Biggest Little Investments 10-Q 12 Nov 13 2013 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Sep. 30, 2013	Dec. 31, 2012
Document And Entity Information	'	'
Entity Registrant Name	'BIGGEST LITTLE INVESTMENTS LP	'
Entity Central Index Key	'0000804671	'
Document Type	'10-Q	'
Document Period End Date	30-Sep-13	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--12-31	'
Is Entity a Well-known Seasoned Issuer?	'No	'
Is Entity a Voluntary Filer?	'No	'
Is Entity's Reporting Status Current?	'No	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Common Stock, Shares Outstanding	'	1,703.90
Document Fiscal Period Focus	'Q3	'
Document Fiscal Year Focus	'2013	'

Balance_Sheets_Unaudited

Balance Sheets (Unaudited) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Current Assets	'	'
Cash and cash equivalents	$6,130,903	$10,069,125
Restricted cash	67,659	0
Short-term investments - CDs	251,096	249,970
Trade and other receivables, net	10,834	8,301
Securities	5,902,325	3,021,934
Prepaid expense	2,324	352
Total Current Assets	12,365,141	13,349,682
Property, Plant & Equipment, net	11,123,277	10,824,798
Total Long-Term Assets	11,123,277	10,824,798
Total Assets	23,488,418	24,174,480
Liabilities	'	'
Accounts payable, accrued expenses and unclaimed property	113,731	37,749
Related Party Accounts Payable	152,159	85,601
Tenant deposits	30,011	23,699
Total Liabilities	295,901	147,049
Commitments and Contingencies	'	'
Partners' equity	'	'
Limited partners' equity (1,542.23 units issued and outstanding at 9/30/13; 1,703.90 at 12/31/12)	21,682,200	23,283,532
Prepaid redemption	-41,496	-196,025
Accumulated other comprehensive (loss) income	905,752	301,714
General partner's equity	646,061	638,210
Total Partners' Equity	23,192,517	24,027,431
Total Liabilities and Partners' Equity	$23,488,418	$24,174,480

Balance_Sheets_Parenthetical

Balance Sheets (Parenthetical)	Sep. 30, 2013	Dec. 31, 2012
Cash used for prepayment of redemption of limited partnership units	'	'
Limited partner units issued	1,542.23	1,703.90
Limited partner units outstanding	1,542.23	1,703.90

Statements_of_Operations_Unaud

Statements of Operations (Unaudited) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Revenues	'	'	'	'
Rental revenues	$121,399	$95,311	$308,817	$281,100
Related party rental revenues	121,779	129,109	334,074	349,776
Fee Revenues	0	58,290	0	58,290
Other revenues	13,762	13,047	37,842	39,060
Total Revenues	256,940	295,758	680,733	728,226
Costs and Expenses	'	'	'	'
Operating expenses	128,334	108,309	394,914	343,325
General and administrative	95,451	38,238	258,424	124,981
Depreciation	106,466	96,764	312,952	290,292
Management fees	28,109	17,520	186,388	50,089
Total Costs and Expenses	358,360	260,831	1,152,678	808,687
(Loss) income from operations	-101,420	34,927	-471,945	-80,461
Other Income and Expenses	'	'	'	'
Gain on sale of securities	582,856	117,123	1,067,128	137,556
Interest income	3,032	62,762	12,367	317,122
Total Other Income	585,888	179,885	1,079,495	454,678
Net Income	484,468	214,812	607,550	374,217
Other Comprehensive Income	'	'	'	'
Unrealized gain (loss) from securities	-12,925	181,391	604,038	300,081
Comprehensive Income (loss)	471,543	396,203	1,211,588	674,298
Net Income Attributable To:	'	'	'	'
Limited partners	472,356	209,442	592,361	364,862
General partner	12,112	5,370	15,189	9,355
Net Income	$484,468	$214,812	$607,550	$374,217
Weighted Average Units Outstanding	1,576.96	1,703.90	1,635.86	1,703.90
Net Income (Loss) per Unit of Limited Partnership Interest	299.54	122.92	362.11	214.13

Statements_of_Cash_Flows_Unaud

Statements of Cash Flows (Unaudited) (USD $)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Cash Flows From Operating Activities:	'	'
Net Income	$607,550	$374,217
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Gain on sale of securities	-1,067,128	-137,556
Depreciation	312,952	290,292
Changes in assets and liabilities:	'	'
Increase in receivables	-2,533	6,897
Decrease (increase) in prepaid expense	-1,972	1,977
Increase (decrease) in accounts payable, accrued expenses and other liabilities	82,294	-73,057
Decrease in related party payables	66,558	0
Increase in short-term investments - CDs	-1,126	-1,869
Net cash provided by operating activities	-3,405	460,901
Cash Flows From Investing Activities	'	'
Cash used for the purchase of securities	-3,411,040	-360,830
Cash received from the sale of securities	2,201,815	376,970
Cash received from Grand Falls note receivable	0	4,455,000
Cash restricted for Popeye's construction	-67,659	0
Cash used for Popeye's construction	-611,432	0
Net cash provided by Investing Activities	-1,888,316	4,471,140
Cash Flows From Financing Activities:	'	'
Cash used for payment of redemption of limited partnership units	-1,711,519	-93,670
Cash used for prepayment of redemption of limited partnership units	-41,496	-148,233
Cash used for distribution	-293,486	-349,258
Net Cash Used in Financing Activities	-2,046,501	-591,161
Net increase (decrease) in cash and cash equivalents	-3,938,222	4,340,880
Cash and cash equivalents, beginning of period	10,069,125	5,646,046
Cash and cash equivalents, end of period	6,130,903	9,986,926
Non-cash:	'	'
Retired prepaid redemption	196,025	246,280
Unrealized gain (loss) on securities	$604,038	$300,081

Note_1_Interim_Financial_Infor

Note 1. Interim Financial Information	9 Months Ended
	Sep. 30, 2013
Notes to Financial Statements	'
Note 1. Interim Financial Information	'
	NOTE 1. INTERIM FINANCIAL INFORMATION
	Pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”), certain information and footnote disclosure normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America has been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the disclosures made are adequate to make the information not misleading. The accompanying financial statements, footnotes and discussions should be read in conjunction with the financial statements, related footnotes and discussions contained in the Biggest Little Investments, L.P. (the "Partnership") Annual Report on Form 10-K for the year ended December 31, 2012. The financial information contained herein is unaudited. In the opinion of management, all adjustments necessary for a fair presentation of such financial information have been included. All adjustments are of a normal recurring nature. The balance sheet at December 31, 2012, was derived from audited financial statements at such date.
	The results of operations for the three and nine months ended September 30, 2013 and 2012 are not necessarily indicative of the results to be expected for the full year or for any other period.
	On September 6, 2013, the Partnership filed a Form 15 with the SEC following a 1-for-100 reverse split (the “Reverse Split”) of the Partnership’s units of limited partnership interest (the “Units”) whereby limited partners owning fewer than 100 Units were cashed out at a rate of $120.00 per pre-split Unit. The Reverse Split and subsequent cash-out brought the number of limited partners of the Partnership to below 300, which allowed the Partnership to file the Form 15 and, thus, terminate the registration of its Units with the SEC. As a result of this filing, the Partnership will no longer be subject to reporting obligations under the Securities Exchange Act of 1934, as amended, following the filing of this Quarterly Report on Form 10-Q for the period ended September 30, 2013.

Note_2_Summary_of_Significant_

Note 2. Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2013
Notes to Financial Statements	'
Note 2. Summary of Significant Accounting Policies	'
	NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Property and Provision for Impairment
	Property is stated at cost, less accumulated depreciation. Since acquisition, property has been depreciated principally on a straight-line basis over the estimated service lives as follows:
	Land improvements ........... 5 years
	Site work ................... 15 years
	Buildings ................... 30 years
	Building improvements ....... 5-30 years
	In accordance with the Accounting Standards Codification (“ASC”) Section 360, the Partnership evaluates the carrying value of its long-lived assets for impairment at least annually or whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable from related future undiscounted cash flows. As of September 30, 2013, the Partnership’s only operating asset was the Sierra Marketplace Shopping Center located in Reno, Nevada (the "Sierra Property") and the Partnership determined that none of its long-lived assets were impaired as of such date.
	Allowance for Doubtful Accounts
	The Partnership monitors its accounts receivable balances on a monthly basis to ensure they are collectible. On a quarterly basis, the Partnership uses its historical experience to determine its accounts receivable reserve. The Partnership’s allowance for doubtful accounts is an estimate based on
	specifically identified accounts as well as general reserves. The Partnership evaluates specific accounts where it has information that the customer may have an inability to meet its financial obligations. In these cases, management uses judgment, based upon the best available facts and circumstances, and records a specific reserve for that customer against amounts due to reduce the receivable to the amount that is expected to be collected. These specific reserves are reevaluated and adjusted as additional information is received that impacts the amount reserved. The Partnership also establishes a general reserve based upon a range of percentages applied to aging categories. These percentages are based on historical collection and write-off experience. If circumstances change, the Partnership’s estimate of the recoverability of amounts due the Partnership could be reduced or increased by a material amount. Such a change in estimated recoverability would be accounted for in the period in which the facts that give rise to the change become known. As of September 30, 2013 and 2012, the Partnership did not have any reserve for bad debt.
	Cash and Cash Equivalents
	For the purpose of the statements of cash flows, the Partnership considers all short-term investments which have original maturities of three months or less to be cash equivalents. There were no cash equivalents as of September 30, 2013 or December 31, 2012.
	Concentration of Credit Risk
	The Partnership maintains cash balances at institutions insured up to $250,000 by the Federal Deposit Insurance Corporation. Balances in excess of amounts required for operations are usually invested in savings, money market accounts and certificates of deposit. Cash balances exceeded these insured levels during the period. No losses have occurred or are expected due to this risk.
	Revenue Recognition
	Rental revenues are based on lease terms and recorded as income when earned and when they can be reasonably estimated. Rent increases are generally based on the Consumer Price Index. Leases generally require tenants to reimburse the Partnership for certain operating expenses applicable to their leased premises. These costs and reimbursements have been included in operating expenses and rental income, respectively.
	Investments
	Investments are classified as trading or available-for-sale. Trading investments are recorded at fair value with unrealized gains and losses reflected in the statements of operations. Available-for-sale investments’ unrealized gains and losses are included as a component of accumulated other comprehensive income in the accompanying statements of operations and comprehensive income. Interest on investments is recognized as income when earned. Realized gains and losses on investments are included in Other Income and Expenses in the accompanying statements of operations and comprehensive income. As of September 30, 2013 and December 31, 2012, all of the Partnership’s investments were classified as available-for-sale.
	Long-term Notes Receivable
	Long-term notes receivable bear interest and are due upon maturity. Interest income associated with these notes receivable is reflected in the accompanying statements of operations and comprehensive income under the caption “Interest Income.”
	Fair Value of Financial Instruments
	The Partnership uses the following hierarchy to prioritize the inputs used in measuring fair value in accordance with ASC Section 820:
	Level 1 Quoted prices (unadjusted) in active markets for identical assets or liabilities;
	Level 2 Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable;
	Level 3 Unobservable inputs in which little or no market activity exists, therefore requiring an entity to develop its own assumptions about the assumptions that market participants would use in pricing.
	Financial instruments including cash and cash equivalents, trade and notes receivable, securities, accounts payable and accrued expenses are carried in the financial statements at amounts that approximated fair value at September 30, 2013 and December 31, 2012. See “Note 3. Fair Value Measurements.”
	Net Income Per Unit of Limited Partnership Interest
	Net income per Unit is computed based upon the weighted average number of Units outstanding (1,635.86 for the nine months ended September 30, 2013, and 1,703.90 for the nine months ended September 30, 2012) during the period then ended.
	On August 31, 2009, the Partnership initiated an offer enabling the Partnership’s limited partners to sell their Units back to the Partnership (the “Redemption Offer”). On June 6, 2013, the Redemption Offer was suspended pending final response from the SEC to a preliminary filing by the Partnership on Schedule 14C and Schedule 13E-3 whereby the Partnership was seeking to effect the Reverse Split and subsequent cash-out. On August 8, 2013, the SEC approved the Schedule 14C and Schedule 13e-3 and the Partnership filed a definitive information statement that was distributed to all holders of Units, detailing the final terms of the Reverse Split (see “Recent Events” under “ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS”). The General Partner terminated the Redemption Offer on August 9, 2013. An aggregate of 12,704 Units were repurchased by the Partnership pursuant to the Redemption Offer at an approximate average price of $103.26 per Unit. The Reverse Split took effect on or around September 1, 2013, and the Partnership cashed out 14,122 pre-split Units.
	Income Taxes
	Partnership earnings are allocated between the partners in accordance with each partner’s ownership interest and are taxed individually and not at the partnership level. Correspondingly, no provisions for federal, state and local income taxes are included in the financial statements.
	The income tax returns of the Partnership are subject to examination by federal, state and local taxing authorities. Such examinations could result in adjustments to Partnership income, which changes could affect the tax liability of the individual partners.
	Estimates
	The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amount of assets, liabilities, revenues and expenses and related disclosure of contingent assets and liabilities.
	On an ongoing basis, the Partnership evaluates its estimates, including those related to bad debts, contingencies, litigation and valuation of the real estate. The Partnership bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

Note_3_Fair_Value_Measurements

Note 3. Fair Value Measurements	9 Months Ended
	Sep. 30, 2013
Notes to Financial Statements	'
Note 3. Fair Value Measurements	'
	NOTE 3. FAIR VALUE MEASUREMENTS
	The Partnership holds certain financial assets which are required to be measured at fair value on a recurring basis in accordance with ASC Section 820.
	Valuation of Financial Instruments measured on a recurring basis by hierarchy levels as of September 30, 2013:
		Fair Value Measurement
		Level 1	Level 2	Level 3	Total
	Stock securities	$6,785,100	$0	$0	$6,785,100
	Short option securities	-882,775	0	0	-882,775
	Short-term investments - CDs	251,096	0	0	251,096
	Total	$6,153,421	$0	$0	$6,153,421
	Valuation of Financial Instruments measured on a recurring basis by hierarchy levels as of December 31, 2012:
		Fair Value Measurement
		Level 1	Level 2	Level 3	Total
	Stock securities	$3,529,590	$0	$0	$3,529,590
	Short option securities	-507,656	0	0	-507,656
	Short-term investments - CDs	249,970	0	0	249,970
	Total	$3,271,904	$0	$0	$3,271,904
	The Partnership had an unrealized gain from securities of $905,752 as of September 30, 2013, and had an unrealized gain from securities of $301,714 as of December 31, 2012. During the nine months ended September 30, 2013 and 2012, the Partnership disposed of securities resulting in realized gains of $1,067,128 and $137,556, respectively, using the first-in, first-out method.

Conflicts_of_Interest_and_Rela

Conflicts of Interest and Related Party Transactions	9 Months Ended
	Sep. 30, 2013
Notes to Financial Statements	'
Conflicts of Interest and Related Party Transactions	'
	NOTE 4. CONFLICTS OF INTEREST AND TRANSACTIONS WITH RELATED PARTIES
	Beginning in April 2007, affiliates of the General Partner began leasing office space at the Sierra Property and pay monthly rent of $2,408. The General Partner uses a portion of this office space and participates in such rent payments.
	In 2004, the Partnership began renovation efforts in an attempt to maximize the financial viability of the Sierra Property (the "Renovation"). As part of the Renovation, a portion of the shopping center previously occupied by an anchor tenant was demolished for the purpose of creating in its place a new driveway (and traffic signal) directly between the Sierra Property and a hotel casino property located next to the Sierra Property (the "Adjacent Property”). The Adjacent Property entered into a lease with the Partnership
	for a section of the Sierra Property (including the new driveway). The Adjacent Property has a minimum lease term of 15 years at an initial monthly rent of $25,000, subject to increases every 60 months based on the Consumer Price Index. Such an increase became effective on September 30, 2009, and the Adjacent Property now pays monthly rent of approximately $28,400. The Adjacent Property also uses part of the common area of the Sierra Property and pays its proportionate share of the common area expense of the Sierra Property. The Adjacent Property has the option to renew the lease for three five-year terms and, at the end of the extension periods, has the option to purchase the leased section of the Sierra Property at a price to be determined based on an MAI Appraisal.
	In addition to the driveway, the Adjacent Property also leases approximately 6,900 square feet of storage space at the Sierra Property and pays rent of approximately $3,450 per month for such storage space.
	Ben Farahi, the manager of the General Partner, was, until May 26, 2006, Co-Chairman of the Board, Chief Financial Officer, Secretary, and Treasurer of Monarch Casino & Resort, Inc. (“Monarch”), the owner of the Adjacent Property. He owned approximately 11.3% of Monarch’s outstanding common stock as of September 30, 2013.
	Accounting rules define transactions with related parties as transactions which are not arm’s-length in nature and, therefore, may not represent fair market value.
	Compensation of the General Partner
	The General Partner is the manager of the Sierra Property. The General Partner received $186,388 and $50,089 for the nine months ended September 30, 2013 and 2012, respectively, for such management services; included in these amounts is three percent of the monthly interest earned on the Partnership’s cash in savings and money market accounts, which the Partnership began paying to the General Partner in 2006. Also included in the 2013 amount, is one percent of the average quarterly asset balance of the Partnership’s securities portfolio as compensation for the General Partner’s services in connection with managing the Partnership’s investments in securities. Also, pursuant to the Partnership's Second Amended and Restated Agreement of Limited Partnership (the “Amended LP Agreement”), the General Partner is entitled to receive 2.5% of the Partnership's income, loss, capital and distributions, including, without limitation, the Partnership's cash flow from operations, disposition proceeds and net sale or refinancing proceeds. Accordingly, the General Partner was allocated net income of $15,189 for the nine months ended September 30, 2013 and net income of $9,355 for the nine months ended September 30, 2012.
	On April 9, 2013, the Partnership issued a cash distribution of $1.70 per Unit on the outstanding limited partnership Units of the Partnership to limited partners of record at the close of business on March 28, 2013. The General Partner received $7,337 from this distribution in its capacity as the general partner.
	On May 28, 2013, the Partnership entered into a 20-year lease with a franchisee of Popeye’s Louisiana Kitchen, a national fast food chain (“Popeye’s”). The Partnership contributed approximately $611,000 to the construction cost of a new building that is being occupied by Popeye’s, including fees, utility improvements and grading. Pursuant to the Amended LP Agreement, the General Partner earned a development fee in the amount of $110,360 for its services in connection with securing the Popeye’s lease and the development of assets related to the Popeye’s lease. This development fee is included in the $186,388 management fee described above.
	Also pursuant to the Amended LP Agreement, the General Partner may receive mortgage placement fees for services rendered in connection with the Partnership’s mortgage loans. These fees may not exceed such compensation customarily charged in arm’s-length transactions by others rendering similar services as an ongoing public activity in the same geographical location for comparable mortgage loans. The General Partner is entitled to certain fees for compensation of other services rendered as well. The General Partner did not earn any mortgage placement or other fees during the nine months ended September 30, 2013 or 2012.

Note_5_Real_Estate

Note 5. Real Estate	9 Months Ended
	Sep. 30, 2013
Notes to Financial Statements	'
Note 5. Real Estate	'
	NOTE 5. REAL ESTATE
	The Partnership's real estate is summarized as follows:
		30-Sep-13	31-Dec-12
	Land	$3,198,574	$3,198,574
	Less: land taken by condemnation	-117,483	-117,483
		3,081,091	3,081,091
	Buildings and improvements	12,680,501	12,069,070
		15,761,592	15,150,161
	Accumulated depreciation	-4,638,315	-4,325,363
		$11,123,277	$10,824,798
	On May 28, 2013, the Partnership entered into a 20-year lease with a franchisee of Popeye’s Louisiana Kitchen, a national fast food chain (“Popeye’s”). The Partnership contributed approximately $611,000 to the construction cost of a new building that is being occupied by Popeye’s, including fees, utility improvements and grading that were put into service on August 9, 2013. In addition, the Partnership expensed an additional approximate $50,000 in commissions and various other fees related to the Popeye’s project during the third quarter of 2013.

Note_6_Notes_Receivable

Note 6. Notes Receivable	9 Months Ended
	Sep. 30, 2013
Notes to Financial Statements	'
Note 6. Notes Receivable	'
	NOTE 6. NOTES RECEIVABLE
	On December 17, 2010, the Partnership participated in first and second senior credit facilities with a group led by a major bank in the aggregate amount of $75 million (the “Credit Facility”) to a new casino in Grand Falls, Iowa (the “Borrower”). The Partnership’s commitment to the Credit Facility was $3 million under the first lien senior credit facility consisting of a $40 million term loan and a $10 million revolving loan (the “First Facility”), and $1.5 million under the second lien senior credit facility consisting of a $25 million term loan (the “Second Facility”). The Credit Facility was permitted to be utilized by the Borrower for a portion of the development and construction costs of the casino (the “Project”), to pay for fees and expenses in connection with the Project and for initial working capital needs after completion of the Project.
	On August 14, 2012, the Borrower refinanced the Credit Facility, which had been fully drawn on, and the Partnership was repaid its entire commitment. As a result of the refinancing, the Partnership earned approximately $58,300 in call protection fees per the terms of the Credit Facility.
	The First Facility was scheduled to mature on December 17, 2014; the Second Facility was scheduled to mature on December 17, 2015.
	The Borrower paid various one-time fees and other loan costs upon the closing of the Credit Facility.
	The Partnership’s General Partner received a mortgage placement fee of 1.5% of the Partnership’s total commitment under the Credit Facility for its services in connection with the placement of the Credit Facility.

Note_7_Subsequent_Events

Note 7. Subsequent Events	9 Months Ended
	Sep. 30, 2013
Notes to Financial Statements	'
Note 7. Subsequent Events	'
	NOTE 7. SUBSEQUENT EVENTS
	None.

Note_2_Summary_of_Significant_1

Note 2. Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2013
Notes to Financial Statements	'
Property and Provision for Impairment	'
	Property and Provision for Impairment
	Property is stated at cost, less accumulated depreciation. Since acquisition, property has been depreciated principally on a straight-line basis over the estimated service lives as follows:
	Land improvements ........... 5 years
	Site work ................... 15 years
	Buildings ................... 30 years
	Building improvements ....... 5-30 years
	In accordance with the Accounting Standards Codification (“ASC”) Section 360, the Partnership evaluates the carrying value of its long-lived assets for impairment at least annually or whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable from related future undiscounted cash flows. As of September 30, 2013, the Partnership’s only operating asset was the Sierra Marketplace Shopping Center located in Reno, Nevada (the "Sierra Property") and the Partnership determined that none of its long-lived assets were impaired as of such date.
Allowance for Doubtful Accounts	'
	Allowance for Doubtful Accounts
	The Partnership monitors its accounts receivable balances on a monthly basis to ensure they are collectible. On a quarterly basis, the Partnership uses its historical experience to determine its accounts receivable reserve. The Partnership’s allowance for doubtful accounts is an estimate based on specifically identified accounts as well as general reserves. The Partnership evaluates specific accounts where it has information that the customer may have an inability to meet its financial obligations. In these cases, management uses judgment, based upon the best available facts and circumstances, and records a specific reserve for that customer against amounts due to reduce the receivable to the amount that is expected to be collected. These specific reserves are reevaluated and adjusted as additional information is received that impacts the amount reserved. The Partnership also establishes a general reserve based upon a range of percentages applied to aging categories. These percentages are based on historical collection and write-off experience. If circumstances change, the Partnership’s estimate of the recoverability of amounts due the Partnership could be reduced or increased by a material amount. Such a change in estimated recoverability would be accounted for in the period in which the facts that give rise to the change become known. As of September 30, 2013 and 2012, the Partnership did not have any reserve for bad debt.
Cash and Cash Equivalents	'
	Cash and Cash Equivalents
	For the purpose of the statements of cash flows, the Partnership considers all short-term investments which have original maturities of three months or less to be cash equivalents. There were no cash equivalents as of September 30, 2013 or December 31, 2012.
Concentration of Credit Risk	'
	Concentration of Credit Risk
	The Partnership maintains cash balances at institutions insured up to $250,000 by the Federal Deposit Insurance Corporation. Balances in excess of amounts required for operations are usually invested in savings, money market accounts and certificates of deposit. Cash balances exceeded these insured levels during the period. No losses have occurred or are expected due to this risk.
Revenue Recognition	'
	Revenue Recognition
	Rental revenues are based on lease terms and recorded as income when earned and when they can be reasonably estimated. Rent increases are generally based on the Consumer Price Index. Leases generally require tenants to reimburse the Partnership for certain operating expenses applicable to their leased premises. These costs and reimbursements have been included in operating expenses and rental income, respectively.
Investments	'
	Investments
	Investments are classified as trading or available-for-sale. Trading investments are recorded at fair value with unrealized gains and losses reflected in the statements of operations. Available-for-sale investments’ unrealized gains and losses are included as a component of accumulated other comprehensive income in the accompanying statements of operations and comprehensive income. Interest on investments is recognized as income when earned. Realized gains and losses on investments are included in Other Income and Expenses in the accompanying statements of operations and comprehensive income. As of September 30, 2013 and December 31, 2012, all of the Partnership’s investments were classified as available-for-sale.
Long-term Notes Receivable	'
	Long-term Notes Receivable
	Long-term notes receivable bear interest and are due upon maturity. Interest income associated with these notes receivable is reflected in the accompanying statements of operations and comprehensive income under the caption “Interest Income.”
Fair Value of Financial Instruments	'
	Fair Value of Financial Instruments
	The Partnership uses the following hierarchy to prioritize the inputs used in measuring fair value in accordance with ASC Section 820:
	Level 1 Quoted prices (unadjusted) in active markets for identical assets
	or liabilities;
	Level 2 Inputs other than quoted prices included within Level 1 that are
	either directly or indirectly observable;
	Level 3 Unobservable inputs in which little or no market activity exists,
	therefore requiring an entity to develop its own assumptions about
	the assumptions that market participants would use in pricing.
	Financial instruments including cash and cash equivalents, trade and notes receivable, securities, accounts payable and accrued expenses are carried in the financial statements at amounts that approximated fair value at September 30, 2013 and December 31, 2012. See “Note 3. Fair Value Measurements.”
Net Income Per Unit of Limited Partnership Interest	'
	Net Income Per Unit of Limited Partnership Interest
	Net income per Unit is computed based upon the weighted average number of Units outstanding (1,635.86 for the nine months ended September 30, 2013, and 1,703.90 for the nine months ended September 30, 2012) during the period then ended.
	On August 31, 2009, the Partnership initiated an offer enabling the Partnership’s limited partners to sell their Units back to the Partnership (the “Redemption Offer”). On June 6, 2013, the Redemption Offer was suspended pending final response from the SEC to a preliminary filing by the Partnership on Schedule 14C and Schedule 13E-3 whereby the Partnership was seeking to effect the Reverse Split and subsequent cash-out. On August 8, 2013, the SEC approved the Schedule 14C and Schedule 13e-3 and the Partnership filed a definitive information statement that was distributed to all holders of Units, detailing the final terms of the Reverse Split (see “Recent Events” under “ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS”). The General Partner terminated the Redemption Offer on August 9, 2013. An aggregate of 12,704 Units were repurchased by the Partnership pursuant to the Redemption Offer at an approximate average price of $103.26 per Unit. The Reverse Split took effect on or around September 1, 2013, and the Partnership cashed out 14,122 pre-split Units.
Income Taxes	'
	Income Taxes
	Partnership earnings are allocated between the partners in accordance with each partner’s ownership interest and are taxed individually and not at the partnership level. Correspondingly, no provisions for federal, state and local income taxes are included in the financial statements.
	The income tax returns of the Partnership are subject to examination by federal, state and local taxing authorities. Such examinations could result in adjustments to Partnership income, which changes could affect the tax liability of the individual partners.
Estimates	'
	Estimates
	The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amount of assets, liabilities, revenues and expenses and related disclosure of contingent assets and liabilities.
	On an ongoing basis, the Partnership evaluates its estimates, including those related to bad debts, contingencies, litigation and valuation of the real estate. The Partnership bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2013
Fair Value Measurements Tables	'
Valution of Instruments	'
	Valuation of Financial Instruments measured on a recurring basis by hierarchy levels as of September 30, 2013:
		Fair Value Measurement
		Level 1	Level 2	Level 3	Total
	Stock securities	$6,785,100	$0	$0	$6,785,100
	Short option securities	-882,775	0	0	-882,775
	Short-term investments - CDs	251,096	0	0	251,096
	Total	$6,153,421	$0	$0	$6,153,421
	Valuation of Financial Instruments measured on a recurring basis by hierarchy levels as of December 31, 2012:
		Fair Value Measurement
		Level 1	Level 2	Level 3	Total
	Stock securities	$3,529,590	$0	$0	$3,529,590
	Short option securities	-507,656	0	0	-507,656
	Short-term investments - CDs	249,970	0	0	249,970
	Total	$3,271,904	$0	$0	$3,271,904

Note_5_Real_Estate_Tables

Note 5. Real Estate (Tables)	9 Months Ended
	Sep. 30, 2013
Notes to Financial Statements	'
Real Estate Summary	'
	The Partnership's real estate is summarized as follows:
		30-Sep-13	31-Dec-12
	Land	$3,198,574	$3,198,574
	Less: land taken by condemnation	-117,483	-117,483
		3,081,091	3,081,091
	Buildings and improvements	12,680,501	12,069,070
		15,761,592	15,150,161
	Accumulated depreciation	-4,638,315	-4,325,363
		$11,123,277	$10,824,798

Note_3_Fair_Value_Measurements1

Note 3. Fair Value Measurements (Details Narrative) (USD $)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Notes to Financial Statements	'	'
Unrealized gain (loss) on securities held	$604,038	$300,081
Realized gain on sale of securities	$1,067,128	$137,556

Note_2_Summary_of_Significant_2

Note 2. Summary of Significant Accounting Policies (Narrative Details)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
Notes to Financial Statements	'	'	'	'	'
Average number of units outstanding	1,576.96	1,703.90	1,635.86	1,703.90	1,703.90
Number of Units Repurchased	'	'	'12704	'	'
Average Repurchase Price	'	'	'103.26	'	'
Number of Units Cashed Out	'	'	14,122	'	'

Note_3_Fair_Value_Measurements2

Note 3. Fair Value Measurements - Valuation of Financial Instruments (Details) (USD $)	Dec. 31, 2012	Sep. 30, 2012	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2013	Dec. 31, 2012
			Level 1	Level 1	Level 2	Level 2	Level 3	Level 3
Stock securities	$3,529,590	$6,785,100	$6,785,100	$3,529,590	$0	$0	$0	$0
Short option securities	-507,656	-882,775	-882,775	-507,656	0	0	0	0
Short-term investments - CDs	249,970	251,096	251,096	249,970	0	0	0	0
Notes receivable	0	0	0	0	0	0	0	0
Total	$3,271,904	$6,153,421	$6,153,421	$3,271,904	$0	$0	$0	$0

Conflicts_of_Interest_and_Rela1

Conflicts of Interest and Related Party Transactions (Details Narrative) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Apr. 09, 2013	Mar. 28, 2013
Notes to Financial Statements	'	'	'	'	'	'
Monthly Rent Rate	'	'	$24,800	'	'	'
PropertyLeaseTerm	'	'	'15 years	'	'	'
Initial Monthly Rent Rate	'	'	25,000	'	'	'
Rate of Property Rent Increase	'	'	'60 months	'	'	'
General Partner Amounts Received	'	'	186,388	50,089	'	'
Net Income Allocated to General Partner	12,112	5,370	15,189	9,355	'	'
Cash Distribution Per Unit	'	'	'	'	1.7	'
General Partner Cash Distribution	'	'	'	'	'	7,337
General Partner Development Fee	'	'	$110,360	'	'	'

Note_5_Real_Estate_Real_Estate

Note 5. Real Estate - Real Estate Summary (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Notes to Financial Statements	'	'
Land	$3,198,574	$3,198,574
Less: land taken by condemnation	-117,483	-117,483
Subtotal	3,081,091	3,081,091
Buildings and improvements	12,680,501	12,069,070
Pre depreciation total	15,761,592	15,150,161
Accumulated depreciation	-4,638,315	-4,325,363
Total Real Estate	$11,123,277	$10,824,798

Note_6_Notes_Receivable_Detail

Note 6. Notes Receivable (Details Narrative) (USD $)	Aug. 14, 2012	Dec. 17, 2011
Notes to Financial Statements	'	'
Total Credit Facility	'	$75,000,000
Partnership Commitment 1st Facility	'	3,000,000
First Facility Term Loan Total	'	40,000,000
First Facility Revolving Loan	'	10,000,000
Partnership Commitment 2nd Facility	'	1,500,000
Second Facility Total	'	25,000,000
General Partner Mortgage Placement Fee	'	1.50%
Call Protection Fee Earned	$58,300	'