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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash Flows from Operating Activities      
Net (Loss) income $ (2,700,163) $ 1,424,528 $ 6,547,252
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation and amortization 16,671,076 18,410,811 14,684,248
Amortization of deferred finance costs 312,335 239,755 338,201
Loss (Income) from investments in joint ventures 567,308 (160,715) (1,678,554)
Allowance for doubtful accounts 831,576 1,453,695 240,111
Change in operating assets and liabilities      
Proceeds from unconsolidated joint ventures 55,250 25,000 445,000
Decrease (Increase) in rents receivable (354,806) (2,381,159) 38,202
Increase (Decrease) in accounts payable and accrued expense 436,641 (386,030) 346,378
(Increase) Decrease in real estate tax escrow (326,756) (88,160) 49,043
(Increase) in prepaid expenses and other assets (612,666) (449,715) (653,767)
Increase (Decrease) in advance rental payments and security deposits 903,363 (635,701) 2,092,781
Total Adjustments 18,483,321 16,027,781 15,901,643
Net cash provided by operating activities 15,783,158 17,452,309 22,448,895
Cash Flows From Investing Activities      
Distribution in excess of investment in unconsolidated joint ventures 1,066,109 1,536,732 3,450,781
(Investment) in unconsolidated joint ventures (81,109) (11,732) (43,422)
Improvement of rental properties (3,317,446) (3,240,408) (3,897,872)
Purchase of rental property     (28,787,130)
Net cash (used in) investing activities (2,332,446) (1,715,408) (29,277,643)
Cash Flows from Financing Activities      
Payment of financing costs (179,245) (136,326) (446,459)
Proceeds of mortgage notes payable 88,582,856 3,781,877  
Proceeds (payments) of line of credit net (17,000,000) (1,000,000) 16,000,000
Principal payments of mortgage notes payable (2,294,389) (2,212,019) (1,491,340)
Stock buyback (450,258) (394,031) (4,050,137)
Distributions to partners (4,673,140) (4,675,754) (4,696,893)
Net cash (used in) provided by financing activities 63,985,824 (4,636,253) 5,315,171
Net Increase (Decrease) in Cash and Cash Equivalents 77,436,536 11,100,648 (1,513,577)
Cash and Cash Equivalents, at beginning of period 18,646,972 7,546,324 9,059,901
Cash and Cash Equivalents, at end of period $ 96,083,508 $ 18,646,972 $ 7,546,324