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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Cash Flows from Operating Activities      
Net income $ 6,937,931 $ 4,950,852 $ 3,772,565
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation and amortization 13,462,395 12,181,396 10,562,707
Amortization of deferred finance costs 192,944 188,256 171,066
(Income) from investments in joint venture (3,905,827) (1,785,827) (868,574)
Gain on sale of real estate   (104,443)  
Change in operating assets and liabilities      
Decrease in rents receivable (24,418) (133,883) 40,481
(Decrease) in accounts payable and accrued expense (400,368) (588,672) 1,541,650
Decrease in insurance recovery receivable 329,493 (355,286) (345,645)
Decrease (Increase) in real estate tax escrow (43,771) (73,644) (30,640)
Decrease in prepaid expenses and other assets (716,583) 724,308 (1,597,603)
Increase in advance rental payments and security deposits 306,316 339,168 560,114
Total Adjustments 9,200,181 10,391,373 10,033,556
Net cash provided by operating activities 16,138,112 15,342,225 13,806,121
Cash Flows From Investing Activities      
Proceeds from unconsolidated joint ventures 7,463,750 3,515,100 2,872,378
Distribution in excess of investment in unconsolidated joint ventures 542,241 515,362 990,262
(Investment) in unconsolidated joint ventures (2,746,991) (2,472,462) (1,142,640)
Improvement of rental properties (5,795,148) (5,163,081) (6,693,996)
Purchase of rental property (44,989,328)   (6,201,930)
Net proceeds from the sale of real estate   772,987  
Net cash (used in) investing activities (45,525,476) (2,832,094) (10,175,926)
Cash Flows from Financing Activities      
Payment of financing costs (304,529) (174,718)  
Proceeds of mortgage notes payable 22,250,000 20,071,000  
Proceeds of note payable 41,000,000    
Payment of note payable (24,000,000) (25,000,000)  
Principal payments of mortgage notes payable (1,754,516) (1,876,278) (132,071)
Stock buyback (42,548) (1,634,945) (3,429,953)
Distributions to partners (7,985,835) (6,729,679) (3,785,883)
Net cash (used in) financing activities 29,162,572 (15,344,620) (7,347,907)
Net (Decrease) in Cash and Cash Equivalents (224,792) (2,834,489) (3,717,712)
Cash and Cash Equivalents, at beginning of period 7,463,697 10,298,186 14,015,898
Cash and Cash Equivalents, at end of period $ 7,238,905 $ 7,463,697 $ 10,298,186