Real Estate Assets (Tables)

12 Months Ended

Dec. 31, 2015

Schedule of Real Estate Properties [Table Text Block]

The following tables represent information regarding the MF Properties owned by the Partnership as of December 31, 2015 and 2014:

MF Properties
Property Name	Location	Number of Units	Land and Land Improvements		Buildings and Improvements		Carrying Value at December 31, 2015
Arboretum	Omaha, NE	145	$	1,755,147	$	19,317,284	$	21,072,431
Eagle Village	Evansville, IN	511		567,880		12,594,935		13,162,815
Northern View (f/k/a Meadowview)	Highland Heights, KY	270		688,539		8,062,973		8,751,512
Residences of DeCordova	Granbury, TX	110		1,137,832		8,065,977		9,203,809
Residences of Weatherford	Weatherford, TX	76		1,942,229		5,738,697		7,680,926
Suites on Paseo	San Diego, CA	394		3,162,463		38,216,364		41,378,827
The 50/50 MF Property	Lincoln, NE	475		-		32,910,424		32,910,424
Woodland Park	Topeka, KS	236		1,265,160		14,247,045		15,512,205
							$	149,672,949
Less accumulated depreciation (depreciation expense of approximately $5.9 million in 2015)								(16,023,814	)
Balance at December 31, 2015							$	133,649,135

MF Properties
Property Name	Location	Number of Units	Land and Land Improvements		Buildings and Improvements		Carrying Value at December 31, 2014
Arboretum	Omaha, NE	145	$	1,748,502	$	19,216,623	$	20,965,125
Eagle Village	Evansville, IN	511		567,880		12,472,151		13,040,031
Glynn Place	Brunswick, GA	128		743,996		4,995,658		5,739,654
Northern View (f/k/a Meadowview)	Highland Heights, KY	224		688,539		5,479,342		6,167,881
Residences of DeCordova	Granbury, TX	110		1,137,832		8,007,390		9,145,222
Residences of Weatherford	Weatherford, TX	76		1,942,229		5,724,456		7,666,685
The 50/50 MF Property	Lincoln, NE	475		-		32,820,776		32,820,776
The Colonial	Omaha, NE	258		1,180,058		7,822,681		9,002,739
Woodland Park	Topeka, KS	236		1,265,160		14,167,096		15,432,256
							$	119,980,369
Less accumulated depreciation (depreciation expense of approximately $4.8 million in 2014)								(14,108,154	)
Balance at December 31, 2014							$	105,872,215

Business Acquisition, Pro Forma Information [Table Text Block]

The table below shows the unaudited pro forma condensed consolidated results of operations of the Partnership as if the Suites on Paseo and Woodland Park  had been acquired at the beginning of the periods presented:

	For Year Ended December 31, 2015		For Year Ended December 31, 2014		For Year Ended December 31, 2013
Revenues	$	67,523,956	$	49,622,920	$	49,336,339
Net income	$	24,489,515	$	9,012,034	$	18,219,670
Net income allocated to unitholders	$	24,244,620	$	8,921,914	$	18,037,473
Unitholder's interest in net income per unit (basic and diluted)	$	0.40	$	0.15	$	0.42

Suites on Paseo [Member]

Schedule of Condensed Balance Sheet [Table Text Block]

A condensed balance sheet at the date of acquisition for the Suites on Paseo acquisition is below.

	Suites on Paseo 9/1/2015 (Date of Acquisition)
Cash	$	514,094
Restricted cash		187,715
In-place lease assets		1,227,770
Real estate assets		41,374,397
Other assets		259,633
Total assets	$	43,563,609
Accounts payable, accrued expenses and other	$	493,868
Net assets		43,069,741
Total liabilities and net assets	$	43,563,609