Exhibit (a)(3)











March 7, 2005



TO:          UNIT HOLDERS OF SECURED INCOME L.P.

SUBJECT:     OFFER TO PURCHASE UNITS

Dear Unit Holder:

As described in the enclosed Offer to Purchase and related Letters of
Transmittal (the  "Offer"), MPF FLAGSHIP FUND 9, LLC;  CCELERATED HIGH YIELD
INSTITUTIONAL INVESTORS, LTD., L.P.; MPF SPECIAL FUND 8, LLC; MACKENZIE
SPECIFIED INCOME FUND, L.P.; MP VALUE FUND 6, LLC; MP FALCON GROWTH 2, LLC; MP
FALCON FUND, LLC; ACCELERATED HIGH YIELD INSTITUTIONAL FUND, LTD., L.P.; MPF
ACQUISITION CO. 3, LLC; MORAGA GOLD, LLC; MPF-NY 2005, LLC; and MACKENZIE
PATTERSON FULLER, INC. collectively the "Purchasers") are offering to purchase
up to 200,000 Units of limited partnership interest (the "Units") in SECURED
INCOME L.P., a Delaware limited partnership (the "Partnership") at a purchase
price equal to:

                                 $34.00 per Unit

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.

After carefully reading the enclosed Offer, if you elect to tender your Units,
mail (using the enclosed pre-addressed, postage paid envelope) or fax a duly
completed and executed copy of the Letter of Transmittal (printed on green
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 Fuller, Inc.,
                               1640 School Street
                            Moraga, California 94556
                            Facsimile: (925) 631-9119

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

This Offer expires (unless extended) April 7, 2005