SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                             -----------------------

                                 Amendment No. 2
                                       To
                                   SCHEDULE TO

         Tender Offer Statement Pursuant to Section 14(d)(1) or 13(e)(1)
                     of the Securities Exchange Act of 1934
                             -----------------------

                         AMERICAN REPUBLIC REALTY FUND I
                            (Name of Subject Company)

                              MP VALUE FUND 4, LLC
                              MP VALUE FUND 6, LLC.
                    MACKENZIE PATTERSON SPECIAL FUND 3, LLC.
              PREVIOUSLY OWNED MORTGAGE PARTNERSHIPS INCOME 3, L.P.
                           MACKENZIE PATTERSON, INC.

                                    (Bidders)

                          LIMITED PARTNERSHIP INTERESTS
                         (Title of Class of Securities)

                                      NONE
                      (CUSIP Number of Class of Securities)
                             -----------------------
                                             Copy to:
C.E. Patterson                               Paul J. Derenthal, Esq.
MacKenzie Patterson, Inc.                    Derenthal & Dannhauser
1640 School Street                           One Post Street, Suite 575
Moraga, California  94556                    San Francisco, California  94104
(925) 631-9100                               (415) 981-4844

                     (Name, Address and Telephone Number of
                    Person Authorized to Receive Notices and
                       Communications on Behalf of Bidder)

*            For purposes  of  calculating  the  filing  fee  only.  Assumes the
             purchase of 3,500 Units at a purchase  price equal  to $50 per Unit
             in cash.

[X]          Check box if any  part of the  fee is  offset as  provided  by Rule
             0-11(a)(2)  and identify the filing with which the  offsetting  fee
             was previously  paid.  Identify the previous filing by registration
             statement  number,  or the  Form or  Schedule  and the  date of its
             filing.

             Amount Previously Paid: $35.00
             Form or Registration Number:   Schedule TO
             Filing Party: Above Bidders
             Date Filed:  March 27, 2000










[ ]          Check  the  box  if  the  filing  relates  solely  to   preliminary
             communications made before the commencement of a tender offer.

 Check the  appropriate  boxes below to designate any  transactions to which the
statement relates:

[X]          third party tender offer subject to Rule 14d-1.
[ ]          issuer tender offer subject to Rule 13e-4.
[ ]          going private transaction subject to Rule 13e-3
[ ]          amendment to Schedule 13D under Rule 13d-2

Check the following box if the filing is a final amendment reporting the results
of the tender offer: [ ]









                                  TENDER OFFER

     This Tender Offer Statement on Schedule TO relates to the offer by MP VALUE
FUND 4, LLC; MP VALUE FUND 6, LLC; MACKENZIE PATTERSON SPECIAL FUND 3, L.P.; and
PREVIOUSLY OWNED MORTGAGE  PARTNERSHIPS  INCOME FUND 3, L.P.  (collectively  the
"Purchasers") to purchase up to 3,500 units of limited partnership interest (the
"Units") in AMERICAN  REPUBLIC  REALTY FUND I, a Wisconsin  limited  partnership
(the "Issuer"),  the subject company.  MacKenzie Patterson,  Inc. is named as an
offeror  herein  because it is deemed to control the  Purchasers,  but it is not
otherwise  participating  in the  offer  as  described  in  this  schedule.  The
Purchasers  are offering to purchase the Units at a purchase  price equal to $50
per Unit, less the amount of any distributions  declared or made with respect to
the Units  between  March 1, 2000 and May 1,  2000,  or such other date to which
this Offer may be extended (the "Expiration  Date"),  upon the terms and subject
to the  conditions  set forth in the Offer to Purchase dated March 27, 2000 (the
"Offer to Purchase") and the related Letter of Transmittal,  copies of which are
attached  hereto as  Exhibits  (a)(1) and (a)(2),  respectively.  The Issuer had
11,000 Units issued and outstanding held by approximately  926 Unitholders as of
December 31, 1998, according to its annual report on Form 10-K for the year then
ended,  which  is the  most  recent  information  available  to  the  Purchasers
concerning  the  outstanding  Units.  The  address  of  the  Issuer's  principal
executive offices is 6210 Campbell Road, Suite 140, Dallas, Texas.

             The  information in the Offer to Purchase,  including all schedules
and annexes  thereto,  is hereby expressly  incorporated  herein by reference in
response  to all the  items of this  Statement,  except as  otherwise  set forth
below.

Item 12.     Exhibits.

             (a)(1)  Revised Offer to Purchase dated March 27, 2000





                                   SIGNATURES

     After due inquiry  and to the best of my  knowledge  and belief,  I certify
that the information set forth in this statement is true, complete and correct.

Dated:       April 12, 2000

MP VALUE FUND 4, LLC

By MacKenzie Patterson, Inc., Manager

             By:     /s/ C. E. Patterson
                     C.E. Patterson,  President

MP VALUE FUND 6, LLC

By MacKenzie Patterson, Inc., Manager

             By:     /s/ C. E. Patterson
                     C.E. Patterson,  President

MACKENZIE PATTERSON SPECIAL FUND 3, LLC.

By MacKenzie Patterson, Inc., Manager

             By:     /s/ C. E. Patterson
                     C.E. Patterson,  President

PREVIOUSLY OWNED MORTGAGE PARTNERSHIPS INCOME FUND 3, LP

By MacKenzie Patterson, Inc., General Partner

             By:     /s/ C. E. Patterson
                     C.E. Patterson,  President


MACKENZIE PATTERSON, INC.

             By:     /s/ C. E. Patterson
                     C.E. Patterson,  President



                                       2




                                  EXHIBIT INDEX


Exhibit      Description                                                   Page

(a)(1)       Revised Offer to Purchase dated March 27, 2000