SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2014

Accounting Policies [Abstract]

Accounts of partnership and its wholly owned subsidiaries included in consolidated financial statements

The consolidated financial statements include the accounts of the Partnership and its wholly owned subsidiaries, as follows:

Subsidiaries	Number of Units	Location
RRE Memorial Towers Holdings, LLC (“Memorial Towers”)	112	Houston, Texas
RRE Villas Holdings, LLC (“Villas”)	228	San Antonio, Texas
RRE Coach Lantern Holdings, LLC (“Coach Lantern”)	90	Scarborough, Maine
RRE Foxcroft Holdings, LLC (“Foxcroft”)	104	Scarborough, Maine
RRE Park Hill Holdings, LLC (“Park Hill”)	288	San Antonio, Texas
Total	822

Rental properties useful lives

Useful lives used for calculating depreciation for financial reporting purposes are as follows:

Buildings and improvements	5 - 27.5 years
Personal property	3 - 15 years