[CUSHMAN & WAKEFIELD, INC. LETTERHEAD]


                                                           February 4, 1998


FFCA/PIP 1986 Property Company
FFCA Management Company, L.P.
17207 North Perimeter Drive
Scottsdale, Arizona 85255

Attn:    Morton H. Fleischer
         General Partner

                                   Re:      Annual Portfolio Valuation
                                            FFCA/PIP 1986 Property Company

Gentlemen:

         Pursuant to your request,  we have completed our analysis of properties
contained  in FFCA/PIP  1986  Property  Company.  The purpose of our analysis is
twofold:  to report on the physical  condition of the premises and determine the
lessee's  compliance with the terms of the net lease agreement;  and to estimate
the market value of the various  properties  on a going concern basis subject to
existing  lease  encumbrances  for the purpose of  determining  the value of the
leased fee interest.  The valuation  includes equipment lease income for most of
the  properties.  Our  opinion  of value  for the real  properties  will then be
adjusted for cash on hand,  notes  receivable,  net  receivables,  distributions
payable  and other  liabilities,  which  information  is provided by the General
Partner.  It should be noted that Cushman & Wakefield's opinion is restricted to
the market value of the  Partnership's  interest in the real properties;  we are
not  opining  as to  the  value  of  the  other  assets  or  liabilities  of the
Partnership.  Furthermore,  our opinion is subject to the attached Certification
and Assumptions and Limiting  Conditions  which have been retained in our files.
The date of value was December 31, 1997.

         According to The  Dictionary of Real Estate  Appraisal,  Third Edition,
published by the Appraisal Institute, market value may be defined as:

         "The most probable  price, as of a specified date, in cash, or in terms
equivalent to cash, or in other precisely revealed terms for which the specified
property rights should sell after  reasonable  exposure in a competitive  market
under all  conditions  requisite to a fair sale,  with the buyer and seller each
acting  prudently,  knowledgeably,  and for  self-interest,  and  assuming  that
neither is under undue duress."

         The real  properties  that are the subject of this  valuation have been
inspected by members of Cushman & Wakefield's  Valuation Advisory Services Group
operating under the supervision of the undersigned. Overall, the properties were
viewed to be in good physical  condition  and  generally in compliance  with net
lease requirements.  Individual property data relating to our reinspections will
be delivered to you under separate cover and is part of our valuation.

         Our valuation  addresses the market value of the leased fee interest in
these  properties  as a going  concern and  considers  the various net leases in
effect.  The vast  majority of the data used for this analysis has been supplied
to us by FFCA Management  Company,  L.P., and we have relied upon their database
input, various reports and financial  statements.  We have visited their offices
in  Scottsdale,  Arizona and have had  complete and  unrestricted  access to all
pertinent information,  and have assumed all such information to be accurate and
complete.  We have  verified  certain  data and resolved  any  discrepancies  by
reconciling    to   Cushman   &    Wakefield's    database.    The    individual
property-by-property  database  and cash flow  projections  have been  delivered
under separate cover and are a part of our valuation.

         For the purposes of our valuation,  we have determined that the highest
and best use of the real properties is their continued use as travel plazas. The
Income Approach to value is relied upon as the primary appraisal technique based
upon the  properties'  capabilities  to generate net income and to be bought and
sold in the  investment  marketplace.  Neither the Cost  Approach  nor the Sales
Comparison Approach were considered directly relevant in
<PAGE>
Cushman & Wakefield, Inc.
Mr. Morton H. Fleischer
General Partner
                                      -2-
                                                                February 4, 1998

the  analysis  of a travel  plaza  under  long term  lease.  Within  the  Income
Approach,  the  discounted  cash flow method was employed,  whereby  anticipated
future income  streams over a 10 year holding  period and a  reversionary  value
(sale at the end of the tenth year) are  discounted via a market derived rate to
a  net  present  value  estimate   utilizing  a  proprietary  cash  flow  model.
Anticipated  rental  income  as well  as  deductions  for  management  fees  and
administrative expenses are analyzed over the holding period.  Consideration has
also been given to direct capitalization of estimated 1998 net income.

         FFCA/PIP 1986 Property Company contains 11 travel plaza properties that
are net leased to CFJ  Properties,  Flying J. Inc., or franchisees  that operate
Flying J Travel Plazas.  Gross proceeds  originally  raised by this  Partnership
amounted to  $51,687,000  (51,687  units @ $1,000 per unit).  As of December 31,
1997,  $2,050,000  of capital was  returned  to the  partners,  maintaining  the
adjusted  gross  proceeds  raised at  $49,637,000  or $960.34 per unit.  Of this
amount,  adjusted  net  proceeds  invested in the  properties  contained in this
Partnership  amounted to $37,069,375 after adjusting for organization  costs and
sales commissions. The Partnership was fully invested in September 1988.

         Considering all of the above factors, it is our opinion that the market
value of the leased fee interest in the 11  properties  on a going concern basis
subject to existing lease encumbrances, as of December 31, 1997, was:

           FIFTY TWO MILLION ONE HUNDRED THIRTY EIGHT THOUSAND DOLLARS
                                   $52,138,000

         The  aggregate  market  value  of the  leased  fee  interest  in the 11
properties is $52,138,000 as adjusted by cash on hand, net receivables and notes
receivable of $2,664,857  less  distributions  payable and other  liabilities of
$1,533,194  as  provided  by  the  General  Partner  resulting  in  a  total  of
$53,269,663.  This total as of December  31,  1997  represents  a 43.70  percent
increase above the adjusted net proceeds. Dividing the total value by the 51,687
outstanding units results in an indicated value per unit investment of $1,030.62
which  represents an increase of 7.32 percent from the adjusted unit  investment
of $960.34.

         The continued favorable performance of the Partnership, in our opinion,
is  directly  attributable  to  the  quality  of  management  and  the  numerous
safeguards built into the acquisition and management program.  Our due diligence
has  revealed  that when  problems  arise,  management  has acted  prudently  in
avoiding  defaults  and  delinquent  rent  payments,  working  effectively  with
franchisees and franchisors.

         We certify that neither  Cushman & Wakefield,  Inc. nor the undersigned
have any present or prospective interest in the Partnership's properties, and we
have no personal interest or bias with respect to the parties  involved.  To the
best of our  knowledge  and  belief,  the  facts  upon  which the  analysis  and
conclusions  were based are materially  true and correct.  No one other than the
undersigned  assisted by members of our staff who performed  inspections  of the
properties,  performed the analyses and reached the conclusions resulting in the
opinion expressed in this letter. Our fee for this assignment was not contingent
on any action or event resulting from the analysis,  opinions or conclusions in,
or the use of, this  analysis.  Our  analysis has been  prepared  subject to the
Departure  Provision of the Uniform  Standards of  Professional  Practice of the
Appraisal  Foundation and the Code of  Professional  Ethics and the Standards of
Professional  Appraisal  Practice of the  Appraisal  Institute.  The use of this
restricted  appraisal  report is subject to the  requirements  of the  Appraisal
Institute relating to review by its duly authorized  representatives.  As of the
date of this report,  the  undersigned  have completed the  requirements  of the
continuing education program of the Appraisal Institute.

Respectfully submitted,

Cushman & Wakefield, Inc.

<TABLE>
<S>                            <C>                           <C>
/s/ Matthew C. Mondanile       /s/ Brian R. Corcoran          /s/ Frank P. Liantonio
Matthew C. Mondanile, MAI      Brian R. Corcoran, MAI, CRE    Frank P. Liantonio, MAI, CRE
Senior Director                Executive Managing Director    Executive Managing Director
Valuation Advisory Services    Valuation Advisory Services    Valuation Advisory Services
</TABLE>