Divall Insured Income Properties 2 Limited Partnership (DIVVZ) 10-Q 12 May 22 2022 Q1 Quarterly report Financial data

Cover

Cover	3 Months Ended
	Mar. 31, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2022
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

Condensed Balance Sheets

Condensed Balance Sheets - USD ($)	Mar. 31, 2022	Dec. 31, 2021
INVESTMENT PROPERTIES: (Note 3)
Land	$ 1,944,934	$ 1,944,934
Buildings	2,843,881	2,843,881
Accumulated depreciation	(2,843,881)	(2,843,881)
Net investment properties	1,944,934	1,944,934
Property held for sale	583,013	583,013
OTHER ASSETS:
Cash and cash equivalents	367,310	965,838
Investments held in Indemnification Trust (Note 7)	480,139	480,024
Security deposits escrow	59,432	59,425
Rents and other receivables		366,473
Deferred closing costs	40,188	16,067
Prepaid insurance	4,135	5,685
Deferred charges, net	303,511	314,825
Total other assets	1,837,728	2,791,350
Total assets	3,782,662	4,736,284
LIABILITIES:
Accounts payable and accrued expenses	90,654	27,207
Due to General Partner (Note 5)	5,482	4,533
Security deposits	59,340	59,340
Unearned rental income	100,005	73,891
Total liabilities	255,481	164,971
CONTINGENCIES AND COMMITMENTS (Notes 6 and 7)
General Partner -
Cumulative net income (retained earnings)	401,373	399,805
Cumulative cash distributions	(166,973)	(166,024)
Total general partners’ capital	234,400	233,781
Limited Partners (46,280.3 interests outstanding at March 31, 2022 and December 31, 2021)
Capital contributions	46,280,300	46,280,300
Offering costs	(6,921,832)	(6,921,832)
Cumulative net income (retained earnings)	46,101,810	45,946,561
Cumulative cash distributions	(81,327,268)	(80,127,268)
Total limited partners’ capital	4,133,010	5,177,761
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	3,527,181	4,571,313
Total liabilities and partners’ capital	$ 3,782,662	$ 4,736,284

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - shares	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
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, 2022	Mar. 31, 2021
OPERATING REVENUES:
Rental income (Note 3)	$ 333,016	$ 349,191
TOTAL OPERATING REVENUES	333,016	349,191
EXPENSES:
Partnership management fees (Note 5)	68,079	70,743
Insurance	1,550	1,520
General and administrative	47,556	28,179
Advisory Board fees and expenses	1,750	1,750
Professional services	90,595	90,391
Depreciation		11,375
Amortization	11,314	12,465
TOTAL OPERATING EXPENSES	220,844	216,423
OTHER INCOME
Other income	44,475
Other interest income	170	34
TOTAL OTHER INCOME	44,645	34
NET INCOME	156,817	132,802
NET INCOME ALLOCATED - GENERAL PARTNER	1,568	1,328
NET INCOME ALLOCATED - LIMITED PARTNERS	$ 155,249	$ 131,474
Based on 46,280.3 interests outstanding: (Basic and diluted)
NET INCOME PER LIMITED PARTNERSHIP INTEREST	$ 3.35	$ 2.84

Condensed Statements of Incom_2

Condensed Statements of Income (Loss) (Unaudited) (Parenthetical) - shares	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
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, 2022	Mar. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (loss)	$ 156,817	$ 132,802
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	11,314	23,839
Changed in operating assets and liabilities
Decrease in rents and other receivables	366,473	607,923
Increase in security deposit escrow	(7)	(8)
Decrease in prepaid insurance	1,550	1,520
Increase in accounts payable and accrued expenses	63,447	57,349
Decrease in deferred award escrow		1
Increase in deferred closing costs	(24,121)
Unearned rental income	26,114
Increase (Decrease) in due to General Partner	949	(187)
Net cash from operating activities	602,536	823,239
CASH FLOWS USED IN INVESTING ACTIVITIES:
Interest applied to Indemnification Trust account	(115)
Net cash used in investing activities	(115)
CASH FLOWS USED IN FINANCING ACTIVITIES:
Cash distributions to Limited Partners	(1,200,000)	(600,000)
Cash distributions to General Partner	(949)	(531)
Net cash used in financing activities	(1,200,949)	(600,531)
NET INCREASE IN CASH AND CASH EQUIVALENTS	(598,528)	222,708
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	965,838	72,244
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 367,310	$ 294,952

Condensed Statements of Partner

Condensed Statements of Partner's Capital (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
BEGINNING BALANCE	$ 4,571,313	$ 4,202,986
Net Income	156,817	132,802
Cash Distributions	(1,200,949)	(600,531)
ENDING BALANCE	3,527,181	3,735,257
General Partner [Member]
BEGINNING BALANCE	233,781	225,107
Net Income	1,568	1,328
Cash Distributions	(949)	(531)
ENDING BALANCE	234,400	225,904
General Partner [Member] | Cumulative Net Income [Member]
BEGINNING BALANCE	399,805	384,051
Net Income	1,568	1,328
Cash Distributions
ENDING BALANCE	401,373	385,379
General Partner [Member] | Cumulative Cash Distributions [Member]
BEGINNING BALANCE	(166,024)	(158,944)
Net Income
Cash Distributions	(949)	(531)
ENDING BALANCE	(166,973)	(159,475)
Limited Partner [Member]
BEGINNING BALANCE	4,337,532	3,977,878
Net Income	155,249	131,474
Cash Distributions	(1,200,000)	(600,000)
ENDING BALANCE	3,292,781	3,509,352
Limited Partner [Member] | Cumulative Net Income [Member]
BEGINNING BALANCE	45,946,561	44,386,908
Net Income	155,249	131,474
Cash Distributions
ENDING BALANCE	46,101,811	44,518,382
Limited Partner [Member] | Cumulative Cash Distributions [Member]
BEGINNING BALANCE	(80,127,268)	(78,927,968)
Net Income
Cash Distributions	(1,200,000)	(600,000)
ENDING BALANCE	(81,327,268)	(79,527,268)
Limited Partner [Member] | Capital Contributions Net of Offering Costs [Member]
BEGINNING BALANCE	39,358,468	39,358,468
Net Income
Cash Distributions
ENDING BALANCE	39,358,468	39,358,468
Limited Partner [Member] | Reallocation [Member]
BEGINNING BALANCE	(840,229)	(840,229)
Net Income
Cash Distributions
ENDING BALANCE	$ (840,229)	$ (840,229)

Condensed Statements of Partn_2

Condensed Statements of Partner's Capital (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Equity [Abstract]
Cash distributions per limited partnership interest	$ 25.93	$ 12.96

ORGANIZATION

ORGANIZATION	3 Months Ended
	Mar. 31, 2022
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 fast food, family style, and casual/theme restaurants. As of March 31, 2022, the Partnership owned 9 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. DIVALL INSURED INCOME PROPERTIES 2 LIMITED PARTNERSHIP NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

RECENTLY ADOPTED ACCOUNTING PRI

RECENTLY ADOPTED ACCOUNTING PRINCIPLES	3 Months Ended
	Mar. 31, 2022
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.

INVESTMENT PROPERTIES

INVESTMENT PROPERTIES	3 Months Ended
	Mar. 31, 2022
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, 2022, the Partnership owned nine Properties, all 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, and an Applebee’s restaurant. The nine 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 7 2,632,900 (January 1, 2021 to December 31, 2040) 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) DIVALL INSURED INCOME PROPERTIES 2 LIMITED PARTNERSHIP NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS 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 January 1, 2021 to December 31, 2040 136,000 7 1,700,000 (January 1, 2021 to December 31, 2040) Property Held for Sale The Walton Way property in Augusta, GA, was listed for sale on July 5, 2021. The Martintown Rd property in North Augusta, SC was listed for sale on December 22, 2021. The components of property held for sale in the balance sheets as of March 31, 2022 and December 31, 2021 are outlined below: SCHEDULE OF PROPERTY HELD FOR SALE March 31, 2022 December 31, Balance Sheet: Land $ 583,013 $ 583,013 Building 805,956 805,956 Accumulated Depreciation (805,956 ) (805,956 ) Properties held for sale $ 583,013 $ 583,013

PARTNERSHIP AGREEMENT

PARTNERSHIP AGREEMENT	3 Months Ended
	Mar. 31, 2022
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 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 13.5 99 1

TRANSACTIONS WITH GENERAL PARTN

TRANSACTIONS WITH GENERAL PARTNER AND ITS AFFILIATES	3 Months Ended
	Mar. 31, 2022
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 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-month periods ended March 31, 2022 and 2021 are as follows: SCHEDULE OF AMOUNTS PAID AND/OR ACCRUED TO GENERAL PARTNER AND ITS AFFILIATES Incurred for the Incurred for the Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 (unaudited) (unaudited) General Partner Management fees $ 68,079 $ 70,743 Overhead allowance 5,814 5,814 Leasing commissions - 222,633 Reimbursement for out-of-pocket expenses 2,500 2,500 Cash distribution 949 531 Amounts paid and/or accrued to General Partner $ 77,342 $ 302,221 At March 31, 2022 and December 31, 2021, $ 5,482 and $ 4,533 , 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 3 DIVALL INSURED INCOME PROPERTIES 2 LIMITED PARTNERSHIP NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS As of March 31, 2022, 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, 2022 and 2021 are as follows: SCHEDULE OF ADVISORY BOARD FEES PAID TO JESSE SMALL Incurred for the Incurred for the (Unaudited) (Unaudited) Advisory Board Fees paid $ 875 $ 875 At March 31, 2022 and December 31, 2021 there were no

CONTINGENT LIABILITIES

CONTINGENT LIABILITIES	3 Months Ended
	Mar. 31, 2022
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, 2022, 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, 2022
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 $ 250,000 230,139

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES	3 Months Ended
	Mar. 31, 2022
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, 2022 and the year ended December 31, 2021, there were no

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	9. SUBSEQUENT EVENTS Sale of Walton Way Property On April 22, 2022, the Partnership sold the property located at 1730 Walton Way, Augusta, GA for $ 1,600,000 . The gain on the sale is approximately $ 1,119,000 As of March 31, 2022, this property was classified as held for sale with a carrying value of $ 332,154 We have reviewed all material events through the date of this report in accordance with ASC 855-10.

INVESTMENT PROPERTIES (Tables)

INVESTMENT PROPERTIES (Tables)	3 Months Ended
	Mar. 31, 2022
Real Estate [Abstract]
SCHEDULE OF PROPERTY HELD FOR SALE	The components of property held for sale in the balance sheets as of March 31, 2022 and December 31, 2021 are outlined below: SCHEDULE OF PROPERTY HELD FOR SALE March 31, 2022 December 31, Balance Sheet: Land $ 583,013 $ 583,013 Building 805,956 805,956 Accumulated Depreciation (805,956 ) (805,956 ) Properties held for sale $ 583,013 $ 583,013

TRANSACTIONS WITH GENERAL PAR_2

TRANSACTIONS WITH GENERAL PARTNER AND ITS AFFILIATES (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2022 and 2021 are as follows: SCHEDULE OF AMOUNTS PAID AND/OR ACCRUED TO GENERAL PARTNER AND ITS AFFILIATES Incurred for the Incurred for the Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 (unaudited) (unaudited) General Partner Management fees $ 68,079 $ 70,743 Overhead allowance 5,814 5,814 Leasing commissions - 222,633 Reimbursement for out-of-pocket expenses 2,500 2,500 Cash distribution 949 531 Amounts paid and/or accrued to General Partner $ 77,342 $ 302,221
SCHEDULE OF ADVISORY BOARD FEES PAID TO JESSE SMALL	SCHEDULE OF ADVISORY BOARD FEES PAID TO JESSE SMALL Incurred for the Incurred for the (Unaudited) (Unaudited) Advisory Board Fees paid $ 875 $ 875

ORGANIZATION (Details Narrative

ORGANIZATION (Details Narrative)	Feb. 22, 1990USD ($)shares	Nov. 20, 1987USD ($)	Mar. 31, 2022Number
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 Real Estate Properties | Number			9
Number of States in which Entity Operates | Number			3
General Partner [Member]
Aggregate capital contributions		200
Limited Partner [Member]
Aggregate capital contributions		$ 100

SCHEDULE OF PROPERTY HELD FOR S

SCHEDULE OF PROPERTY HELD FOR SALE (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Real Estate [Abstract]
Land			$ 583,013	$ 583,013
Building			805,956	805,956
Accumulated Depreciation			(805,956)	(805,956)
Properties held for sale	$ 583,013	$ 583,013	$ 583,013	$ 583,013

INVESTMENT PROPERTIES (Details

INVESTMENT PROPERTIES (Details Narrative)	Jan. 01, 2021USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2022RestaurantNumber
Long-Lived Assets Held-for-sale [Line Items]
Number of Real Estate Properties | Number			9
Number of States in which Entity Operates | Number			3
Wensouth Corporation [Member] | 1901 Whiskey Road Aiken South Carolina [Member]
Long-Lived Assets Held-for-sale [Line Items]
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]
Long-Lived Assets Held-for-sale [Line Items]
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]
Long-Lived Assets Held-for-sale [Line Items]
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] | 361 Highway 17 Bypass Mt Pleasant South Carolina [Member]
Long-Lived Assets Held-for-sale [Line Items]
Rent payments	$ 146,520
Annual sale over percentage	7.00%
Annual breakpoint lease amount	$ 1,831,500
Lease extension description	January 1, 2021 to December 31, 2040
Wensouth Corporation [Member] | 343 Folly Road Charleston South Carolina [Member]
Long-Lived Assets Held-for-sale [Line Items]
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]
Long-Lived Assets Held-for-sale [Line Items]
Rent payments		$ 5,750
Lease gross sale, percentage			six percent
Wendy's Restaurants [Member]
Long-Lived Assets Held-for-sale [Line Items]
Number of Real Estate Properties | Restaurant			8

PARTNERSHIP AGREEMENT (Details

PARTNERSHIP AGREEMENT (Details Narrative)	Oct. 20, 2020	Mar. 31, 2022
Partnership agreement extended date	Nov. 30, 2023
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%

SCHEDULE OF AMOUNTS PAID AND_OR

SCHEDULE OF AMOUNTS PAID AND/OR ACCRUED TO GENERAL PARTNER AND ITS AFFILIATES (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Related Party Transactions [Abstract]
Management fees	$ 68,079	$ 70,743
Overhead allowance	5,814	5,814
Leasing commissions		222,633
Reimbursement for out-of-pocket expenses	2,500	2,500
Cash distribution	949	531
Amounts paid and/or accrued to General Partner	$ 77,342	$ 302,221

SCHEDULE OF ADVISORY BOARD FEES

SCHEDULE OF ADVISORY BOARD FEES PAID TO JESSE SMALL (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Related Party Transactions [Abstract]
Advisory Board Fees paid	$ 875	$ 875

TRANSACTIONS WITH GENERAL PAR_3

TRANSACTIONS WITH GENERAL PARTNER AND ITS AFFILIATES (Details Narrative) - USD ($)	Mar. 01, 2021	Jan. 01, 2021	Mar. 31, 2022	Dec. 31, 2021
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Due to Affiliate			$ 5,482	$ 4,533
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
Lease Commission [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Aggregate commission percentage			3.00%
Permanent Manager Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Percentage of base fee on gross receipts		four percent
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)	3 Months Ended
	Mar. 31, 2022USD ($)Number	Mar. 31, 2020USD ($)
Commitments and Contingencies Disclosure [Abstract]
[custom:MaximumPercentageOfDispositionFeesOnSaleOfPartnershipProperties]	three percent
Number of partnership properties for sale | Number	3
[custom:PercentageOfDispositionFeesToBeEscrowed-0]	fifty percent
Amount of recovery of funds	$ 4,500,000
[custom:AggregateOfRecoveryOfFundsValue]	$ 6,000,000	$ 6,000,000
Payable fee on achieving recovery level		$ 16,296

PMA INDEMNIFICATION TRUST (Deta

PMA INDEMNIFICATION TRUST (Details Narrative)	3 Months Ended
	Mar. 31, 2022USD ($)
Reserve related to partnership assets	$ 250,000
Earnings credited to the trust	$ 230,139

FAIR VALUE DISCLOSURES (Details

FAIR VALUE DISCLOSURES (Details Narrative) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Recognition of transfers between levels of the fair value hierarchy	$ 0	$ 0

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) - USD ($)	Apr. 22, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Subsequent Event [Line Items]
Real Estate, Held-for-Sale		$ 583,013	$ 583,013	$ 583,013	$ 583,013
Walton Way Property [Member]
Subsequent Event [Line Items]
Real Estate, Held-for-Sale		$ 332,154
Subsequent Event [Member] | Walton Way Property [Member]
Subsequent Event [Line Items]
Proceeds from Sale of Property Held-for-sale	$ 1,600,000
Gain (Loss) on Sale of Properties	$ 1,119,000