SEGMENT REPORTING (Details) (USD $)	3 Months Ended								12 Months Ended
	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2010	Sep. 30, 2012 item	Sep. 30, 2011 item	Sep. 30, 2010
SEGMENT REPORTING
Number of reportable segments									3	2
Revenues:
Rental and other revenues from real estate properties									$ 8,675,000	$ 3,456,000	$ 3,422,000
Total revenues	7,183,000	5,555,000	3,687,000	3,154,000	4,388,000	5,344,000	5,697,000	2,452,000	19,579,000	17,881,000	8,135,000
Expenses:
Interest expense									4,729,000	2,112,000	2,584,000
Advisor's fees, related party									1,104,000	916,000	785,000
Operating expenses relating to real estate properties									6,042,000	3,340,000	3,216,000
Provision for loan losses											3,165,000
Impairment charges											2,625,000
Depreciation and amortization									2,004,000	738,000	733,000
Total expenses									23,447,000	13,834,000	19,844,000
Total revenues less total expenses									(3,868,000)	4,047,000	(11,709,000)
Equity in (loss) earnings of unconsolidated ventures									829,000	350,000	196,000
Gain on sale of available-for-sale securities	185,000	96,000	342,000	(18,000)	129,000	176,000	593,000	421,000	605,000	1,319,000	1,586,000
Gain on sale of loan				3,192,000					3,192,000
Loss on extinguishment of debt							(2,138,000)			(2,138,000)
Income (loss) from continuing operations	977,000	(1,093,000)	(2,097,000)	2,971,000	1,562,000	2,072,000	625,000	(681,000)	758,000	3,578,000	(9,927,000)
Discontinued operations:
Income (loss) from operations											(602,000)
Impairment charges											(745,000)
Gain on sale of real estate assets									792,000	1,346,000	1,937,000
Income from discontinued operations		302,000		490,000	4,000	645,000	697,000		792,000	1,346,000	590,000
Net income (loss)	977,000	(791,000)	(2,097,000)	3,461,000	1,566,000	2,717,000	1,322,000	(681,000)	1,550,000	4,924,000	(9,337,000)
Plus: net loss attributable to non-controlling interests	749,000	649,000	1,069,000	413,000	297,000	455,000	525,000	173,000	2,880,000	1,450,000	1,322,000
Net income (loss) attributable to common shareholders	1,726,000	(142,000)	(1,028,000)	3,874,000	1,863,000	3,172,000	1,847,000	(508,000)	4,430,000	6,374,000	(8,015,000)
Segment assets at the end of the period	385,956,000				191,012,000				385,956,000	191,012,000
Total reportable segments
Revenues:
Interest and loan fee income									9,530,000	10,328,000	3,877,000
Rental and other revenues from real estate properties									8,675,000	3,456,000	3,422,000
Other income									1,374,000	4,097,000	836,000
Total revenues									19,579,000	17,881,000	8,135,000
Expenses:
Interest expense									4,729,000	2,112,000	2,584,000
Advisor's fees, related party									1,104,000	916,000	785,000
Operating expenses relating to real estate properties									6,042,000	3,340,000	3,216,000
Provision for loan losses											3,165,000
Impairment charges											2,625,000
General and administrative and other expenses									7,161,000	6,728,000	6,736,000
Property acquisition costs									2,407,000
Depreciation and amortization									2,004,000	738,000	733,000
Total expenses									23,447,000	13,834,000	19,844,000
Total revenues less total expenses									(3,868,000)	4,047,000	(11,709,000)
Equity in (loss) earnings of unconsolidated ventures									829,000	350,000	196,000
Gain on sale of available-for-sale securities									605,000	1,319,000	1,586,000
Gain on sale of loan									3,192,000
Loss on extinguishment of debt										(2,138,000)
Income (loss) from continuing operations									758,000	3,578,000	(9,927,000)
Discontinued operations:
Income (loss) from operations											(602,000)
Impairment charges											(745,000)
Gain on sale of real estate assets									792,000	1,346,000	1,937,000
Income from discontinued operations									792,000	1,346,000	590,000
Net income (loss)									1,550,000	4,924,000	(9,337,000)
Plus: net loss attributable to non-controlling interests									2,880,000	1,450,000	1,322,000
Net income (loss) attributable to common shareholders									4,430,000	6,374,000	(8,015,000)
Segment assets at the end of the period	385,956,000				191,012,000				385,956,000	191,012,000	186,266,000
Loan and Investment
Revenues:
Interest and loan fee income									9,530,000	10,328,000	3,877,000
Other income									496,000	4,097,000	836,000
Total revenues									10,026,000	14,425,000	4,713,000
Expenses:
Interest expense									646,000	1,082,000	1,181,000
Advisor's fees, related party									692,000	608,000	523,000
Provision for loan losses											3,165,000
General and administrative and other expenses									2,893,000	4,665,000	4,710,000
Total expenses									4,231,000	6,355,000	9,579,000
Total revenues less total expenses									5,795,000	8,070,000	(4,866,000)
Equity in (loss) earnings of unconsolidated ventures									(136,000)	99,000	28,000
Gain on sale of available-for-sale securities									605,000	1,319,000	1,586,000
Gain on sale of loan									3,192,000
Loss on extinguishment of debt										(1,420,000)
Income (loss) from continuing operations									9,456,000	8,068,000	(3,252,000)
Discontinued operations:
Net income (loss)									9,456,000	8,068,000	(3,252,000)
Net income (loss) attributable to common shareholders									9,456,000	8,068,000	(3,252,000)
Segment assets at the end of the period	113,383,000				126,916,000				113,383,000	126,916,000	124,928,000
Multi-Family Real Estate
Revenues:
Rental and other revenues from real estate properties									5,464,000
Total revenues									5,464,000
Expenses:
Interest expense									1,758,000
Advisor's fees, related party									230,000
Operating expenses relating to real estate properties									2,644,000
General and administrative and other expenses									1,719,000
Property acquisition costs									2,407,000
Depreciation and amortization									1,276,000
Total expenses									10,034,000
Total revenues less total expenses									(4,570,000)
Equity in (loss) earnings of unconsolidated ventures									(139,000)
Income (loss) from continuing operations									(4,709,000)
Discontinued operations:
Net income (loss)									(4,709,000)
Plus: net loss attributable to non-controlling interests									461,000
Net income (loss) attributable to common shareholders									(4,248,000)
Segment assets at the end of the period	121,153,000								121,153,000
Other Real Estate
Revenues:
Rental and other revenues from real estate properties									3,211,000
Other income									878,000
Total revenues									4,089,000
Expenses:
Interest expense									2,325,000
Advisor's fees, related party									182,000
Operating expenses relating to real estate properties									3,398,000
General and administrative and other expenses									2,549,000
Depreciation and amortization									728,000
Total expenses									9,182,000
Total revenues less total expenses									(5,093,000)
Equity in (loss) earnings of unconsolidated ventures									1,104,000
Income (loss) from continuing operations									(3,989,000)
Discontinued operations:
Gain on sale of real estate assets									792,000
Income from discontinued operations									792,000
Net income (loss)									(3,197,000)
Plus: net loss attributable to non-controlling interests									2,419,000
Net income (loss) attributable to common shareholders									(778,000)
Segment assets at the end of the period	151,420,000								151,420,000
Real Estate
Revenues:
Rental and other revenues from real estate properties										3,456,000	3,422,000
Total revenues										3,456,000	3,422,000
Expenses:
Interest expense										1,030,000	1,403,000
Advisor's fees, related party										308,000	262,000
Operating expenses relating to real estate properties										3,340,000	3,216,000
Impairment charges											2,625,000
General and administrative and other expenses										2,063,000	2,026,000
Depreciation and amortization										738,000	733,000
Total expenses										7,479,000	10,265,000
Total revenues less total expenses										(4,023,000)	(6,843,000)
Equity in (loss) earnings of unconsolidated ventures										251,000	168,000
Loss on extinguishment of debt										(718,000)
Income (loss) from continuing operations										(4,490,000)	(6,675,000)
Discontinued operations:
Income (loss) from operations											(602,000)
Impairment charges											(745,000)
Gain on sale of real estate assets										1,346,000	1,937,000
Income from discontinued operations										1,346,000	590,000
Net income (loss)										(3,144,000)	(6,085,000)
Plus: net loss attributable to non-controlling interests										1,450,000	1,322,000
Net income (loss) attributable to common shareholders										(1,694,000)	(4,763,000)
Segment assets at the end of the period					$ 64,096,000					$ 64,096,000	$ 61,338,000