Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2014

Accounting Policies [Abstract]

Basis of Presentation

(a)   Basis of Presentation

The accompanying unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the instructions to Form 10-Q.  Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States of America for complete consolidated financial statements. The balance sheet at December 31, 2013 has been derived from the audited consolidated financial statements at that date. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation, have been included.

The Partnership’s significant accounting policies are set forth in its December 31, 2013 Form 10-K/A. The interim consolidated financial statements should be read in conjunction with the financial statements included therein. The interim results should not be considered indicative of the annual results.

Fair Value of Financial Instruments

(b)   Fair Value of Financial Instruments

Due to the short-term nature and interest rates that approximate market rates, the fair value of the Partnership’s financial instruments approximated their carrying values at September 30, 2014 and 2013.

Property and Equipment

(c)   Property and Equipment

At September 30, 2014, the Partnership owned and operated an office complex in Michigan (Northwind Office Park).

Investment in Other Joint Ventures

(d)   Investment in Other Joint Ventures

The consolidated financial statements at September 30, 2014, reflect the closing entries for the interest that the Partnership held in a land joint venture. The final accounting contributing an additional $13,075 in equity income in the unconsolidated joint venture derived primarily from interest income on the notes held from the sale of the land and cash of $34,256 representing the net cash due the partnership. The carrying value of this equity method investment as of December 31, 2013 was $21,181.

Investment in Research Triangle Industrial Park Joint Venture

(e)   Investment in Research Triangle Industrial Park Joint Venture

The Partnership has a 50% interest in Research Triangle Industrial Park Joint Venture (the Venture) with Realmark Property Investors Limited Partnership – VIA (RPILP – VIA), an entity affiliated through common general partners. The joint venture owned and operated the Research Triangle Industrial Park West, an office/warehouse facility in Durham, North Carolina, which was sold in December 2006.

The joint venture agreement provides that any income, loss, gain, cash flow, or sale proceeds be allocated 50% to the Partnership and 50% to RPILP – VIA. Summary financial information of the Venture follows:

Balance Sheet Information
	(Unaudited)
	September 30, 2014		December 31, 2013
Assets
Cash and Equivalents	$	797	$	1,181
Receivables from affiliates		1,956,213		1,958,468
Accrued interest receivable from affiliate		655,330		591,529
Total Assets	$	2,612,340	$	2,551,178
Liabilities and Partners' Equity
Liabilities
Payable to affiliates	$	170,000	$	170,000
Total Liabilities		170,000		170,000
Partners Equity
The Partnership		1,221,170		1,190,589
RPILP - VIA		1,221,170		1,190,589
Total Partners Equity		2,442,340		2,381,178
Total liabilities and Partners Equity	$	2,612,340	$	2,551,178

Operating Information
	Nine Months Ended September 30,
	2014		2013
Income - interest	$	63,378	$	105,630
Expenses
Administrative		2,216		1,252
Total Expenses		2,216		1,252
Net Income		61,162		104,378
Allocation of Net income
The partnership		30,581		52,189
RPILP - VIA		30,581		52,189
Total	$	61,162	$	104,378