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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash Flows from Operating Activities      
Net income $ 1,424,528 $ 6,547,252 $ 4,169,090
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation and amortization 18,410,811 14,684,248 15,568,973
Amortization of deferred finance costs 239,755 338,201 216,069
(Income) from investments in joint venture (160,715) (1,678,554) (1,640,054)
Allowance for doubtful accounts 1,453,695 240,111 532,161
Change in operating assets and liabilities      
Proceeds from unconsolidated joint ventures 25,000 445,000 7,517,432
(Increase) in rents receivable (2,381,159) 38,202 (703,039)
Increase (Decrease) in accounts payable and accrued expense (386,030) 346,378 587,379
Decrease (Increase) in real estate tax escrow (88,160) 49,043 (7,428)
Decrease (Increase) in prepaid expenses and other assets (449,715) (653,767) (863,767)
Increase (Decrease) in advance rental payments and security deposits (635,701) 2,092,781 254,730
Total Adjustments 16,027,781 15,901,643 21,462,456
Net cash provided by operating activities 17,452,309 22,448,895 25,631,546
Cash Flows From Investing Activities      
Distribution in excess of investment in unconsolidated joint ventures 1,536,732 3,450,781 16,012,954
(Investment) in unconsolidated joint ventures (11,732) (43,422) (1,118,717)
Improvement of rental properties (3,240,408) (3,897,872) (4,117,770)
Purchase of rental property   (28,787,130) (13,213,294)
Net cash provided by (used in) investing activities (1,715,408) (29,277,643) (2,436,827)
Cash Flows from Financing Activities      
Payment of financing costs (136,326) (446,459) (148,004)
Proceeds of mortgage notes payable 3,781,877   83,684
Proceeds notes payable (1,000,000) 16,000,000 (15,000,000)
Principal payments of mortgage notes payable (2,212,019) (1,491,340) (1,831,480)
Stock buyback (394,031) (4,050,137)  
Distributions to partners (4,675,754) (4,696,893) (4,477,923)
Net cash provided by (used in) provided by financing activities (4,636,253) 5,315,171 (21,373,723)
Net Increase (Decrease) in Cash and Cash Equivalents 11,100,648 (1,513,577) 1,820,996
Cash and Cash Equivalents, at beginning of period 7,546,324 9,059,901 7,238,905
Cash and Cash Equivalents, at end of period $ 18,646,972 $ 7,546,324 $ 9,059,901