Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 3. Asset Held for Sale: A long-lived asset is required to be classified as “held for sale” in the period in which certain criteria are met. The Partnership classifies real estate assets as held for sale after the following conditions have been satisfied: (1) management, having the appropriate authority, commits to a plan to sell the asset, (2) the initiation of an active program to sell the asset, and (3) the asset is available for immediate sale and it is probable that the sale of the asset will be completed within one year. During March 2015, the Board of Directors and Consultant approved a sale of the El Adobe Community located in Las Vegas, Nevada. As described in Form 8-K dated April 8, 2015, the Partnership has entered into a Contract for Sale and Purchase of Real and Personal Property with a potential buyer for the sale of El Adobe, with an expected closing date in June 2015. As described in the Form 8-K dated June 8, 2015, this buyer terminated the contract prior to the expiration of the investigation period. The Fund has entered into a new Contract for Sale and Purchase of Real and Personal Property with another buyer for the sale of El Adobe, with an expected closing date in third quarter 2015. As described in the Form 8-K dated June 23, 2015, the Partnership has entered into a Contract for Sale and Purchase of Real and Personal Property with a potential buyer for the sale of Camelot Manor, Dutch Hills and Stonegate, all communities which are located in Michigan, with an expected closing date in late August 2015. Based on the information outlined, the Partnership has concluded that these properties meet the criteria as an asset held for sale on the accompanying Balance Sheets. Similarly, the communities and associated financial results are classified as “discontinued operations” on the accompanying Statements of Operations. The assets and liabilities related to the communities classified as “assets held for sale” as of June 30, 2015 are as follows: Total Assets of $ 10,427,046 313,083 28,387,466 18,273,503 6,939,454 519,959 6,419,495 The assets and liabilities related to the “assets held for sale” as of December 31, 2014 are as follows: Total Assets of $ 10,472,850 258,581 28,228,628 18,014,359 6,841,887 315,920 6,525.967 The following is a summary of results of operations of the properties classified as “discontinued operations” for the six month periods ended June 30, 2015 and 2014: Total Revenue was $ 1,620,393 1,516,594 1,604,190 1,700,076 The following is a summary of results of operations of the properties classified as “discontinued operations” for the three months periods ended June 30, 2015 and 2014: Total Revenue was $ 803,002 798,247 800,446 893,137 Total Cash Flows provided by Operating Activities of the properties classified as “discontinued operations” for the periods ended June 30, 2015 and 2014 were $ 539,904 322,902 0 3,200 |