the first $2&nbsp;million of any purchase or sale transaction of which no
more than 3.5% would be paid to Regis Realty, Inc. or affiliates; (ii)&nbsp;maximum
fee of 3.5% on transaction amounts between $2&nbsp;million and $5&nbsp;million, of which
no more than 3% would be paid to Regis I or affiliates; (iii)&nbsp;maximum fee of
2.5% on transaction amounts between $5&nbsp;million and $10&nbsp;million, of which no
more than 2% would be paid to Regis I; and (iv)&nbsp;maximum fee of 2% on
transaction amounts in excess of $10&nbsp;million, of which no more than 1.5% would
be paid to Regis I or affiliates.


<P align="center" style="font-size: 10pt">-20-
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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt"><B>Certain Relationships and Related Transactions</B>



<P align="left" style="font-size: 10pt"><B>Certain Business Relationships</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In February&nbsp;1989, the Board of Directors of the predecessor of the Company
voted to retain BCM as the predecessor&#146;s advisor. BCM is a company of which
Messrs.&nbsp;Mark W. Branigan and Louis J. Corna serve as executive officers. BCM
is indirectly owned by a trust for the children of Gene E. Phillips. Mr.
Phillips is not an officer or director of BCM but serves as a representative of
the trust, is involved in daily consultation of the officers of BCM and has
significant influence over the conduct of BCM&#146;s business, including the
rendering of advisory services and the making of investment decisions for
itself and for the Company. On June&nbsp;30, 2003, BCM ended its advisory agreement
with the Company. SWI has served as the Company&#146;s advisor since July&nbsp;1, 2003.
SWI is owned by Gene E. Phillips. Mr.&nbsp;Phillips is Chairman, President, Chief
Executive Officer and a director and is involved in daily consultation with the
officers of SWI and has significant influence over the conduct of SWI&#146;s
business, including the rendering of advisory services and the making of
investment decisions for itself and for the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since February&nbsp;1, 1991, affiliates of BCM have provided property
management services to the Company and its predecessor. Currently, Triad
Realty Services, Ltd. (&#147;Triad&#148;) provides such property management services.
The general partner of Triad is BCM. The limited partner is Highland Realty
Services, Inc., a related party. Triad subcontracted the property-level
management and leasing of five of the Company&#146;s commercial properties to Regis
Realty, Inc., a related party which is a company owned by Highland Realty
Services, Inc. until December&nbsp;2002; since January&nbsp;1, 2003, Regis Realty I LLC
has provided this service. Regis Realty I LLC is a limited liability company,
the sole member of which is Highland Realty Services, Inc.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliates of BCM have also provided brokerage services, on a
non-exclusive basis, for the Company and received brokerage commissions in
accordance with a brokerage agreement. Currently, Regis Realty I LLC performs
such brokerage services for the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Messrs.&nbsp;Mark W. Branigan and Louis J. Corna are employed by Prime Income
Asset Management LLC (&#147;Prime&#148;), the sole member of which is Prime Income Asset
Management, Inc., a Nevada corporation (&#147;PIAMI&#148;), which is owned by Realty
Advisors, Inc. (79%) and SWI (21%). Ken L. Joines is employed by SWI. Messrs.
Branigan and Corna, executive officers of the Company, also serve as executive
officers of ARI and TCI, and accordingly owe fiduciary duties to those entities
as well as the Company. Ted. P. Stokely, who serves as a director of ARI, and
TCI owes fiduciary duties to TCI and ARI, as well as the Company under
applicable law.


<P align="left" style="font-size: 10pt"><B>Related Party Transactions</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Historically, the Company has engaged in and may continue to engage in
business transactions, including real estate partnerships, with related
parties. Management believes that all of the related party transactions
represented the best investments available at the time and were at least as
advantageous to the Company as could have been obtained from unrelated third
parties.


<P align="center" style="font-size: 10pt">-21-
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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In January&nbsp;2002, the Company purchased 100% of the outstanding common
shares of Rosedale Corporation (&#147;Rosedale&#148;), a wholly-owned subsidiary of ARI,
a related party, for $5.1&nbsp;million cash. Rosedale owned the 83,331 square feet
Rosedale Towers Office Building in Roseville, Minnesota. ARI guaranteed that
the asset would produce at least a 12% return annually of the purchase price
for a period of three years from the purchase date. If the asset failed to
produce the 12% return, ARI shall pay the Company for any shortfall.
Management classified this related party transaction as a note receivable from
ARI. In the first quarter of 2002, after reviewing the property&#146;s fair market
value after costs to sell, even though ARI has guaranteed the 12% return, the
Company recognized a provision for loss on the note receivable of $767,000. In
December&nbsp;2002, the Rosedale Towers Office Building was sold for $7.2&nbsp;million.
The Company received $3.5&nbsp;million of the proceeds after the payment of the
first lien debt and various closing costs. The Company recognized an
additional loss of $801,000 on its note.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In February&nbsp;2002, the Company funded a $2&nbsp;million mortgage loan as a
participation agreement with TCI, a related party. The loan was secured by a
second lien on a retail center in Montgomery County, Texas. The note
receivable bore interest at 16% per annum, required monthly interest-only
payment of $47,000 and matured in February&nbsp;2002. In February&nbsp;2002, the loan
was extended until April&nbsp;2002. In April&nbsp;2002, the Company extended the loan
until July&nbsp;2002, receiving $8,500 as an extension fee. In July&nbsp;2002, the loan
was extended until September&nbsp;2002, with the Company receiving $8,500 as an
extension fee. Also in July&nbsp;2002, the Company received a $500,000 principal
paydown on the note. In August&nbsp;2002, the note was paid off, including accrued
but unpaid interest.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On December&nbsp;30, 2003, a Promissory Note in the amount of $6.3&nbsp;million
given by Housing for Seniors of Humble (&#147;Housing&#148;) to NLP Lakeshore Villas LLC
(&#147;NLP&#148;) was assigned from ARI to the Company. On December&nbsp;30, 2003, a
Promissory Note in the amount of $2&nbsp;million given by Housing to NLP was
assigned from ARI to the Company. These assignments were payments on certain
intercompany receivables due to the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On December&nbsp;18, 2003, the Company purchased 100% of the outstanding common
shares of Transcontinental Brewery Corporation (&#147;Brewery&#148;), a wholly-owned
subsidiary of TCI, a related party, for $4&nbsp;million for a reduction of
intercompany debt in the same amount. Brewery owns the 19.96 acres of land and
the 133,000 square feet Eagle Crest Warehouse Building in Farmers Branch,
Texas.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On December&nbsp;18, 2003, the Company purchased 100% of the outstanding common
shares of Transcontinental Treehouse Corporation (&#147;Treehouse-IR&#148;), a
wholly-owned subsidiary of TCI, for $7.5&nbsp;million for a reduction of
intercompany debt in the amount of $2.4&nbsp;million subject to mortgage lien in the
amount of $5.1&nbsp;million. Treehouse-IR owns the 153,076 square feet Treehouse
Apartments Building in Irving, Texas.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On December&nbsp;18, 2003, the Company purchased 100% of the outstanding common
shares of Transcontinental Parkway Corporation (&#147;Parkway&#148;), a wholly-owned
subsidiary of TCI, for $4&nbsp;million for a reduction of intercompany debt in the
amount of $2.4&nbsp;million subject to mortgage lien in the amount of $1.6&nbsp;million.
Parkway owns the 28,374 square feet Parkway Shopping Center in Dallas, Texas.


<P align="center" style="font-size: 10pt">-22-
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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company is a partner with TCI in Nakash Income Associates nd TCI Eton
Square, L.P. TCI owns 345,728 shares of Common Stock of the Company
(approximately 24%).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2003, the Company paid SWI and its affiliates and related parties
$425,000 in advisory fees, $130,000 in net income fees, $547,000 in mortgage
brokerage and equity refinancing fees, and $325,000 in property and
construction management fees and leasing commissions, net of property
management fees paid to subcontractors other than Regis. In addition, from
time to time, the Company has made advances to SWI which generally have not had
specific repayment terms and have been reflected in the Company&#146;s financial
statements as other assets or other liabilities from affiliates. At December
31, 2003, the Company had advanced SWI $432,000, ARI $367,000 and TCI $261,000,
respectively.


<P align="left" style="font-size: 10pt"><B>Restrictions on Related Party Transactions</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;FOURTEENTH of the Company&#146;s Articles of Incorporation provides
that the Company shall not, directly or indirectly, contract or engage in any
transaction with (1)&nbsp;any director, officer or employee of the Company, (2)&nbsp;any
director, officer or employee of the advisor, (3)&nbsp;the advisor, or (4)&nbsp;any
affiliate or associate (as such terms are defined in Rule&nbsp;12b-2 under the
Securities Exchange Act of 1934, as amended) of any of the aforementioned
persons, unless (a)&nbsp;the material facts as to the relationship among or
financial interest of the relevant individuals or persons and as to the
contract or transaction are disclosed to or are known by the Company&#146;s Board of
Directors or the appropriate committee thereof, and (b)&nbsp;the Company&#146;s Board of
Directors or appropriate committee thereof determines that such contract or
transaction is fair to the Company and simultaneously authorizes or ratifies
such contract or transaction by the affirmative vote of a majority of
independent directors of the Company entitled to vote thereon. Article
FOURTEENTH defines an &#147;Independent Director&#148; as one who is neither an officer
or an employee of the Company, nor a director, officer or employee of the
Company&#146;s advisor.

<P align="center" style="font-size: 10pt"><B>PERFORMANCE GRAPH</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following performance graph compares the cumulative total stockholder
return on shares of Common Stock of the Company with the Dow Jones US Total
Market Index (&#147;DJ Total Market Index&#148;) and the Dow Jones Real Estate Investment
Index (&#147;DJ Real Estate Index&#148;). The comparison assumes that $100 was invested
on December&nbsp;31, 1998, in shares of Common Stock of the Company, and in each of
the indices and further assumes the reinvestment of all distributions. Past
performance is not necessarily an indicator of future performance.


<P align="center" style="font-size: 10pt">-23-
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<DIV style="font-family: 'Times New Roman',Times,serif">
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<P align="center" style="font-size: 10pt"><IMG src="d17298d1729802.gif" alt="(LINE GRAPH)">




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<P align="center" style="font-size: 10pt"><B>OTHER MATTERS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors knows of no other matters that may be properly or
should be brought before the Annual Meeting. However, if any other matters are
properly brought before the Annual Meeting, the persons named in the enclosed
proxy or their substitutes will vote in accordance with their best judgment on
such matters.

<!-- link1 "FINANCIAL STATEMENTS" -->

<P align="center" style="font-size: 10pt"><B>FINANCIAL STATEMENTS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The audited financial statements of the Company, in comparative form for
the years ended December&nbsp;31, 2003 and 2002 are contained in the 2003 Annual
Report to Stockholders, which is being delivered with this proxy statement.
However, such report and the financial statements contained therein are not to
be considered part of this solicitation.

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<P align="center" style="font-size: 10pt"><B>SOLICITATION OF PROXIES</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>THIS PROXY STATEMENT IS FURNISHED TO STOCKHOLDERS TO SOLICIT PROXIES ON
BEHALF OF THE BOARD OF DIRECTORS OF INCOME OPPORTUNITY REALTY INVESTORS, INC.</B>
The cost of soliciting proxies will be born by the Company. Directors and
officers of the Company may, without additional compensation, solicit by mail,
in person or by telecommunication.




<P align="center" style="font-size: 10pt">-24-
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<DIV style="font-family: 'Times New Roman',Times,serif">



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<P align="center" style="font-size: 10pt"><B>FUTURE PROPOSALS OF STOCKHOLDERS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholder proposals for our Annual Meeting to be held in 2005 must be
received by us by December&nbsp;31, 2004, and must otherwise comply with the rules
promulgated by the Securities and Exchange Commission to be considered for
inclusion in our proxy statement for that year. Any stockholder proposal,
whether or not to be included in our proxy materials, must be sent to our
Corporate Secretary at 1800 Valley View Lane, Suite&nbsp;300, Dallas, Texas 75234.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>COPIES OF INCOME OPPORTUNITY REALTY INVESTORS, INC.&#146;S ANNUAL REPORT FOR
THE FISCAL YEAR ENDED DECEMBER 31, 2003 TO THE SECURITIES AND EXCHANGE
COMMISSION ON FORM 10-K ARE AVAILABLE TO STOCKHOLDERS WITHOUT CHARGE UPON
WRITTEN REQUEST TO INCOME OPPORTUNITY REALTY INVESTORS, INC., 1800 VALLEY VIEW
LANE, SUITE 300, DALLAS, TEXAS 75234, ATTN: DIRECTOR OF INVESTOR RELATIONS.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dated: July&nbsp;30, 2004.

<DIV align="center">
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    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By order of the Board of Directors,</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Louis J. Corna</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Louis J. Corna, Executive Vice President,</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">General Counsel, Tax Counsel and Secretary</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">-25-
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<DIV style="font-family: 'Times New Roman',Times,serif">

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<P align="center" style="font-size: 10pt"><B>APPENDIX I</B>



<P align="center" style="font-size: 10pt"><B>INCOME OPPORTUNITY REALTY INVESTORS, INC.<BR>
AUDIT COMMITTEE CHARTER</B>



<P align="left" style="font-size: 10pt"><B>Organization</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee of the Board of Directors shall be comprised of at
least three directors who are independent of management and the Company. Each
member of the Audit Committee must be determined to be independent under the
American Stock Exchange (&#147;AMEX&#148;) standards and must meet the additional
requirements under the Exchange Act. Under these requirements, an Audit
Committee member may not accept, directly or indirectly, any consulting,
advisory or other compensatory fee from the Company, other than director fees.
Also, an Audit Committee member may not be an affiliated person of the Company.
Members of the Audit Committee shall be considered independent if they have no
relationship to the Company that may interfere with the exercise of their
independent from management and the Company. All Audit Committee members will
be financially literate, and at least one member shall be an &#147;audit committee
financial expert,&#148; as defined by the SEC.


<P align="left" style="font-size: 10pt"><B>Statement of Policy</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee shall provide assistance to directors in fulfilling
their oversight responsibility to the shareholders, potential shareholders, and
investment community relating to: the integrity of the Company&#146;s financial
statements, the Company&#146;s compliance with legal and regulatory requirements,
the independent auditor&#146;s qualifications and independence, and the performance
of the Company&#146;s internal audit function and the independent auditors. In so
doing, it is the responsibility of the audit committee to maintain free and
open communication among the directors, the independent auditors and the
financial management of the Company. It is the expectation of the Audit
Committee that the financial management will fulfill its responsibility of
bringing any significant items to the attention of the Audit Committee.


<P align="left" style="font-size: 10pt"><B>Responsibilities</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In carrying out its responsibilities, the Audit Committee believes its
policies and procedures should remain flexible, in order to best react to
changing conditions and to ensure to the directors and shareholders that the
corporate accounting and reporting practices of the Company are in accordance
with pertinent requirements.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a listing of the Audit Committee&#146; responsibilities:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>General</I></B>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Obtain annually the full Board of Directors&#146; approval of this
Charter and review and reassess this Charter as conditions dictate.</TD>
</TR>

</TABLE>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="right">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Submit the minutes of all meetings of the Audit Committee to,
or discuss the matters discussed at each Committee meeting with, the
Board of Directors.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="right">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Report the results of the annual audit to the Board of
Directors.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="right">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Investigate any matter brought to its attention within the
scope of its duties, with the power to retain outside legal,
accounting or other advisors for this purpose if, in its judgment,
that is appropriate.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="right">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review, consider and authorize any proposal to hire employees
or former employees of the independent auditors.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="right">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Monitor procedures for the receipt, retention and treatment
of complaints received from employees regarding accounting, internal
control or auditing matters, including the confidential and
anonymous submission by employees regarding questionable accounting
or auditing practices.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="right">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Include a report of the Audit Committee in the proxy
statement.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="right">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On an annual basis, conduct a self evaluation.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><B><I>Meetings and Communications</I></B>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="right">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Hold regularly scheduled meetings.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="right">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Periodically, the Committee will meet privately with the
independent auditors, with the Company&#146;s Chief Financial Officer and
with the Company&#146;s internal auditor to discuss issues and concerns
warranting Committee attention.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="right">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review the financial statements contained in the annual
report to the shareholders. Discuss such annual report with
management and the independent auditors, including the Company&#146;s
disclosures under Management&#146;s Discussion and Analysis of Financial
Condition and Results of Operations. Determine that the independent
auditors are satisfied with the disclosure and content of the
financial statements to be presented to the shareholders. Review
with financial management and the independent auditors the results
of their timely analysis of significant financial reporting issues
and practices, including changes in, or adoptions of, accounting
principals and disclosure practices, and discuss other matters
required to be communicated to the Committee by the auditors.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="right">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review with the independent auditors, the Company&#146;s internal
auditor, and financial and accounting personnel, the adequacy and
effectiveness of the accounting and financial controls of the
Company, and elicit recommendations for the improvement of such
internal controls or particular areas where new or more detailed
controls or procedures are desirable.</TD>
</TR>

</TABLE>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="right">13.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review, in general, earnings press releases, quarterly
filings, and financial information and earnings guidance provided to
analysts and rating agencies.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="right">14.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Discuss policies with respect to risk assessment and risk
management.</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:2%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Independent Auditors</I></B>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="right">15.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Committee shall be directly responsible for the
appointment, termination, compensation and oversight of the
independent auditors, including resolution of any disagreements
between management and the independent auditors. The Committee will
have a clear understanding with the independent auditors that they
are ultimately accountable to the Audit Committee, as the
shareholders&#146; representatives, who have the ultimate authority in
deciding to engage, evaluate, and if appropriate, terminate their
services.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="right">16.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Preapprove all audit and non-audit services provided by the
independent auditors, with appropriate pre-approval authority
delegated to the Audit Committee Chairperson. Any decisions of the
Audit Committee Chairperson will be presented to the full Audit
Committee at its next regularly scheduled meeting.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="right">17.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Meet with the independent auditors and financial management
of the Company to review the scope of the proposed audit and
quarterly reviews for the current year and the procedures to be
utilized. At the conclusion thereof, the results of such audit or
reviews, including any audit problems or difficulties, any comments
or recommendations of the independent auditors, along with
management&#146;s responses to these issues, shall be communicated to the
Committee.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="right">18.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On an annual basis, obtain from the independent auditors a
written communication delineating all their relationships and
professional services as required by Independence Standards Board
Standard No.&nbsp;1, Independence Discussions with Audit Committees.
Additionally, such annual written communication will describe any
issue that would materially affect the independent auditors&#146; ability
to effectively provide services to the Company and render an audit
opinion. Obtain and review at least annually a report from the
independent auditors describing that firm&#146;s internal quality-control
procedures; any material issues raised by the most recent
quality-control review, or peer review of the firm, or by any
inquiry or investigation by governmental or professional
authorities, within the preceding five years, respecting one or more
independent audits carried out by the firm, and steps taken to deal
with any such issues.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="right">19.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On an annual basis, evaluate the independent auditor&#146;s
qualifications, performance and independence, including the review
and evaluation of the lead partner of the independent auditor.
Assure the regular rotation of the lead audit partner as required by
law. Periodically consider and evaluate the prudence of rotation of
the independent auditor. Present conclusions to the Board of
Directors.</TD>
</TR>

</TABLE>

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<P align="center" style="font-size: 10pt"><B>APPENDIX II</B>



<P align="center" style="font-size: 10pt"><B>INCOME OPPORTUNITY REALTY INVESTORS, INC.<BR>
PREAPPROVAL POLICY FOR AUDIT AND NON-AUDIT SERVICES</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Sarbanes-Oxley Act of 2002 (the &#147;SO Act&#148;), and the rules of the
Securities and Exchange Commission (the &#147;SEC&#148;), the Audit Committee of the
Board of Directors is responsible for the appointment, compensation and
oversight of the work of the independent auditor. The purpose of the
provisions of the SO Act and the SEC rules for the Audit Committee role in
retaining the independent auditor is twofold. First, the authority and
responsibility for the appointment, compensation and oversight of the auditors
should be with directors who are independent of management. Second, any
non-audit work performed by the auditors should be reviewed and approved by
these same independent directors to ensure that any non-audit services
performed by the auditor do not impair the independence of the independent
auditor.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To implement the provisions of the SO Act, the SEC has issued rules
specifying the types of services that an independent auditor may not provide to
its audit client and governing the Audit Committee&#146;s administration of the
engagement of the independent auditor. As part of this responsibility, the
Audit Committee is required to pre-approve the audit and non-audit services
performed by the Company&#146;s independent auditor in order to assure that they do
not impair the auditor&#146;s independence. Accordingly, the Audit Committee is
adopting this preapproval policy of Audit and Non-Audit Services (the
&#147;Policy&#148;), which sets forth the procedures and conditions pursuant to which
services to be performed by the independent auditor are to be preapproved.


<P align="left" style="font-size: 10pt"><B>Prohibited Non-Audit Services by the Independent Auditor.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Securities Exchange Act of 1934 (the &#147;Exchange Act&#148;) has been amended
to prohibit the Company from engaging the independent auditor to perform the
following types of services, all of which may be deemed to be prohibited
activities:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>bookkeeping or other services related to the
accounting records or financial statements of the audit
client.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>financial information systems design and
implementation.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>appraisal or evaluation services, fairness opinions or
contribution-in-kind reports.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>actuarial services.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>internal audit out-sourcing services.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>management functions or human resources.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>broker or dealer, investment adviser, or investment banking services.</TD>
</TR>

</TABLE>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>legal services and expert services unrelated to the
audit.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any other service that the Public Company Accounting
Oversight Board determines, by regulation, is impermissible.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><B>Non-Prohibited Services.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The SEC&#146;s rules establish two different approaches to preapproving
non-prohibited services. Proposed non-prohibited services may be preapproved
either by the Audit Committee agreeing to a general framework with descriptions
of allowable services (&#147;general preapproval&#148;) or by the Audit Committee
prepapproving specific services (&#147;specific preapproval&#148;). The Company&#146;s Audit
Committee believes that the combination of these two approaches will result in
an effective and efficient procedure to preapprove services that may be
performed by the independent auditor. As set forth in this policy, unless a
type of service has received general preapproval, it will require specific
preapproval by the Audit Committee if it is to be provided by the independent
auditor.


<P align="left" style="font-size: 10pt"><B>Services Subject to General Preapproval.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following types or categories of services are hereby given general
preapproval:



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Audit Services. </I></B>The annual audit services engagement scope
and terms will be subject to the general preapproval of the Audit
Committee. Audit services include auditing of the annual
financial statements (including required quarterly reviews), and
other procedures required to be performed by the independent
auditor to be able to form an opinion on the Company&#146;s
consolidated financial statements. Audit services also include
the attestation engagement for the independent auditor&#146;s report on
management&#146;s assertion on internal controls for financial
reporting. Audit services also include financial or statutory
audits for subsidiaries of the Company, consultations related to
accounting, financial reporting or disclosure matters, SEC
registration statements, periodic reports and other documents
filed with the SEC, comfort letters and consents and other
associated services. Audit-related services include audits of
employee benefit plans, due diligence services pertaining to
potential business acquisitions/dispositions, internal control
reviews and other attestation services. The Audit Committee will
monitor the audit services engagement throughout the year and will
also approve, if necessary, any changes in terms and conditions
resulting from changes in audit scope, Company structure or other
items. The Audit Committee will request that the audit engagement
letter with the independent auditor be addressed to the Chairman
of the Audit Committee and that the Chairman of the Audit
Committee execute the engagement letter on behalf of the Company.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Audit-Related Services. </I></B>Audit-related services are
assurances and related services that are recently related to the
performance of the audit or review of the financial statements
(including research and consultation regarding accounting and
financial reporting transactions). The Audit Committee believes
that the provision of audit-related services does not impair the
independence of the auditor and is


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<P align="left" style="margin-left:3%; font-size: 10pt">consistent with the SEC&#146;s rules on auditor independence, and
therefore, the Audit Committee will grant general preapproval to
substantially all audit-related services.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>International Administration Tax Services. </I></B>The independent
auditor can provide international administration and tax services,
such as tax compliance, tax planning, tax advice, and related
support services without impairing the auditor&#146;s independence.
Therefore, the Audit Committee will grant general preapproval to
international administration and tax services that have generally
been provided by the auditor, that the Audit Committee has
reviewed and believes would not impair the independence of the
auditor and that are consistent with the SEC&#146;s rules on auditor
independence.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Non-U.S. Income Tax Compliance Services. </I></B>The independent
auditor can provide non-U.S. income tax compliance services to the
Company without impairing the auditor&#146;s independence. Therefore,
the Audit Committee will grant general preapproval to the tax
compliance services that have generally been provided by the
auditor, that the Audit Committee has reviewed and believes will
not impair the independence of the auditor, and that are
consistent with the SEC&#146;s rules on auditor independence.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Pension and Benefit Plan Consulting and Compliance Services.</I></B>
The independent auditor can provide pension and benefit plan
consulting and compliance services without impairing the auditor&#146;s
independence. Therefore, the Audit Committee will grant general
preapproval to the pension and benefit plan consulting and
compliance services generally provided by the auditor, that the
Audit Committee has reviewed and believes will not impair the
independence of the auditor and that are consistent with the SEC
rules on auditor independence.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>U.S. Tax Compliance and Planning. </I></B>U.S. federal, state and
local tax compliance and planning, as well as U.S. federal, state
or international transfer pricing advice or documentation and tax
compliance can be provided by the independent auditor to the
Company without impairing the auditor&#146;s independence. Therefore,
the Audit Committee will grant general preapproval to tax
compliance and planning services that have been historically
provided by the auditor, that the Audit Committee has reviewed and
believes will not impair the independence of the auditor and that
are consistent with the SEC&#146;s rules on auditor independence.


<P align="left" style="font-size: 10pt"><B>Services Subject to Specific Preapproval.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following items are subject to specific preapproval and engagement by
the Audit Committee.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Preparation of Statutory Accounts and Tax Planning Services -
Non-U.S. </I></B>The Audit Committee believes that there exists the
potential for impairment of auditor independence or for an overlap
with prohibited services for certain tax planning services and for
preparation of non-U.S. statutory accounts. Accordingly,


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<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="margin-left:3%; font-size: 10pt">specific preapproval will be required for these services in
order for the Audit Committee to have an opportunity to review the
scope of work to be provided by the auditor in connection with
these services.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Other Services. </I></B>All other services not described in
&#147;Services Subject to General Preapproval&#148; above shall be subject
to specific preapproval and engagement by the Audit Committee.


<P align="left" style="font-size: 10pt"><B>Delegation.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As provided in the SO Act and the SEC&#146;s rules, the Audit Committee may
delegate either type of preapproval authority to its chairperson or any other
Audit Committee member or members. The member to whom such authority is
delegated shall report for informational purposes only any preapproval
decisions to the Audit Committee at its next meeting. The Audit Committee will
not delegate to management the Audit Committee&#146;s responsibilities to preapprove
services performed by the independent auditor. Any preapproval of services
under this delegated authority to either a member of the Audit Committee
designated by the Board or the financial expert member of the Audit Committee
shall not exceed $25,000 in value or cost per engagement of audit and non-audit
services, and the authority may only be exercised when the Audit Committee is
not in session.


<P align="left" style="font-size: 10pt"><B>Procedures.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The procedures the Audit Committee will employ in implementing this policy
are as follows:



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In advance of the Fall Audit Committee meeting each year,
the Chief Financial Officer and independent auditor shall jointly
submit to the Audit Committee a schedule of audit, audit-related,
tax and other non-audit services that are subject to general
preapproval. Such schedule will be in a format to be determined
but shall include a time line covering the performance of the
work.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Audit Committee will review and approve the types of
services and review the projected fees for the next fiscal year at
its regularly scheduled Fall meeting. The fee amounts on such
schedule will be updated as necessary and at any subsequent Audit
Committee meetings. Additional preapproval will be required if
actual fees for a service are expected to exceed 9% of the
originally-preapproved amount. This additional preapproval
should be obtained in the same manner as a specific preapproval
described below.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If, subsequent to the general preapproval of scheduled
services by the Audit Committee, the Company through management
would like to engage the independent auditor to perform a service
not included on the general preapproval schedule, a request should
be submitted to the general counsel and the principal executive
officer. If they determine that the service can be performed
without impairing the independence of the auditor, then a
discussion and approval of the service will be included on the
agenda for the next regularly-scheduled Audit Committee meeting.
If the timing for the service needs to commence before the next


<P align="center" style="font-size: 10pt">II-4
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="margin-left:3%; font-size: 10pt">Audit Committee meeting, the chairperson of the Audit
Committee, or any other member of the Audit Committee designated
by the Audit Committee can provide specific preapproval.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Approval by the Audit Committee for the auditor to
perform any non-audit service does not require that management
engage the Company&#146;s independent auditor to perform those
services. Management may seek to engage other third parties to
perform non-audit services for which the Audit Committee has given
preapproval to be performed by the independent auditor.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Once preapproval has been obtained from the Audit
Committee for services to be performed by the independent auditor,
the appropriate management member may engage the auditor and
execute any necessary document for the performance of non-audit
services within the scope of the preapproval.



<P align="center" style="font-size: 10pt">II-5
</DIV>


<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="center" style="font-size: 10pt"><B>ANNUAL MEETING OF STOCKHOLDERS OF</B>



<P align="center" style="font-size: 10pt"><B>INCOME OPPORTUNITY REALTY INVESTORS, INC.</B>



<P align="center" style="font-size: 10pt"><B>September&nbsp;16, 2004</B>





<P align="center" style="font-size: 10pt">Please date, sign and mail<BR>
your proxy card in the<BR>
envelope provided as soon<BR>
as possible.



<P align="center" style="font-size: 10pt"><FONT face="wingdings">&#234;</FONT>&nbsp;Please detach along
perforated line and mail in the envelope provided.&nbsp;<FONT face="wingdings">&#234;</FONT>


<P align="left" style="font-size: 10pt">---------------------------------------------------------------------------------------------------------------------------------------------------------------------------
<P align="center" style="font-size: 10pt"><B>The Board of Directors of Income Opportunity Realty Investors, Inc. recommends approval of all nominees for<BR>
election as directors and a vote FOR ratification of the appointment of Swalm &#038; Associates, P.C. as independent auditors.<BR>
PLEASE SIGN, DATE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE. PLEASE MARK YOUR VOTE IN BLUE OR BLACK INK AS SHOWN HERE </B><FONT face="Wingdings">&#120;</FONT>


<P><DIV style="position: relative; float: left; margin-right: 1%; width: 48%">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="37%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><B>1. Election of Directors:</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>NOMINEES:</B></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#111;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>FOR ALL NOMINEES</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">O David E. Allard</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">O Robert A. Jakuszewski</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#111;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>WITHHOLD AUTHORITY</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">O Ken L. Joines</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>FOR ALL NOMINEES</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">O Peter L. Larsen</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">O Ted P. Stokely</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#111;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>FOR ALL EXCEPT</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(See instructions below)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="14%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="83%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px"><B>INSTRUCTION:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">To withhold authority to vote for any individual nominee(s), mark <B>&#147;FOR ALL
EXCEPT&#148; </B>and fill in the circle next to each nominee you wish to withhold, as shown here:&nbsp;<FONT face="wingdings">&#108;</FONT></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="92%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="middle"><DIV style="margin-left:0px; text-indent:-0px">To change the address on your account,
please check the box at right and
indicate your new address in the address
space above. Please note that changes to
the registered name(s) on the account may
not be submitted via this method.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



</DIV>
<DIV style="position: relative; float: right; margin-left: 1%; width: 48%">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="54%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">FOR
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">AGAINST
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"> ABSTAIN</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Ratification of the Appointment of
Swalm &#038; Associates, P.C. as
Independent Auditors</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">In their discretion on any other matters which
may properly come before the meeting or any
adjournment(s) thereof.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD colspan="11" valign="top" align="justify"><B>THIS PROXY WILL BE VOTED AS DIRECTED BUT IF NO
DIRECTION IS INDICATED, IT WILL BE VOTED FOR
ALL NOMINEES AND FOR RATIFICATION OF THE APPOINTMENT OF
SWALM &#038; ASSOCIATES, P.C. AS INDEPENDENT AUDITORS. ON
OTHER MATTERS THAT MAY COME BEFORE SAID MEETING, THI
PROXY WILL BE VOTED IN THE DISCRETION OF THE
ABOVE-NAMED PERSONS.</B></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


</DIV>
<BR clear="all"><BR>

<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Signature of Stockholder <U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U> Date: <U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U> Signature of Stockholder <U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U> Date: <U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="86%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">Note:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Please sign exactly as your name or names appear on this Proxy. When
shares are held jointly, each holder should sign. When signing as executor,
administrator, attorney, trustee or guardian, please give full title as such.
If the signer is a corporation, please sign full corporate name by duly
authorized officer, giving full title as such. If signer is a partnership,
please sign in partnership name by authorized person.</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

 <P align="center" style="font-size: 10pt">&nbsp;
 <P align="center" style="font-size: 10pt">&nbsp;
 <P align="center" style="font-size: 10pt">&nbsp;
 <P align="center" style="font-size: 10pt">&nbsp;
 <P align="center" style="font-size: 10pt">&nbsp;


<P align="left" style="font-size: 10pt">---------------------------------------------------------------------------------------------------------------------------------------------------------------------------

<P align="center" style="font-size: 10pt"><B>PROXY<BR>
INCOME OPPORTUNITY REALTY INVESTORS, INC.</B>



<P align="center" style="font-size: 10pt"><B>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS FOR THE ANNUAL MEETING OF
STOCKHOLDERS TO BE HELD SEPTEMBER 16, 2004.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned stockholder of INCOME OPPORTUNITY REALTY INVESTORS, INC.
hereby appoints TED P. STOKELY and LOUIS J. CORNA, and each of them proxies
with full power of substitution in each of them, in the name, place and stead
of the undersigned, as attorneys and proxies to vote all shares of Common
Stock, par value $0.01 per share, of INCOME OPPORTUNITY REALTY INVESTORS, INC.
which the undersigned is entitled to vote at the Annual Meeting of Stockholders
to be held on Thursday, September&nbsp;16, 2004 at 2:15 p.m., local Dallas, Texas
time, at 1800 Valley View Lane, Suite&nbsp;300, Dallas, Texas 75234, or any
adjournment(s) thereof, with all powers the undersigned would possess if
personally present, as indicated on the reverse side hereof, for the
transaction of such business as may properly come before said meeting or any
adjournment(s) thereof, all as set forth in the August&nbsp;6, 2004 Proxy Statement
for said meeting.


<P align="center" style="font-size: 10pt"><B>(continued and to be signed and dated on the other side)</B>



<P align="center" style="font-size: 10pt">&nbsp;
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`
end

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
