Exhibit (a)(4)







                                  July 21, 2000

TO:       UNIT HOLDERS OF SECURED INCOME L.P.

SUBJECT:  OFFER TO PURCHASE UNITS BY MP INCOME FUND 11, L.P.; MP INCOME FUND 12,
          LLC; MP INCOME FUND 14, LLC; MP INCOME FUND 15, LLC; MP INCOME FUND
          16, LLC; ACCELERATED HIGH YIELD INSTITUTIONAL INVESTORS III, LTD.;
          ACCELERATED HIGH YIELD GROWTH FUND II, LTD.; ACCELERATED HIGH
          YIELD INSTITUTIONAL FUND I, LTD.; ACCELERATED HIGH YIELD
          INSTITUTIONAL INVESTORS, LTD.; ACCELERATED HIGH YIELD PENSION
          INVESTORS, LTD.; ACCELERATED HIGH YIELD INCOME FUND I, LTD.;
          ACCELERATED HIGH YIELD INCOME FUND II, LTD.; PREVIOUSLY OWNED
          MORTGAGE PARTNERSHIPS INCOME FUND 3; PREVIOUSLY OWNED
          PARTNERSHIPS INCOME FUND; MP-DEWAAY FUND, LLC; SPECIFIED INCOME
          FUND, A CALIFORNIA LIMITED PARTNERSHIP; MACKENZIE PATTERSON
          SPECIAL FUND 5, LLC; MP FALCON GROWTH FUND, LLC; MP FALCON FUND,
          LLC; MP VALUE FUND 5, LLC; MP VALUE FUND 6, LLC; MACKENZIE PATTERSON
          SPECIAL FUND 3, LLC; and MACKENZIE FUND VI, A CALIFORNIA LIMITED
          PARTNERSHIP (collectively the "Purchasers")

Dear Unit Holder:

         You should  recently  have  received  our Offer to Purchase and related
Letter of Transmittal (the "Offer"),  by which we are offering to purchase up to
330,000 Units of limited  partnership  interest (the "Units") in SECURED  INCOME
L.P.,  a  Delaware  limited  partnership  (the  "Partnership").  We  are  hereby
increasing our purchase price to:

                                 $18.00 per Unit

        After we first made our offer at $16.25 per Unit,  West  Putnam  Housing
Investors  II LLC (the "GP  Offeror"),  an  affiliate  of certain of the General
Partners,  increased its $15.75 per Unit offer to $17 per Unit. Our Offer is now
$18.00 per Unit, or $1.00 per Unit more than the GP Offeror's  price, and is the
highest price  currently  offered for Units.  The Offer will provide you with an
opportunity to liquidate all, or a portion of, your investment in SECURED INCOME
L.P.  without  the usual  transaction  costs  associated  with  market  sales or
partnership  transfer  fees. If you have already  tendered Units by submitting a
Letter  of  Transmittal  (the  blue  form),  there  is no need to  submit  a new
transmittal  form.  All selling  Unit  holders  will  receive the highest  price
offered by the Purchasers regardless of the date of tender or the form used.

             If you have already tendered your Units to the GP Offeror,  and you
wish to revoke  that  tender  and tender to the  Purchasers,  you may revoke the
prior  tender  until that  offer is  terminated  by sending a written  notice of
revocation  specifying the Units tendered and your desire to revoke, as provided
in the GP Offeror  tender  offer.  We have  attached a form for use in  revoking
tenders to GP Offeror.  If you have questions in this regard,  please contact us
at the number below.







         After carefully reading the enclosed Offer, if you elect to tender your
Units,  mail (using  the  enclosed  pre-addressed,  postage  paid  envelope)  or
telecopy  a duly  completed  and  executed  copy of the  Letter  of  Transmittal
(printed on blue  paper) and Change of Address  forms,  and any other  documents
required by the Letter of Transmittal, to the Depositary for the Offer at:

                           MacKenzie Patterson, Inc.,
                               1640 School Street
                            Moraga, California 94556
                            Telecopy: (925) 631-9119

    YOU WILL NEED TO SUBMIT YOUR CERTIFICATES TO VALIDLY TENDER YOUR UNITS.
   BENEFICIAL OWNERS OF UNITS SHOULD CONTACT THEIR BROKERS REGARDING DELIVERY
                             OF THEIR CERTIFICATES.


         If  you  have  any  questions  or  need  assistance,  please  call  the
Depository at 800-854-8357.

               This Offer expires (unless extended) August 15, 2000.















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NOTICE OF WITHDRAWAL

             The undersigned  hereby withdraws Units heretofore  tendered by the
undersigned to West Putnam Housing Investors II LLC pursuant to its tender offer
dated June 26, 2000.

Name of person who tendered Units: __________________________________________

Name of registered Unit holder (if different): ______________________________

Number of Units to be  withdrawn  (state  "all" if all Units  tendered are to be
withdrawn): _______


Date: _______________, 2000


----------------------------------------------
[signature of withdrawing Unit holder]


----------------------------------------------
[signature of joint  holder, if any]

INSTRUCTIONS:

For a withdrawal to be effective,  a written notice of withdrawal must be timely
received by the Depositary for the West Putnam Housing Investors II LLC offer at
one of its addresses set forth below. Any such notice of withdrawal must specify
the name of the person who tendered, the number of units to be withdrawn and the
name of the  registered  holder of such units,  if different from the person who
tendered. In addition, the notice of withdrawal must be signed by the person who
signed the letter of transmittal in the same manner as the letter of transmittal
was signed.  The Information  Agent for West Putnam Housing Investors II LLC and
its addresses are as follows:

MMS ESCROW AND TRANSFER AGENCY, INC.

                          By Hand or
By Mail:                  Overnight Courier:                By Facsimile:
-------                   -----------------                 ------------

P.O. Box 7090             1845 Maxwell, Suite 101           (248) 614-4536
Troy, MI 48007-7090       Troy, MI 48084-4510


To confirm withdrawal by telephone, call toll free: (888) 349-2005



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