Deloitte & Touche Deloitte & Touche LLP Telephone: (214) 777-7000 Suite 1600 Chase Tower 2200 Ross Avenue Dallas, Texas 75201-6778 November 6, 1998 Securities and Exchange Commission Mail Stop 9-5 450 5th Street, N.W. Washington D.C. 20549 Dear Sirs/Madams: We have read and agree with the comments in Item 4 of Form 8-K of American Republic Realty Fund I (Commission File No. 0-11578) dated Nopvember 6, 1998. Yours truly, /s/ Deloitte & Touche LLP Deloitte & Touche Tohmatsu