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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Cash Flows from Operating Activities      
Net income (loss) $ 3,633,798 $ 9,291,281 $ (1,359,232)
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation and amortization 6,092,725 5,910,746 5,531,509
Loss from investments in joint venture 1,487,484 1,913,800 3,869,996
Depreciation and amortization - discontinued operations   30,132 90,886
(Gain) on the sale of real estate from discontinued operations   (7,720,459)  
Change in operating assets and liabilities      
(Increase) Decrease in rents receivable (40,831) 188,692 415,876
Increase (Decrease) in accounts payable and accrued expense 108,246 (186,445) 244,896
(Increase) Decrease in real estate tax escrow (48,327) (99,472) 9,729
(Increase) Decrease in prepaid expenses and other assets 685,772 (432,957) (480,598)
Increase in advance rental payments and security deposits 32,996 195,807 (9,460)
Total Adjustments 8,318,065 (200,156) 9,672,834
Net cash provided by operating activities 11,951,863 9,091,125 8,313,602
Cash Flows Used in Investing Activities      
Proceeds from unconsolidated joint ventures 1,366,383 1,408,950 1,140,801
(Investment in) unconsolidated joint ventures (59,383) (26,450) (123,301)
Purchase and improvement of rental properties (2,360,399) (2,618,794) (2,268,039)
Purchase of rental properties   10,041,784  
Net proceeds from the sale of rental property   8,297,928  
Net cash (used in) investing activities (1,053,399) (2,980,150) (1,250,539)
Cash Flows from Financing Activities      
Payment of financing costs (353,400) (105,564) (8,161)
Proceeds of mortgage notes payable   5,000,000 904,122
Proceeds of note payable   3,998,573  
Principal payments of mortgage notes payable (1,106,091) (3,519,047) (864,815)
Principal payments of note payable (1,668,600) (6,998,573) (2,500,000)
Stock buyback (906,214)   (540,911)
Distributions to Partners (3,932,410) (3,681,566) (3,687,600)
Net cash (used in) financing activities (7,966,715) (5,306,177) (6,697,365)
Net Increase in Cash and Cash Equivalents 2,931,749 804,798 365,698
Cash and Cash Equivalents, at beginning of period 4,050,157 3,245,361 2,879,663
Cash and Cash Equivalents, at end of period $ 6,981,906 $ 4,050,157 $ 3,245,361