EXHIBIT 21.1

INCOME OPPORTUNITY REALTY INVESTORS, INC.

SUBSIDIARIES OF THE REGISTRANT

The following is a list of all subsidiaries and partnership interests of Income Opportunity Realty Investors, Inc., the percentage of ownership and the
state or other jurisdiction of organization or incorporation as of December 31, 2007:



|                                     |  |           |   |  |             
|------------------------------------ |  | --------- | - |  | ------------
|NAME OF ENTITY                       |  | OWNERSHIP |   |  | JURISDICTION
|Corporations*                       
|IORI Operating, Inc.                 |  | 100.00    | % |  | Nevada      
|Midland Odessa Properties, Inc.      |  | 19.90     | % |  | California  
|IORI Centura, Inc.                   |  | 100.00    | % |  | Nevada      
|IORI Falcon Point, Inc.              |  | 100.00    | % |  | Nevada      
|IORI Keller Springs Tech, Inc.       |  | 100.00    | % |  | Nevada      
|IORI Marion Express, Inc.            |  | 100.00    | % |  | Nevada      
|IORI Marion Inn, Inc.                |  | 100.00    | % |  | Nevada      
|IORI Marion Suites, Inc.             |  | 100.00    | % |  | Nevada      
|IORI Minerals, Inc.                  |  | 100.00    | % |  | Nevada      
|IORI Springfield Suites, Inc.        |  | 100.00    | % |  | Nevada      
|IORI Tristar Tech, Inc.              |  | 100.00    | % |  | Nevada      
|IORI Valley View, Inc.               |  | 100.00    | % |  | Nevada      
|Transcontinental Brewery, Inc.       |  | 100.00    | % |  | Nevada      
|Transcontinental Parkway Corporation |  | 100.00    | % |  | Nevada      
|                                     |  |          
|Limited Liability Companies*         |  |           |   |  |             
|Holdings of ATI, LLC                 |  | 33.00     | % |  | Delaware    
|IORI Meridian Apartments, LLC        |  | 100.00    | % |  | Texas       
|IORI Sinclair Place, LLC             |  | 100.00    | % |  | Texas       
|                                     |  |          
|Partnership interests*               |  |           |   |  |             
|Nakash Income Associates             |  | 40.00     | % |  | Georgia     
|TCI Eton Square, LP                  |  | 10.00     | % |  | Texas       
|Metra Arbor Pointe, LP               |  | 5.97      | % |  | Delaware    
|Metra Brighton Court, LP             |  | 5.97      | % |  | Delaware    
|Metra Cross Pool 1, LP               |  | 5.97      | % |  | Delaware    
|Metra Cross Pool 2, LP               |  | 5.97      | % |  | Delaware    
|Metra Delmar Valley, LP              |  | 5.97      | % |  | Delaware    
|Metra Enclave, LP                    |  | 5.97      | % |  | Delaware    
|Metra Fairway View, LP               |  | 5.97      | % |  | Delaware    
|Metra Fountain Lake, LP              |  | 5.97      | % |  | Delaware    
|Metra Harpers Ferry, LP             |  | 5.97      | % |  | Delaware    
|Metra Meridian, LP                   |  | 5.97      | % |  | Delaware    
|Metra Quail Oaks, LP                 |  | 5.97      | % |  | Delaware    
|Metra Sunchase, LP                   |  | 5.97      | % |  | Delaware    
|Metra Westwood, LP                   |  | 5.97      | % |  | Delaware    
|Metra Willow Creek, LP               |  | 5.97      | % |  | Delaware    
|Metra Wood Hollow, LP                |  | 5.97      | % |  | Delaware    



|* | including indirect ownership through subsidiaries
|- | -------------------------------------------------