Divall Insured Income Properties 2 Limited Partnership (DIVVZ) 10-Q 12 Nov 21 2021 Q3 Quarterly report Financial data

Cover

Cover	9 Months Ended
	Sep. 30, 2021shares
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2021
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--12-31
Entity File Number	0-17686
Entity Registrant Name	DIVALL INSURED INCOME PROPERTIES 2 LIMITED PARTNERSHIP
Entity Central Index Key	0000825788
Entity Tax Identification Number	39-1606834
Entity Incorporation, State or Country Code	WI
Entity Address, Address Line One	1900 W 75th Street
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	Prairie Village
Entity Address, State or Province	KS
Entity Address, Postal Zip Code	66208
City Area Code	(816)
Local Phone Number	421-7444
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	0

Condensed Balance Sheets

Condensed Balance Sheets - USD ($)	Sep. 30, 2021	Dec. 31, 2020
INVESTMENT PROPERTIES: (Note 3)
Land	$ 2,527,947	$ 2,794,122
Buildings	3,649,837	4,017,412
Accumulated depreciation	(3,646,204)	(3,985,582)
Net investment properties	2,531,580	2,825,952
OTHER ASSETS:
Cash	234,208	72,244
Investments held in Indemnification Trust (Note 7)	480,024	479,805
Security deposits escrow	64,417	64,393
Rents and other receivables	131,840	665,415
Deferred tenant award proceeds escrow		18,290
Prepaid insurance	507	5,068
Deferred closing costs	36,064
Properties held for sale	266,175
Deferred charges, net	356,451	171,213
Total other assets	1,569,686	1,476,428
Total assets	4,101,266	4,302,380
CURRENT LIABILITIES:
Accounts payable and accrued expenses	98,531	16,047
Due to General Partner (Note 5)	1,151	718
Deferred rent	100,005	18,289
Security deposits	64,340	64,340
Total current liabilities	264,027	99,394
CONTINGENCIES AND COMMITMENTS (Notes 6 and 7)
General Partner -
Cumulative net income (retained earnings)	390,419	384,051
Cumulative cash distributions	(161,491)	(158,944)
Total general partners’ capital	228,928	225,107
Limited Partners (46,280.3 interests outstanding at September 30, 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)	45,017,340	44,386,908
Cumulative cash distributions	(79,927,268)	(78,927,268)
Total limited partners’ capital	4,448,540	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	3,837,239	4,202,986
Total liabilities and partners’ capital	$ 4,101,266	$ 4,302,380

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - shares	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 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 (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
OPERATING REVENUES:
Rental income (Note 3)	$ 415,633	$ 511,603	$ 1,122,570	$ 1,113,879
TOTAL OPERATING REVENUES	415,633	511,603	1,122,570	1,113,879
EXPENSES:
Partnership management fees (Note 5)	68,079	72,075	206,901	215,371
Insurance	1,520	1,495	4,561	4,441
General and administrative	12,353	16,899	54,897	64,375
Advisory Board fees and expenses	1,750	1,750	5,250	5,250
Professional services	26,441	48,204	148,862	186,169
Depreciation	5,449	15,795	28,198	76,360
Amortization	12,465	6,899	37,395	20,697
TOTAL OPERATING EXPENSES	128,057	163,117	486,064	572,663
OTHER INCOME
Other interest income	239	52	294	4,093
TOTAL OTHER INCOME	239	52	294	4,093
NET INCOME	287,815	348,538	636,800	545,309
NET INCOME ALLOCATED- GENERAL PARTNER	2,878	3,485	6,368	5,453
NET INCOME ALLOCATED- LIMITED PARTNERS	$ 284,937	$ 345,053	$ 630,432	$ 539,856
Based on 46,280.3 interests outstanding: (Basic and diluted)
NET INCOME PER LIMITED PARTNERSHIP INTEREST	$ 6.16	$ 7.46	$ 13.62	$ 11.66

Condensed Statements of Incom_2

Condensed Statements of Income (Unaudited) (Parenthetical) - shares	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 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 ($)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income from continuing operations	$ 636,800	$ 545,309
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	65,593	97,056
Changes in operating assets and liabilities
Decrease in rents and other receivables	532,604	169,847
Increase in long-term rent receivable	971	(21,448)
Decrease in security deposit escrow	(24)	5,092
Increase in deferred closing costs	(36,064)
Decrease in deferred rent award escrow		(52)
Decrease in prepaid insurance	4,561	4,484
Decrease in accounts payable and accrued expenses	82,484	(1,073)
Increase in unearned rental income	100,005	5,000
Payment of leasing commission	(222,633)
Security deposit refund		(5,000)
Increase in due to General Partner	433	49
Net cash from operating activities	1,164,730	799,264
CASH FLOWS USED IN INVESTING ACTIVITIES:
Interest applied to Indemnification Trust account	(219)	(3,862)
Net cash used in investing activities	(219)	(3,862)
CASH FLOWS USED IN FINANCING ACTIVITIES:
Cash distributions to Limited Partners	(1,000,000)	(700,000)
Cash distributions to General Partner	(2,547)	(2,181)
Net cash used in financing activities	(1,002,547)	(702,181)
NET INCREASE (DECREASE) IN CASH	161,964	93,221
CASH AT BEGINNING OF PERIOD	72,244	39,221
CASH AT END OF PERIOD	$ 234,208	$ 132,442

Condensed Statements of Partner

Condensed Statements of Partner's Capital (Unaudited) - USD ($)	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
BEGINNING BALANCE	$ 3,750,574	$ 3,735,256	$ 4,202,986	$ 3,877,164	$ 3,652,254	$ 4,281,180	$ 4,202,986	$ 4,281,180
Net Income	287,815	216,183	132,802	348,538	225,697	(28,926)	636,800	545,309
Cash Distributions	(201,151)	(200,865)	(600,531)	(101,394)	(787)	(600,000)
ENDING BALANCE	3,837,239	3,750,574	3,735,256	4,124,308	3,877,164	3,652,254	3,837,239	4,124,308
General Partner [Member]
BEGINNING BALANCE	227,201	225,904	225,107	221,940	220,470	220,759	225,107	220,759
Net Income	2,878	2,162	1,328	3,485	2,257	(289)
Cash Distributions	(1,151)	(865)	(531)	(1,394)	(787)
ENDING BALANCE	228,928	227,201	225,904	224,031	221,940	220,470	228,928	224,031
Limited Partner [Member]
BEGINNING BALANCE	3,523,373	3,509,352	3,977,878	3,655,224	3,431,784	4,060,421	3,977,878	4,060,421
Net Income	284,937	214,021	131,474	345,053	223,440	(28,637)
Cash Distributions	(200,000)	(200,000)	(600,000)	(100,000)		(600,000)
ENDING BALANCE	3,608,310	3,523,373	3,509,352	3,900,277	3,655,224	3,431,784	3,608,310	3,900,277
Cumulative Net Income [Member] | General Partner [Member]
BEGINNING BALANCE	387,541	385,379	384,051	378,772	376,515	376,804	384,051	376,804
Net Income	2,878	2,162	1,328	3,485	2,257	(289)
Cash Distributions
ENDING BALANCE	390,419	387,541	385,379	382,257	378,772	376,515	390,419	382,257
Cumulative Net Income [Member] | Limited Partner [Member]
BEGINNING BALANCE	44,732,402	44,518,381	44,386,908	43,864,253	43,640,813	43,669,450	44,386,908	43,669,450
Net Income	284,937	214,021	131,474	345,053	223,440	(28,637)
Cash Distributions
ENDING BALANCE	45,017,340	44,732,402	44,518,381	44,209,306	43,864,253	43,640,813	45,017,340	44,209,306
Cumulative Cash Distributions [Member] | General Partner [Member]
BEGINNING BALANCE	(160,340)	(159,475)	(158,944)	(156,832)	(156,045)	(156,045)	(158,944)	(156,045)
Net Income
Cash Distributions	(1,151)	(865)	(531)	(1,394)	(787)
ENDING BALANCE	(161,491)	(160,340)	(159,475)	(158,226)	(156,832)	(156,045)	(161,491)	(158,226)
Cumulative Cash Distributions [Member] | Limited Partner [Member]
BEGINNING BALANCE	(79,727,268)	(79,527,268)	(78,927,268)	(78,727,268)	(78,727,268)	(78,127,268)	(78,927,268)	(78,127,268)
Net Income
Cash Distributions	(200,000)	(200,000)	(600,000)	(100,000)		(600,000)
ENDING BALANCE	(79,927,268)	(79,727,268)	(79,527,268)	(78,827,268)	(78,727,268)	(78,727,268)	(79,927,268)	(78,827,268)
Capital Contributions Net of Offering Costs [Member] | Limited Partner [Member]
BEGINNING BALANCE	39,358,468	39,358,468	39,358,468	39,358,468	39,358,468	39,358,468	39,358,468	39,358,468
Net Income
Cash Distributions
ENDING BALANCE	39,358,468	39,358,468	39,358,468	39,358,468	39,358,468	39,358,468	39,358,468	39,358,468
Reallocation [Member] | Limited Partner [Member]
BEGINNING BALANCE	(840,229)	(840,229)	(840,229)	(840,229)	(840,229)	(840,229)	(840,229)	(840,229)
Net Income
Cash Distributions
ENDING BALANCE	$ (840,229)	$ (840,229)	$ (840,229)	$ (840,229)	$ (840,229)	$ (840,229)	$ (840,229)	$ (840,229)

Condensed Statements of Partn_2

Condensed Statements of Partner's Capital (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Mar. 31, 2020
Equity [Abstract]
Cash distributions per limited partnership interest	$ 4.32	$ 4.32	$ 12.96	$ 2.16	$ 12.96

ORGANIZATION

ORGANIZATION	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [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 $ 300 200 100 46,280.3 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. The lessees are operators of fast food, family style, and casual/theme restaurants. As of September 30, 2021, the Partnership owned 10 three 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 ISSUED ACCOUNTING PRIN

RECENTLY ISSUED ACCOUNTING PRINCIPLES	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
RECENTLY ISSUED ACCOUNTING PRINCIPLES	2. RECENTLY ISSUED ACCOUNTING PRINCIPLES In April 2020, the Financial Accounting Standards Board (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, an entity 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. DIVALL INSURED INCOME PROPERTIES 2 LIMITED PARTNERSHIP NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

INVESTMENT PROPERTIES AND PROPE

INVESTMENT PROPERTIES AND PROPERTIES HELD FOR SALE	9 Months Ended
	Sep. 30, 2021
Real Estate [Abstract]
INVESTMENT PROPERTIES AND PROPERTIES HELD FOR SALE	3. INVESTMENT PROPERTIES AND PROPERTIES HELD FOR SALE 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 September 30, 2021, the Partnership owned 10 The following are operated by tenants at the aforementioned Properties: eight separate Wendy’s restaurants, an Applebee’s restaurant and a Brakes 4 Less store. The 10 three 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 7% 2,632,900 (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 7% 2,093,750 (January 1, 2021 to December 31, 2040) 188,000 7% 2,350,000 (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 5,750 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. Effective January 1, 2021, for the restaurant property located at 361 Highway 17 Bypass, Mt. Pleasant, South Carolina, per the terms of the Amendment, the Tenant will pay $ 146,520 7% 1,831,500 136,000 7% 1,700,000 (January 1, 2021 to December 31, 2040) Property Held for Sale The Brakes 4 Less property in Martinez, GA, was listed for sale on July 5, 2021. A signed offer of $ 890,000 478,098 The components of property held for sale in the balance sheets as of September 30, 2021 and December 31, 2020 are outlined below: SCHEDULE OF PROPERTY HELD FOR SALE September 30, 2021 December 31, Balance Sheet: Land $ 266,175 $ - Building 367,575 - Accumulated Depreciation (367,575 ) - Properties held for sale $ 266,175 $ - DIVALL INSURED INCOME PROPERTIES 2 LIMITED PARTNERSHIP NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

PARTNERSHIP AGREEMENT

PARTNERSHIP AGREEMENT	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
PARTNERSHIP AGREEMENT	4. PARTNERSHIP AGREEMENT The Partnership Agreement was amended, effective as of October 20, 2020, to extend the term of the Partnership to November 30, 2023 Under the terms of the Partnership Agreement, as amended, net profits or losses from operations are allocated 99% 1% 99% 1% 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% 13.5 99% 1% DIVALL INSURED INCOME PROPERTIES 2 LIMITED PARTNERSHIP NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

TRANSACTIONS WITH GENERAL PARTN

TRANSACTIONS WITH GENERAL PARTNER AND ITS AFFILIATES	9 Months Ended
	Sep. 30, 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 13,250 5.54% 272,316 23,256 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 and six month periods ended September 30, 2021 and 2020 are as follows: SCHEDULE OF AMOUNTS PAID AND/OR ACCRUED TO GENERAL PARTNER AND ITS AFFILIATES Incurred for the Incurred for the Incurred for the Incurred for the Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 (unaudited) (unaudited) (unaudited) (unaudited) General Partner Management fees $ 68,079 $ 72,075 $ 206,901 $ 215,371 Overhead allowance 5,814 5,814 17,442 17,374 Leasing commissions - - 222,633 - Reimbursement for out-of-pocket expenses - - 2,500 2,500 Cash distribution 1,151 1,394 2,547 2,181 Amounts paid and/or accrued to the General Partner $ 75,044 $ 79,283 $ 452,023 $ 237,426 At September 30, 2021 and December 31, 2020, $ 73,784 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 81,935 The commission was included in accounts payable and accrued expenses as of the end of the first quarter. One $ 75,000 installment payment was made during each of the second and third quarters. 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 earned 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% to the General Partner. DIVALL INSURED INCOME PROPERTIES 2 LIMITED PARTNERSHIP NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS As of September 30, 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- and nine-month periods ended September 30, 2021 and 2020 are as follows: SCHEDULE OF ADVISORY BOARD FEES PAID TO JESSE SMALL Three Month Three Month Nine Month Nine Month (Unaudited) (Unaudited) (Unaudited) (Unaudited) Advisory Board Fees paid $ 875 $ 875 $ 2,625 $ 2,625 At September 30, 2021 and December 31, 2020 there were no

CONTINGENT LIABILITIES

CONTINGENT LIABILITIES	9 Months Ended
	Sep. 30, 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 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 4,500,000 6,000,000 16,296 6,000,000 6,000,000

PMA INDEMNIFICATION TRUST

PMA INDEMNIFICATION TRUST	9 Months Ended
	Sep. 30, 2021
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 will fund this indemnification obligation by establishing a reserve of up to $ 250,000 230,024 DIVALL INSURED INCOME PROPERTIES 2 LIMITED PARTNERSHIP NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES	9 Months Ended
	Sep. 30, 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 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 nine-month period ended September 30, 2021 and for the year ended December 31, 2020, there were no

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	9. SUBSEQUENT EVENTS We have reviewed all material events through the issuance of this report in accordance with ASC 855-10.

INVESTMENT PROPERTIES AND PRO_2

INVESTMENT PROPERTIES AND PROPERTIES HELD FOR SALE (Tables)	9 Months Ended
	Sep. 30, 2021
Real Estate [Abstract]
SCHEDULE OF PROPERTY HELD FOR SALE	The components of property held for sale in the balance sheets as of September 30, 2021 and December 31, 2020 are outlined below: SCHEDULE OF PROPERTY HELD FOR SALE September 30, 2021 December 31, Balance Sheet: Land $ 266,175 $ - Building 367,575 - Accumulated Depreciation (367,575 ) - Properties held for sale $ 266,175 $ - DIVALL INSURED INCOME PROPERTIES 2 LIMITED PARTNERSHIP NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

TRANSACTIONS WITH GENERAL PAR_2

TRANSACTIONS WITH GENERAL PARTNER AND ITS AFFILIATES (Tables)	9 Months Ended
	Sep. 30, 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 and six month periods ended September 30, 2021 and 2020 are as follows: SCHEDULE OF AMOUNTS PAID AND/OR ACCRUED TO GENERAL PARTNER AND ITS AFFILIATES Incurred for the Incurred for the Incurred for the Incurred for the Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 (unaudited) (unaudited) (unaudited) (unaudited) General Partner Management fees $ 68,079 $ 72,075 $ 206,901 $ 215,371 Overhead allowance 5,814 5,814 17,442 17,374 Leasing commissions - - 222,633 - Reimbursement for out-of-pocket expenses - - 2,500 2,500 Cash distribution 1,151 1,394 2,547 2,181 Amounts paid and/or accrued to the General Partner $ 75,044 $ 79,283 $ 452,023 $ 237,426
SCHEDULE OF ADVISORY BOARD FEES PAID TO JESSE SMALL	SCHEDULE OF ADVISORY BOARD FEES PAID TO JESSE SMALL Three Month Three Month Nine Month Nine Month (Unaudited) (Unaudited) (Unaudited) (Unaudited) Advisory Board Fees paid $ 875 $ 875 $ 2,625 $ 2,625

ORGANIZATION (Details Narrative

ORGANIZATION (Details Narrative)	Feb. 22, 1990USD ($)shares	Nov. 20, 1987USD ($)	Sep. 30, 2021RestaurantNumber
Partners' capital account, contributions		$ 300
Partners' capital account, units, sale of units | shares	46,280.3
Partners' capital account, public sale of units net of offering costs	$ 39,358,468
Concentration risk, benchmark description			As of September 30, 2021, the Partnership owned 10 Properties, which are located in a total of three states.
Number of real estate properties | Restaurant			10
Number of states in which entity operates | Number			3
General Partner [Member]
Partners' capital account, contributions		200
Limited Partner [Member]
Partners' capital account, contributions		$ 100

SCHEDULE OF PROPERTY HELD FOR S

SCHEDULE OF PROPERTY HELD FOR SALE (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Real Estate [Abstract]
Land	$ 266,175
Building	367,575
Accumulated Depreciation	(367,575)
Properties held for sale	$ 266,175

INVESTMENT PROPERTIES AND PRO_3

INVESTMENT PROPERTIES AND PROPERTIES HELD FOR SALE (Details Narrative)	Sep. 27, 2021USD ($)	Jul. 21, 2020USD ($)	Apr. 23, 2020USD ($)	Jun. 30, 2020USD ($)	Sep. 30, 2021USD ($)RestaurantNumber
Property leased to fully constructed fast-food restaurants | Restaurant					10
Location of properties | Number					3
Property held for sale	$ 890,000
Brakes Four Less Property [Member]
Gain on property held for sale					$ 478,098
Wensouth Corporation [Member] | 361 Highway 17 Bypass Mt Pleasant South Carolina [Member]
Lease extension description					The following are operated by tenants at the aforementioned 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
Lease extension description					(January 1, 2021 to December 31, 2040)
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
Lease extension description					(January 1, 2021 to December 31, 2040)
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
Lease extension description					(January 1, 2021 to December 31, 2040)
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
Lease extension description					(January 1, 2021 to December 31, 2040)
RMH Franchise Corporation [Member]
Rent payments				$ 5,750
Lease gross sale, percentage.					six percent

PARTNERSHIP AGREEMENT (Details

PARTNERSHIP AGREEMENT (Details Narrative)	1 Months Ended
	Sep. 11, 2009	Sep. 30, 2021
Partnership agreement extended date	Nov. 30, 2023
Limited Partner [Member]
Net profits or losses from operations amended		99.00%
Cumulative simple return on adjusted original capital		100.00%
Liquidation preference of limited partners amended		13.50%
General Partner [Member]
Net profits or losses from operations amended		1.00%

SCHEDULE OF AMOUNTS PAID AND_OR

SCHEDULE OF AMOUNTS PAID AND/OR ACCRUED TO GENERAL PARTNER AND ITS AFFILIATES (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Related Party Transactions [Abstract]
Management fees	$ 68,079	$ 72,075	$ 206,901	$ 215,371
Overhead allowance	5,814	5,814	17,442	17,374
Leasing commissions			222,633
Reimbursement for out-of-pocket expenses			2,500	2,500
Cash distribution	1,151	1,394	2,547	2,181
Amounts paid and/or accrued to the General Partner	$ 75,044	$ 79,283	$ 452,023	$ 237,426

SCHEDULE OF ADVISORY BOARD FEES

SCHEDULE OF ADVISORY BOARD FEES PAID TO JESSE SMALL (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Related Party Transactions [Abstract]
Advisory Board Fees paid	$ 875	$ 875	$ 2,625	$ 2,625

TRANSACTIONS WITH GENERAL PAR_3

TRANSACTIONS WITH GENERAL PARTNER AND ITS AFFILIATES (Details Narrative) - USD ($)	Mar. 02, 2021	Jan. 02, 2021	Sep. 30, 2021	Sep. 30, 2021	Dec. 31, 2020
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Due to Affiliate			$ 73,784	$ 73,784	$ 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			0	$ 0	$ 0
Lease Commission [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Debt Instrument, Periodic Payment			$ 75,000
[custom:AggregateCommissionPercentage-0]			3.00%	3.00%
Permanent Manager Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Percentage of base fee on gross receipts		400.00%
Maximum reimbursement on office rent and related expenses	$ 272,316	$ 13,250
Percentage of increase in base fee and expenses reimbursement	5.54%
Fees received from partnership, by general partner	$ 23,256
Leasing commission		222,633
Previously earned leasing commissions		$ 81,935

CONTINGENT LIABILITIES (Details

CONTINGENT LIABILITIES (Details Narrative)	9 Months Ended
	Sep. 30, 2021USD ($)
Commitments and Contingencies Disclosure [Abstract]
Maximum percentage of disposition fees on sale of partnership properties	300.00%
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 September 30, 2021, 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.
Percentage of disposition fees to be escrowed	5000.00%
Amount of recovery of funds	$ 4,500,000
Aggregate recovery of funds value	6,000,000
Payable fee on achieving recovery level	$ 16,296

PMA INDEMNIFICATION TRUST (Deta

PMA INDEMNIFICATION TRUST (Details Narrative)	9 Months Ended
	Sep. 30, 2021USD ($)
Reserve related to partnership assets	$ 250,000
Earnings credited to the trust	$ 230,024

FAIR VALUE DISCLOSURES (Details

FAIR VALUE DISCLOSURES (Details Narrative) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Recognition of transfers between levels of the fair value hierarchy	$ 0	$ 0