CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010
Cash Flows from Operating Activities
Net income (loss)	$ 8,266,096	$ (597,403)
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	2,808,616	2,769,558
Loss from investments in joint ventures	952,246	2,018,571
Depreciation and amortization, discontinued operations	16,471	27,761
Gain on the sale of rental property	(7,707,757)
Changes in operating assets and liabilities
Decrease in rents receivable	63,992	274,922
Increase (decrease) in accounts payable and accrued expense	(218,575)	2,626
(Increase) decrease in real estate tax escrow	(8,162)	2,799
(Increase) in prepaid expenses and other assets	(355,486)	(297,295)
Increase (decrease) in advance rental payments and security deposits	267,059	(2,498)
Total Adjustments	(4,181,596)	4,796,444
Net cash provided by operating activities	4,084,500	4,199,041
Cash Flows From Investing Activities
Proceeds from unconsolidated joint ventures	594,425	675,000
Investment in unconsolidated subsidiaries	(11,925)	(25,000)
Purchase and improvement of rental properties	(11,271,717)	(787,727)
Net proceeds from the sale of rental property	8,284,839
Net cash (used in) investing activities	(2,404,378)	(137,727)
Cash Flows From Financing Activities
Payment of financing costs	(72,652)	(3,308)
Proceeds of notes payable	3,998,573	904,122
Principal payments of mortgage notes payable	(3,018,422)	(423,664)
Stock buyback		(540,911)
Distributions to partners	(1,840,784)	(1,846,817)
Net cash (used in) financing activities	(933,285)	(1,910,578)
Net Increase in Cash and Cash Equivalents	746,837	2,150,736
Cash and Cash Equivalents, at beginning of year	3,245,361	2,879,663
Cash and Cash Equivalents, at end of period	$ 3,992,198	$ 5,030,399