Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2013

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block]

The following table summarizes for the property discontinued:

	Year Ended December 31,
	2013*		2012
Revenues:
Rental	$	2,656,689	$	3,601,995
General and administrative expenes		-		5,733
Rental property expenses:
Operating		1,850,580		2,442,675
Interest on mortgage debt		1,673,956		2,212,340
Real estate taxes		236,122		314,970
Amortization of in-place lease values and mortgage costs		-		3,456
Total rental property expense		3,760,658		4,979,174
Other income:
Investment income		2,062		3,255
Loss from discontinued operations		(1,101,907)		(1,373,924)
Net gain from foreclosure of discontinued operations		4,705,968		-
Net Income (loss) from discontinued operations	$	3,604,061	$	(1,373,924)

* All revenues and the majority of expenses were incurred through September 23, 2013, date of foreclosure. Costs of $106,463 were incurred from September 24, 2013 through December 31, 2013 in connection with closing costs associated with the foreclosure.

	December 31,
	2013		2012
Assets related to discontinued operations:
Land	$	-	$	1,905,985
Buildings		-		13,829,390
Furniture and equipment		-		6,375
Less: accumulated depreciation		-		(2,087,424)
Net real estate		-		13,654,326
Other assets		45,793		544,480
Total assets related to discontinued operations	$	45,793	$	14,198,806
Liabilities related to discontinued operations:
Mortgage debt	$	-	$	14,009,797
Mortgage related interest and fees		-		3,287,507
Other liabilities		48,368		546,185
Total liabilities related to discontinued operations	$	48,368	$	17,843,489