There are two types of Real Estate Limited Partnerships. Those that target for Capital Appreciation and ones that target for Continual Income:

Capital Appreciation
These investments typically invest in "raw" or undeveloped land. An investment company invests in this land in anticipation and ahead of future growth. The investment company prepares the land for commercial, industrial, or residential development. As the land is zoned and infrastructure is put in place, the land becomes more valuable. The value of the land increases at each stage of development. The investment company then sells the land to a company that will finish off the development. A large portion of the proceeds of the sale are turned back to the initial investors. Typical investment time is 4-8 years.

Income
These investments typically invest in existing residential or commercial buildings. The tenants of the buildings are in lease contracts that return rental income either monthly or quarterly back to investors. These investments are either funded with cash or with 1031 Real Estate Exchanges. Typical investment time is 4-8 years.