Divall Insured Income Properties 2 Limited Partnership (DIVVZ) 10-Q 14 May 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	May 07, 2021
Cover [Abstract]
Entity Registrant Name	DIVALL INSURED INCOME PROPERTIES 2 LIMITED PARTNERSHIP
Entity Central Index Key	0000825788
Document Type	10-Q
Document Period End Date	Mar. 31, 2021
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business Flag	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		0
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2021

Condensed Balance Sheets

Condensed Balance Sheets - USD ($)	Mar. 31, 2021	Dec. 31, 2020
INVESTMENT PROPERTIES: (Note 3)
Land	$ 2,794,122	$ 2,794,122
Buildings	4,017,412	4,017,412
Accumulated depreciation	(3,996,956)	(3,985,582)
Net investment properties	2,814,578	2,825,952
OTHER ASSETS:
Cash	294,952	72,244
Investments held in Indemnification Trust (Note 7)	479,805	479,805
Security deposits escrow	64,401	64,393
Rents and other receivables	57,492	665,415
Deferred tenant award proceeds escrow		18,290
Prepaid insurance	3,548	5,068
Deferred charges, net	381,381	171,213
Total other assets	1,281,579	1,476,428
Total assets	4,096,157	4,302,380
CURRENT LIABILITIES:
Accounts payable and accrued expenses	296,029	16,047
Due to General Partner (Note 5)	531	718
Deferred rent		18,289
Security deposits	64,340	64,340
Total current liabilities	360,900	99,394
CONTINGENCIES AND COMMITMENTS (Notes 6 and 7)
General Partner -
Cumulative net income (retained earnings)	385,379	384,051
Cumulative cash distributions	(159,475)	(158,944)
Total general partners' capital	225,904	225,107
Limited Partners (46,280.3 interests outstanding at March 31, 2021 and December 31, 2020)
Capital contributions	46,280,300	46,280,300
Offering costs	(6,921,832)	(6,921,832)
Cumulative net income (retained earnings)	44,518,382	44,386,908
Cumulative cash distributions	(79,527,268)	(78,927,268)
Total limited partners' capital	4,349,582	4,818,108
Former General Partner -
Cumulative net income (retained earnings)	707,513	707,513
Cumulative cash distributions	(1,547,742)	(1,547,742)
Total former general partners' capital	(840,229)	(840,229)
Total partners' capital	3,735,257	4,202,986
Total liabilities and partners' capital	$ 4,096,157	$ 4,302,380

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - shares	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Statement of Financial Position [Abstract]
Limited partners, interests outstanding	46,280.3	46,280.3	46,280.3

Condensed Statements of Income

Condensed Statements of Income (Loss) (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
OPERATING REVENUES:
Rental income (Note 3)	$ 349,191	$ 219,771
TOTAL OPERATING REVENUES	349,191	219,771
EXPENSES:
Partnership management fees (Note 5)	70,743	71,221
Insurance	1,520	1,495
General and administrative	28,179	32,051
Advisory Board fees and expenses	1,750	1,750
Professional services	90,391	105,119
Depreciation	11,375	30,282
Amortization	12,465	6,899
TOTAL OPERATING EXPENSES	216,423	248,817
OTHER INCOME
Other interest income	34	120
TOTAL OTHER INCOME	34	120
NET INCOME (LOSS)	132,802	(28,926)
NET INCOME (LOSS) ALLOCATED - GENERAL PARTNER	1,328	(289)
NET INCOME (LOSS) ALLOCATED - LIMITED PARTNERS	$ 131,474	$ (28,637)
Based on 46,280.3 interests outstanding: (Basic and diluted)
NET INCOME (LOSS) PER LIMITED PARTNERSHIP INTEREST	$ 2.84	$ (0.62)

Condensed Statements of Incom_2

Condensed Statements of Income (Loss) (Unaudited) (Parenthetical) - shares	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Income Statement [Abstract]
Limited partners capital account, interests outstanding	46,280.3	46,280.3	46,280.3

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 132,802	$ (28,926)
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	23,839	37,181
Changed in operating assets and liabilities
Decrease in rents and other receivables	607,923	626,956
(Increase) Decrease in security deposit escrow	(8)	(23)
Decrease in prepaid insurance	1,520	1,495
Increase in accounts payable and accrued expenses	57,349	63,546
Decrease in deferred award escrow	1	(35)
Decrease in due to General Partner	(187)	(1,345)
Net cash from operating activities	823,239	698,849
CASH FLOWS USED IN FINANCING ACTIVITIES:
Cash distributions to Limited Partners	(600,000)	(600,000)
Cash distributions to General Partner	(531)
Net cash used in financing activities	(600,531)	(600,000)
NET INCREASE IN CASH	222,708	98,849
CASH AT BEGINNING OF PERIOD	72,244	39,221
CASH AT END OF PERIOD	$ 294,952	$ 138,070

Condensed Statements of Partner

Condensed Statements of Partners' Capital (Unaudited) - USD ($)	Cumulative Net Income [Member]General Partner [Member]	Cumulative Net Income [Member]Limited Partner [Member]	Cumulative Cash Distributions [Member]General Partner [Member]	Cumulative Cash Distributions [Member]Limited Partner [Member]	Capital Contributions Net of Offering Costs [Member]Limited Partner [Member]	Reallocation [Member]Limited Partner [Member]	General Partner [Member]	Limited Partner [Member]	Total
Balance, Beginning at Dec. 31, 2019	$ 376,804	$ 43,669,450	$ (156,045)	$ (78,127,268)	$ 39,358,468	$ (840,229)	$ 220,759	$ 4,060,421	$ 4,281,180
Net Income	(289)	(28,637)					(289)	(28,637)	(28,926)
Cash Distributions ($12.96 per limited partnership interest)				(600,000)				(600,000)	(600,000)
Balance, Ending at Mar. 31, 2020	376,515	43,640,813	(156,045)	(78,727,268)	39,358,468	(840,229)	220,470	3,431,784	3,652,254
Balance, Beginning at Dec. 31, 2020	384,051	44,386,908	(158,944)	(78,927,268)	39,358,468	(840,229)	225,107	3,977,878	4,202,986
Net Income	1,328	131,474					1,328	131,474	132,802
Cash Distributions ($12.96 per limited partnership interest)			(531)	(600,000)			(531)	(600,000)	(600,531)
Balance, Ending at Mar. 31, 2021	$ 385,379	$ 44,518,382	$ (159,475)	$ (79,527,268)	$ 39,358,468	$ (840,229)	$ 225,904	$ 3,509,352	$ 3,735,257

Condensed Statements of Partn_2

Condensed Statements of Partners' Capital (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Partners' Capital [Abstract]
Cash distributions per limited partnership interest	$ 12.96	$ 12.96

Organization

Organization	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Organization	1. ORGANIZATION: DiVall Insured Income Properties 2 LP (the “Partnership”) was formed on November 20, 1987, pursuant to the Uniform Limited Partnership Act of the State of Wisconsin. The initial capital, contributed during 1987, consisted of $300, representing aggregate capital contributions of $200 by the former general partners and $100 by the initial Limited Partner. A subsequent offering of limited partnership interests (closed on February 22, 1990, with 46,280.3 limited partnership interests having been sold in that offering, resulting in total proceeds to the Partnership, net of underwriting compensation and other offering costs, of $39,358,468. The Partnership is currently engaged in the business of owning and operating its investment portfolio of commercial real estate properties (each a “Property”, and collectively, the “Properties”). The Properties are leased on a triple net basis primarily to, and operated by, franchisors or franchisees of national, regional, and local retail chains under primarily long-term leases. Nine lessees are fast food, family style, and casual/theme restaurants, with the tenth lessee being an automotive supply store. As of March 31, 2021, the Partnership owned 10 Properties, which are located in a total of three states. The Limited Partnership Agreement, as amended from time to time (collectively, the “Partnership Agreement”), stipulates that the Partnership is scheduled to be dissolved on November 30, 2023, or earlier upon the prior occurrence of any of the following events: (a) the disposition of all its Properties; (b) the written determination by the General Partner, that the Partnership’s assets may constitute “plan assets” for purposes of ERISA; (c) the agreement of limited partners owning a majority of the outstanding limited partner interests to dissolve the Partnership; or (d) the dissolution, bankruptcy, death, withdrawal, or incapacity of the last remaining General Partner, unless an additional General Partner is elected by a majority of the limited partners. During the second and third quarters of the nine odd numbered years from 2001 through 2017, consent solicitations were circulated to the Partnership’s limited partners which, if approved by the limited partners, would have authorized the General Partner to initiate the potential sale of all of the Properties and the dissolution of the Partnership (each a “Consent”). Limited partners owning a majority of the outstanding limited partnership interests did not vote in favor of any of the Consents. Therefore, the Partnership continues to operate as a going concern. During the 2020 consent solicitation process, the Limited Partners approved two separate amendments to the Partnership Agreement. The amendments served to: (i) extend the term of the Partnership by three (3) years to November 30, 2023, and (ii) permit the General Partner to effect distributions at times that it deems appropriate, but no less often than semi-annually.

Recently Adopted Accounting Pri

Recently Adopted Accounting Principles	3 Months Ended
	Mar. 31, 2021
Accounting Changes and Error Corrections [Abstract]
Recently Adopted Accounting Principles	2. RECENTLY ADOPTED ACCOUNTING PRINCIPLES: In April 2020, the FASB issued a question-and-answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of a novel strain of coronavirus (“COVID-19”). Under existing lease guidance, the Company would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant or if a lease concession was under the enforceable rights and obligations within the existing lease agreement. The Lease Modification Q&A clarifies that entities may elect to not evaluate whether lease-related relief that lessors provide to mitigate the economic effects of COVID-19 on lessees is a lease modification under current lease guidance. Instead, an entity that elects not to evaluate whether a concession directly related to COVID-19 is a modification can then elect whether to apply the modification guidance. During the year ended December 31, 2020, the Partnership provided a lease concession to one tenant in response to the impact of COVID-19, in the form of a short term rent reduction. The Partnership has made an election to account for such lease concession consistent with how this concession would be accounted for under lease guidance if enforceable rights and obligations for this concession had already existed in the lease. This election is available for concessions related to the effects of the COVID-19 pandemic that do not result in a substantial increase in the rights as lessor, including concessions that result in the total payments required by the modified lease being substantially the same as or less than total payments required by the original lease. The Partnership’s concession provided for a reduction of payments with no substantive changes to the consideration in the original lease. The reduction affected the amount of the lease payments during the months of April, May and June of 2020. The Partnership is accounting for this reduction as if no changes to the lease were made. During the year ended December 31, 2020, the Partnership entered into one lease modification that eliminated an amount that was immaterial to the Partnership.

Investment Properties

Investment Properties	3 Months Ended
	Mar. 31, 2021
Real Estate [Abstract]
Investment Properties	3. INVESTMENT PROPERTIES: The total cost of the Properties includes the original purchase price plus acquisition fees and other capitalized costs paid to an affiliate of the former general partners of the Partnership. As of March 31, 2021, the Partnership owned 10 Properties, nine of which contained fully constructed fast-food/casual dining restaurant facilities. The following are operated by tenants at the aforementioned nine Properties: eight separate Wendy’s restaurants, an Applebee’s restaurant and a Brakes 4 Less store. The 10 Properties are located in a total of three states. On April 23, 2020, the Partnership executed three Amended and Restated Restaurant Absolutely Net Leases to the Original Leases dated January 30, 1989, by and between the Partnership and Wendgusta LLC (“Tenant”, as successor in interest to Wensouth Corporation) with the intent that these Leases will amend, restate and replace the Original Leases. Effective January 1, 2021, for the restaurant property located at 1901 Whiskey Road, Aiken, South Carolina, per the terms of the Amendment, the Tenant will pay $210,632 annually in rent, in addition to 7% of sales over an annual breakpoint of $2,632,900 over the term of the lease extension (January 1, 2021 to December 31, 2040). Effective January 1, 2021, for the restaurant property located at 1004 Richland Ave, Aiken, South Carolina, per the terms of the Amendment, the Tenant will pay $167,500 annually in rent, in addition to 7% of sales over an annual breakpoint of $2,093,750 over the term of the lease extension (January 1, 2021 to December 31, 2040). Effective January 1, 2021, for the restaurant property located at 3013 Peach Orchard Road, Augusta, Georgia per the terms of the Amendment, the Tenant will pay $188,000 annually in rent, in addition to 7% of sales over an annual breakpoint of $2,350,000 over the term of the lease extension (January 1, 2021 to December 31, 2040). On April 28, 2020, the Partnership executed a Third Amendment to Lease with RMH Franchise Corporation in response to changed circumstances arising from the COVID-19 pandemic. The term of the amendment was April 1, 2020 through June 30, 2020 and during that time suspended the amount and timing of the payment of the monthly base rent, as defined in the Lease. The revised monthly base rent for the months of April and May 2020 was equal to six percent of the monthly gross sales. The revised monthly base rent for the month of June 2020 was a fixed amount of $5,750. Full monthly base rent resumed July 1, 2020. On July 21, 2020, the Partnership executed two Amended and Restated Restaurant Absolutely Net Leases to the Original Leases dated January 30, 1989, by and between the Partnership and WendCharles I, LLC (“Tenant”, as successor in interest to Wensouth Corporation) with the intent that these Leases will amend, restate and replace the Original Leases.

Partnership Agreement

Partnership Agreement	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Partnership Agreement	4. PARTNERSHIP AGREEMENT: The Partnership Agreement as amended from time to time (collectively, the “Partnership Agreement”) was amended, effective as of October 20, 2020, to extend the term of the Partnership to November 30, 2023, or until dissolution prior thereto pursuant to the consent of limited partners owning a majority of the outstanding limited partnership interests. Under the terms of the Partnership Agreement, as amended, net profits or losses from operations are allocated 99% to the limited partners and 1% to the current General Partner. The November 9, 2009 amendment also provided for distributions from Net Cash Receipts, as defined, to be made 99% to limited partners and 1% to The Provo Group, Inc. (“TPG”, or the “General Partner”), the current General Partner, provided that quarterly distributions are cumulative and are not to be made to the current General Partner unless and until each limited partner has received a distribution from Net Cash Receipts in an amount equal to 10% per annum, cumulative simple return on his, her or its Adjusted Original Capital, as defined, from the Return Calculation Date, as defined, except to the extent needed by the General Partner to pay its federal and state income taxes on the income allocated to it attributable to such year. The provisions regarding distribution of Net Proceeds, as defined, provide that Net Proceeds are to be distributed as follows: (a) to the limited partners, an amount equal to 100% of their Adjusted Original Capital; (b) then, to the limited partners, an amount necessary to provide each limited partner a liquidation preference equal to a 13.5% per annum, cumulative simple return on Adjusted Original Capital from the Return Calculation Date including in the calculation of such return on all prior distributions of Net Cash Receipts and any prior distributions of Net Proceeds under this clause, except to the extent needed by the General Partner to pay its federal and state income tax on the income allocated to it attributable to such year; and (c) then, to limited partners, 99%, and to the General Partner, 1%, of remaining Net Proceeds available for distribution.

Transactions with General Partn

Transactions with General Partner and Its Affiliates	3 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
Transactions with General Partner and Its Affiliates	5. TRANSACTIONS WITH GENERAL PARTNER AND ITS AFFILIATES: Pursuant to the terms of the Permanent Manager Agreement (“PMA”) executed in 1993 and renewed for an additional two-year term as of January 1, 2021, the General Partner receives a base fee (the “Base Fee”) for managing the Partnership equal to four percent of gross receipts, subject initially to a minimum annual Base Fee. The PMA also provides that the Partnership is responsible for reimbursement of the General Partner for office rent and related office overhead (“Expenses”) up to an initial annual maximum of $13,250. Both the Base Fee and Expenses reimbursement are subject to annual Consumer Price Index based adjustments. Effective March 1, 2021, Management has elected to roll back the last five years of CPI increases to their 2016 level and suspend any future CPI adjustments for the base fee. Therefore, the minimum annual Base Fee decreased by 5.54% from the prior year to $272,316. The maximum annual Expenses reimbursement remained the same at $23,256 and any potential future CPI adjustments have been suspended. For purposes of computing the four percent overall fee paid to the General Partner, gross receipts include amounts recovered in connection with the misappropriation of assets by the former general partners and their affiliates. The fee received by the General Partner from the Partnership on any amounts recovered reduce the four percent minimum fee by that same amount. Amounts paid and/or accrued to the General Partner and its affiliates for the three-month periods ended March 31, 2021 and 2020 are as follows: Incurred for the Incurred for the Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 (unaudited) (unaudited) General Partner Management fees $ 70,743 $ 71,221 Overhead allowance 5,814 5,746 Leasing commissions 222,633 - Reimbursement for out-of-pocket expenses 2,500 2,500 Cash distribution 531 - $ 302,221 $ 79,467 At March 31, 2021 and December 31, 2020, $223,164 and $718, respectively, was payable to the General Partner. Effective with the six Wendy’s lease amendments on January 1, 2021, the General Partner earned a leasing commission of $222,633 representing 3% of only the first 10 years of a 20 year term and reduced by the unamortized portion of previously earned commissions on the six Wendy’s in the amount of $81,935. The commission was included in accounts payable and accrued expenses as of the end of the quarter. The General Partner will determine the available cash flow throughout 2021 to satisfy the obligation, which will entail installment payments. In no event will the sales commissions on liquidation of these six Wendy’s and the unamortized portion of the above noted commissions, at the sale date, exceed an aggregate commission of 3%. As of March 31, 2021, Jesse Small, an Advisory Board Member, beneficially owned greater than ten percent of the Partnership’s outstanding limited partnership interests. Amounts paid to Mr. Small for his services as a member of the Advisory Board for the three month periods ended March 31, 2021 and 2020 are as follows: Incurred for the Three Month Period ended March 31, 2021 Incurred for the Three Month Period ended March 31, 2020 (Unaudited) (Unaudited) Advisory Board Fees paid $ 875 $ 875 At March 31, 2021 and December 31, 2020 there were no outstanding Advisory Board fees accrued and payable to Jesse Small.

Contingent Liabilities

Contingent Liabilities	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Contingent Liabilities	6. CONTINGENT LIABILITIES: According to the Partnership Agreement TPG, as General Partner, may receive a disposition fee not to exceed three percent of the contract price on the sale of the properties of the Partnership and two affiliated publicly registered limited partnerships, DiVall Insured Income Fund Limited Partnership (“DiVall 1”), which was dissolved December of 1998, and DiVall Income Properties 3 Limited Partnership, which was dissolved in December 2003 (“DiVall 3”, and together with the Partnership and DiVall 1, the “three original partnerships”). In addition, fifty percent of all such disposition fees earned by TPG were to be escrowed until the aggregate amount of recovery of the funds misappropriated from the three original partnerships by the former general partners was greater than $4,500,000. Upon reaching such recovery level, full disposition fees would thereafter be payable, and fifty percent of the previously escrowed amounts would be paid to TPG. At such time as the recovery exceeded $6,000,000 in the aggregate, the remaining escrowed disposition fees were to be paid to TPG. If such levels of recovery were not achieved, TPG would contribute the amounts escrowed toward the recovery until the three original partnerships were made whole. In lieu of a disposition fee escrow, fifty percent of all such disposition fees previously discussed were paid directly to a restoration account and then distributed among the three original partnerships; whereby the three original partnerships recorded the recoveries as income. After the recovery level of $4,500,000 was exceeded, fifty percent of the total disposition fee amount paid to the three original partnerships recovery through the restoration account (in lieu of the disposition fee escrow) was refunded to TPG during March 1996. The remaining fifty percent amount allocated to the Partnership through the restoration account, and which was previously reflected as Partnership recovery income, may be owed to TPG if the $6,000,000 recovery level is met. As of March 31, 2020, the Partnership may owe TPG $16,296 if the $6,000,000 recovery level is achieved. TPG does not expect any future refund, as it is uncertain that such a $6,000,000 recovery level will be achieved.

PMA Indemnification Trust

PMA Indemnification Trust	3 Months Ended
	Mar. 31, 2021
Banking and Thrift, Other Disclosures [Abstract]
PMA Indemnification Trust	7. PMA INDEMNIFICATION TRUST: The PMA provides that TPG will be indemnified from any claims or expenses arising out of, or relating to, TPG serving in the capacity of general partner or as substitute general partner, so long as such claims do not arise from fraudulent or criminal misconduct by TPG. The PMA provides that the Partnership fund this indemnification obligation by establishing a reserve of up to $250,000 of Partnership assets which would not be subject to the claims of the Partnership’s creditors. An Indemnification Trust (the “Trust”) serving such purposes has been established at United Missouri Bank, N.A. The corpus of the Trust has been fully funded with Partnership assets. Funds are invested in U.S. Treasury securities. In addition, $229,805 of earnings has been credited to the Trust as of March 31, 2021. The rights of TPG to the Trust shall be terminated upon the earliest to occur of the following events: (i) the written release by TPG of any and all interest in the Trust; (ii) the expiration of the longest statute of limitations relating to a potential claim which might be brought against TPG and which is subject to indemnification; or (iii) a determination by a court of competent jurisdiction that TPG shall have no liability to any person with respect to a claim which is subject to indemnification under the PMA. At such time as the indemnity provisions expire or the full indemnity is paid, any funds remaining in the Trust will revert back to the general funds of the Partnership.

Fair Value Disclosures

Fair Value Disclosures	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Disclosures	8. FAIR VALUE DISCLOSURES: The Partnership has determined the fair value based on hierarchy that gives the highest priority to quoted prices in active markets for identical assets and liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Inputs are broadly defined as assumptions market participants would use in pricing an asset or liability. The three levels of the fair value hierarchy under the accounting principle are described below: Level 1. Quoted prices in active markets for identical assets or liabilities. Level 2 Quoted prices for similar investments in active markets, quoted prices for identical or similar investments in markets that are not active, and inputs other than quoted prices that are observable for the investment. Level 3 Unobservable inputs for which there is little, if any, market activity for the investment. The inputs into the determination of fair value are based upon the best information in the circumstances and may require significant management judgment or estimation and the use of discounted cash flow models to value the investment. The fair value hierarchy is based on the lowest level of input that is significant to the fair value measurements. The Partnership’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment. The assets held in the indemnification trust account are invested in one year treasury bills which are measured using level 1 fair value inputs. The Partnership assesses the levels of the investments at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with the Partnership’s accounting policy regarding the recognition of transfers between levels of the fair value hierarchy. For the three month period ended March 31, 2021 and the year ended December 31, 2020, there were no such transfers.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	9. SUBSEQUENT EVENTS: We have reviewed all material events through the date of this report in accordance with ASC 855-10.

Transactions with General Par_2

Transactions with General Partner and Its Affiliates (Tables)	3 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
Schedule of Amounts Paid and/or Accrued to General Partner and its Affiliates	Amounts paid and/or accrued to the General Partner and its affiliates for the three-month periods ended March 31, 2021 and 2020 are as follows: Incurred for the Incurred for the Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 (unaudited) (unaudited) General Partner Management fees $ 70,743 $ 71,221 Overhead allowance 5,814 5,746 Leasing commissions 222,633 - Reimbursement for out-of-pocket expenses 2,500 2,500 Cash distribution 531 - $ 302,221 $ 79,467
Schedule of Advisory Board Fees Paid to Jesse Small	As of March 31, 2021, Jesse Small, an Advisory Board Member, beneficially owned greater than ten percent of the Partnership’s outstanding limited partnership interests. Amounts paid to Mr. Small for his services as a member of the Advisory Board for the three month periods ended March 31, 2021 and 2020 are as follows: Incurred for the Three Month Period ended March 31, 2021 Incurred for the Three Month Period ended March 31, 2020 (Unaudited) (Unaudited) Advisory Board Fees paid $ 875 $ 875

Organization (Details Narrative

Organization (Details Narrative)	Feb. 22, 1990USD ($)shares	Nov. 20, 1987USD ($)	Mar. 31, 2021Restaurant
Aggregate capital contributions		$ 300
Limited partnership interests outstanding | shares	46,280.3
Proceeds to partnership, net of underwriting compensation and other offering costs	$ 39,358,468
Number of properties owned | Restaurant			10
Location of properties | Restaurant			3
Concentration risk, description			As of March 31, 2021, the Partnership owned 10 Properties, which are located in a total of three states.
General Partner [Member]
Aggregate capital contributions		200
Limited Partner [Member]
Aggregate capital contributions		$ 100

Investment Properties (Details

Investment Properties (Details Narrative)	Jul. 21, 2020USD ($)	May 31, 2020	Apr. 30, 2020	Apr. 28, 2020USD ($)	Apr. 23, 2020USD ($)	Mar. 31, 2021Restaurant
Property leased to fully constructed fast-food restaurants | Restaurant						10
Location of properties | Restaurant						3
Wensouth Corporation [Member] | 361 Highway 17 Bypass Mt Pleasant South Carolina [Member]
Lease extension description						The following are operated by tenants at the aforementioned nine Properties: eight separate Wendy's restaurants, an Applebee's restaurant and a Brakes 4 Less store. The 10 Properties are located in a total of three states.
Rent payments	$ 146,520
Annual sale over percentage	7.00%
Annual breakpoint lease amount	$ 1,831,500
Wensouth Corporation [Member] | 1901 Whiskey Road Aiken South Carolina [Member]
Rent payments					$ 210,632
Annual sale over percentage					7.00%
Annual breakpoint lease amount					$ 2,632,900
Wensouth Corporation [Member] | 1004 Richland Ave Aiken South Carolina [Member]
Rent payments					$ 167,500
Annual sale over percentage					7.00%
Annual breakpoint lease amount					$ 2,093,750
Wensouth Corporation [Member] | 3013 Peach Orchard Road Augusta Georgia [Member]
Rent payments					$ 188,000
Annual sale over percentage					7.00%
Annual breakpoint lease amount					$ 2,350,000
Wensouth Corporation [Member] | 343 Folly Road Charleston South Carolina [Member]
Rent payments	$ 136,000
Annual sale over percentage	7.00%
Annual breakpoint lease amount	$ 1,700,000
RMH Franchise Corporation [Member]
Rent payments				$ 5,750
Lease gross sale percentage description		6.00%	6.00%

Partnership Agreement (Details

Partnership Agreement (Details Narrative)	Oct. 30, 2020	Mar. 31, 2021
Partnership agreement extended term	3 years
Limited Partner [Member]
Net profits or losses from operations amended		99.00%
Amended rate of net proceeds were to be distributed		99.00%
Cumulative simple return on adjusted original capital		10.00%
Amended distributions as percentage of adjusted original capital		100.00%
Liquidation preference of limited partners amended		13.50%
Net proceeds available for distribution		99.00%
General Partner [Member]
Net profits or losses from operations amended		1.00%
Amended rate of net proceeds were to be distributed		1.00%
Net proceeds available for distribution		1.00%

Transactions with General Par_3

Transactions with General Partner and its Affiliates (Details Narrative) - USD ($)	Mar. 01, 2020	Jan. 02, 2019	Mar. 31, 2021	Dec. 31, 2020
Percentage of increase in base fee and expenses reimbursement			5.54%
Payable to general partner			$ 531	$ 718
Leasing commision description			The General Partner earned a leasing commission of $222,633 representing 3% of only the first 10 years of a 20 year term and reduced by the unamortized portion of previously earned commissions on the six Wendy’s in the amount of $81,935.
Outstanding advisory board fees
Permanent Manager Agreement [Member]
Percentage of base fee on gross receipts		4.00%
Maximum reimbursement on office rent and related expenses	$ 272,316	$ 13,250
Fees received from partnership, by general partner	$ 23,256
Leasing commission		222,633
Previously earned leasing commissions		$ 81,953

Transactions with General Par_4

Transactions with General Partner and its Affiliates - Schedule of Amounts Paid and/or Accrued to General Partner and its Affiliates (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Related Party Transactions [Abstract]
Management fees	$ 70,743	$ 71,221
Overhead allowance	5,814	5,746
Leasing commissions	222,633
Reimbursement for out-of-pocket expenses	2,500	2,500
Cash distribution	531
Amounts paid and/or accrued to the General Partner	$ 302,221	$ 79,467

Transactions with General Par_5

Transactions with General Partner and Its Affiliates - Schedule of Advisory Board Fees Paid to Jesse Small (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Jesse Small [Member]
Advisory Board Fees paid	$ 875	$ 875

Contingent Liabilities (Details

Contingent Liabilities (Details Narrative)	3 Months Ended
	Mar. 31, 2021USD ($)Number
Commitments and Contingencies Disclosure [Abstract]
Maximum percentage of disposition fees on sale of partnership properties	3.00%
Number of partnership properties for sale | Number	3
Percentage of disposition fees to be escrowed	50.00%
Recovery level description	In addition, fifty percent of all such disposition fees earned by TPG were to be escrowed until the aggregate amount of recovery of the funds misappropriated from the three original partnerships by the former general partners was greater than $4,500,000. Upon reaching such recovery level, full disposition fees would thereafter be payable, and fifty percent of the previously escrowed amounts would be paid to TPG. At such time as the recovery exceeded $6,000,000 in the aggregate, the remaining escrowed disposition fees were to be paid to TPG. If such levels of recovery were not achieved, TPG would contribute the amounts escrowed toward the recovery until the three original partnerships were made whole. In lieu of a disposition fee escrow, fifty percent of all such disposition fees previously discussed were paid directly to a restoration account and then distributed among the three original partnerships; whereby the three original partnerships recorded the recoveries as income. After the recovery level of $4,500,000 was exceeded, fifty percent of the total disposition fee amount paid to the three original partnerships recovery through the restoration account (in lieu of the disposition fee escrow) was refunded to TPG during March 1996. The remaining fifty percent amount allocated to the Partnership through the restoration account, and which was previously reflected as Partnership recovery income, may be owed to TPG if the $6,000,000 recovery level is met. As of March 31, 2020, the Partnership may owe TPG $16,296 if the $6,000,000 recovery level is achieved. TPG does not expect any future refund, as it is uncertain that such a $6,000,000 recovery level will be achieved.
Amount of recovery of funds	$ 4,500,000
Payable fee on achieving recovery level	16,296
Aggregate recovery of funds value	$ 6,000,000

PMA Indemnification Trust (Deta

PMA Indemnification Trust (Details Narrative)	3 Months Ended
	Mar. 31, 2021USD ($)
Banking and Thrift, Other Disclosures [Abstract]
Reserve related to partnership assets	$ 250,000
Earnings credited to the trust	$ 229,805

Fair Value Disclosures (Details

Fair Value Disclosures (Details Narrative) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Recognition of transfers between levels of the fair value hierarchy