Exhibit (a)(3)








September 25, 2006



TO:          UNIT HOLDERS OF Rancon Realty Fund V

SUBJECT:     OFFER TO PURCHASE UNITS

Dear Unit Holder:

As  described  in  the  enclosed  Offer  to  Purchase  and  related  Letters  of
Transmittal   (the  "Offer")  the   Purchasers   named  in  the  attached  Offer
(collectively  the  "Purchasers")  are offering to purchase up to 5,875 Units of
limited  partnership  interest  (the  "Units")  in  Rancon  Realty  Fund  V (the
"Partnership") at a purchase price equal to:

                                  $640 per Unit
                                  -------------

The Offer will provide you with an  opportunity  to liquidate  all, or a portion
of, your investment in Rancon Realty Fund V without the usual  transaction costs
associated with market sales or partnership transfer fees.

After  carefully  reading the enclosed Offer, if you elect to tender your Units,
mail (using the  enclosed  pre-addressed,  postage  paid  envelope) or fax (then
mail) a duly completed and executed copy of the Letter of  Transmittal  (printed
on green paper) and change of address forms, and any other documents required by
the Letter of Transmittal, to the Depositary for the Offer at:

                         MacKenzie Patterson Fuller, LP
                               1640 School Street
                            Moraga, California 94556
                            Facsimile: (925) 631-9119


If you have any questions or need assistance, please call the Depository at
800-854-8357.

This Offer expires (unless extended) November 6, 2006.