UNITED STATES
               SECURITIES AND EXCHANGE COMMISSION
                     Washington, D.C.  20549

                            FORM 10-Q

        QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
             OF THE SECURITIES EXCHANGE ACT OF 1934

       For the quarterly period ended:  September 30, 2010

               Commission File Number:  000-53691

                   AEI INCOME & GROWTH FUND 27 LLC
     (Exact name of registrant as specified in its charter)

       State of Delaware                   20-8657207
(State or other jurisdiction of         (I.R.S. Employer
incorporation or organization)        Identification No.)

    30 East 7th Street, Suite 1300, St. Paul, Minnesota 55101
             (Address of principal executive offices)

                         (651) 227-7333
                 (Registrant's telephone number)

                        Not Applicable
 (Former name, former address and former fiscal year, if changed
                       since last report)

Indicate  by check mark whether the registrant (1) has filed  all
reports  required  to be filed by Section  13  or  15(d)  of  the
Securities  Exchange Act of 1934 during the preceding  12  months
(or  for such shorter period that the registrant was required  to
file  such  reports),  and (2) has been subject  to  such  filing
requirements for the past 90 days.                [X] Yes  [ ] No

Indicate  by  check  mark  whether the registrant  has  submitted
electronically  and posted on its corporate  Web  site,  if  any,
every  Interactive Data File required to be submitted and  posted
pursuant  to Rule 405 of Regulation S-T (232.405 of this chapter)
during  the preceding 12 months (or for such shorter period  that
the registrant was required to submit and post such files).
                                                  [ ] Yes  [ ] No

Indicate  by  check  mark  whether  the  registrant  is  a  large
accelerated filer, an accelerated filer, a non-accelerated filer,
or  a  smaller reporting company.  See the definitions of  "large
accelerated  filer," "accelerated filer" and  "smaller  reporting
company" in Rule 12b-2 of the Exchange Act.

  Large accelerated filer [ ]       Accelerated filer [ ]

  Non-accelerated filer [ ]         Smaller reporting company [X]

Indicate by check mark whether the registrant is a shell  company
(as  defined in Rule 12b-2 of the Exchange Act.)    [ ] Yes [X] No


                 AEI INCOME & GROWTH FUND 27 LLC

                              INDEX


Part I - Financial Information

 Item 1. Financial Statements (unaudited):

         Balance Sheet as of September 30, 2010 and December 31, 2009

         Statements for the Periods ended September 30, 2010 and 2009:

           Operations

           Cash Flows

           Changes in Members' Equity (Deficit)

         Notes to Financial Statements

 Item 2. Management's Discussion and Analysis  of  Financial Condition
           and Results of Operations

 Item 3. Quantitative and Qualitative Disclosures About Market Risk

 Item 4. Controls and Procedures

Part II - Other Information

 Item 1. Legal Proceedings

 Item 1A. Risk Factors

 Item 2. Unregistered Sales of Equity Securities and  Use  of Proceeds

 Item 3. Defaults Upon Senior Securities

 Item 5. Other Information

 Item 6. Exhibits

         Signatures

<PAGE>
                 AEI INCOME & GROWTH FUND 27 LLC
                          BALANCE SHEET
            SEPTEMBER 30, 2010 AND DECEMBER 31, 2009

                             ASSETS

                                                      2010           2009
CURRENT ASSETS:
   Cash                                           $ 1,901,342    $ 3,656,527

INVESTMENTS IN REAL ESTATE:
  Land                                              1,555,635      1,279,635
  Buildings and Equipment                           6,221,307      4,900,606
  Accumulated Depreciation                           (370,263)      (212,239)
                                                   -----------    -----------
      Net Investments in Real Estate                7,406,679      5,968,002
                                                   -----------    -----------
          Total Assets                            $ 9,308,021    $ 9,624,529
                                                   ===========    ===========

                        LIABILITIES AND MEMBERS' EQUITY

CURRENT LIABILITIES:
  Payable to AEI Fund Management, Inc.            $    25,391    $    29,600
  Distributions Payable                               146,974        134,820
  Unearned Rent                                        49,109              0
                                                   -----------    -----------
      Total Current Liabilities                       221,474        164,420
                                                   -----------    -----------
MEMBERS' EQUITY (DEFICIT):
  Managing Members                                    (33,340)       (25,073)
  Limited Members, $10 per Unit;
     10,000,000 Units authorized;
     1,164,037  Units issued and outstanding        9,119,887      9,485,182
                                                   -----------    -----------
      Total Members' Equity                         9,086,547      9,460,109
                                                   -----------    -----------
        Total Liabilities and Members' Equity     $ 9,308,021    $ 9,624,529
                                                   ===========    ===========

 The accompanying Notes to Financial Statements are an integral
                     part of this statement.
</PAGE>
<PAGE>
                 AEI INCOME & GROWTH FUND 27 LLC
                     STATEMENT OF OPERATIONS
               FOR THE PERIODS ENDED SEPTEMBER 30


                               Three Months Ended        Nine Months Ended
                              9/30/10      9/30/09     9/30/10       9/30/09

RENTAL INCOME               $  139,227   $  105,121   $  365,582   $  238,347

EXPENSES:
  LLC Administration -
   Affiliates                   30,297       21,241       86,634       57,983
  LLC Administration
   and Property Management  -
   Unrelated Parties             4,082        2,627       18,572       11,630
  Property Acquisition          52,129        1,735       52,129       58,773
  Depreciation                  60,012       45,172      158,024      107,751
                             ----------   ----------   ----------   ----------
      Total Expenses           146,520       70,775      315,359      236,137
                             ----------   ----------   ----------   ----------

OPERATING INCOME (LOSS)         (7,293)      34,346       50,223        2,210

OTHER INCOME:
  Interest Income                5,606        9,380       23,199       35,351
                             ----------   ----------   ----------   ----------
NET INCOME (LOSS)           $   (1,687)  $   43,726   $   73,422   $   37,561
                             ==========   ==========   ==========   ==========

NET INCOME (LOSS) ALLOCATED:
  Managing Members          $      (50)  $    1,312   $    2,203   $    1,127
  Limited Members               (1,637)      42,414       71,219       36,434
                             ----------   ----------   ----------   ----------
                            $   (1,687)  $   43,726   $   73,422   $   37,561
                             ==========   ==========   ==========   ==========

NET INCOME (LOSS)
 PER LLC UNIT               $      .00   $      .05   $      .06   $      .05
                             ==========   ==========   ==========   ==========

Weighted Average Units Outstanding -
   Basic and Diluted         1,164,037      901,661    1,164,037      754,179
                             ==========   ==========   ==========   ==========


 The accompanying Notes to Financial Statements are an integral
                     part of this statement.
</PAGE>
<PAGE>
                 AEI INCOME & GROWTH FUND 27 LLC
                     STATEMENT OF CASH FLOWS
             FOR THE NINE MONTHS ENDED SEPTEMBER 30

                                                      2010           2009
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net Income                                      $    73,422    $    37,561

  Adjustments To Reconcile Net Income
  To Net Cash Provided By Operating Activities:
     Depreciation                                     158,024        107,751
     Decrease in Receivables                                0          2,955
     Increase (Decrease) in Payable to
        AEI Fund Management, Inc.                      (4,209)        12,259
     Increase in Unearned Rent                         49,109         30,788
                                                   -----------    -----------
       Total Adjustments                              202,924        153,753
                                                   -----------    -----------
       Net Cash Provided By
          Operating Activities                        276,346        191,314
                                                   -----------    -----------

CASH FLOWS FROM INVESTING ACTIVITIES:
    Investments in Real Estate                     (1,596,701)    (2,313,496)
                                                   -----------    -----------

CASH FLOWS FROM FINANCING ACTIVITIES:
  Capital Contributions from Limited Members                0      3,948,089
  Organization and Syndication Costs                        0       (575,149)
  Distributions Paid to Members                      (434,830)      (245,877)
                                                   -----------    -----------
       Net Cash Provided By (Used For)
          Financing Activities                       (434,830)     3,127,063
                                                   -----------    -----------

NET INCREASE (DECREASE) IN CASH                    (1,755,185)     1,004,881

CASH, beginning of period                           3,656,527      1,059,127
                                                   -----------    -----------
CASH, end of period                               $ 1,901,342    $ 2,064,008
                                                   ===========    ===========

SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES:
   Capitalized Construction Costs
    Payable at Period End                         $         0    $    45,360
                                                   ===========    ===========


 The accompanying Notes to Financial Statements are an integral
                     part of this statement.
</PAGE>
<PAGE>
                 AEI INCOME & GROWTH FUND 27 LLC
        STATEMENT OF CHANGES IN MEMBERS' EQUITY (DEFICIT)
             FOR THE NINE MONTHS ENDED SEPTEMBER 30


                                                                   Limited
                                                                    Member
                             Managing     Limited                   Units
                             Members      Members      Total     Outstanding


BALANCE, December 31, 2008  $(14,413)  $ 4,744,119  $ 4,729,706     567,725.6

  Capital Contributions            0     3,948,089    3,948,089     394,808.9

  Organization and
    Syndication Costs              0      (575,149)    (575,149)

  Distributions Declared      (8,747)     (282,817)    (291,564)

  Net Income                   1,127        36,434       37,561
                             --------   -----------  -----------  ------------
BALANCE, September 30, 2009 $(22,033)  $ 7,870,676  $ 7,848,643     962,534.5
                             ========   ===========  ===========  ============


BALANCE, December 31, 2009  $(25,073)  $ 9,485,182  $ 9,460,109   1,164,036.5

  Distributions Declared     (10,470)     (436,514)    (446,984)

  Net Income                   2,203        71,219       73,422
                             --------   -----------  -----------  ------------
BALANCE, September 30, 2010 $(33,340)  $ 9,119,887  $ 9,086,547   1,164,036.5
                             ========   ===========  ===========  ============

 The accompanying Notes to Financial Statements are an integral
                     part of this statement.
</PAGE>
<PAGE>
                 AEI INCOME & GROWTH FUND 27 LLC
                  NOTES TO FINANCIAL STATEMENTS
                       SEPTEMBER 30, 2010

(1)  The  condensed  statements included herein have been  prepared
     by  the  registrant, without audit, pursuant to the rules  and
     regulations  of  the Securities and Exchange  Commission,  and
     reflect   all  adjustments  which  are,  in  the  opinion   of
     management,  necessary to a fair statement of the  results  of
     operations for the interim period, on a basis consistent  with
     the  annual audited statements.  The adjustments made to these
     condensed   statements  consist  only  of   normal   recurring
     adjustments.   Certain information, accounting  policies,  and
     footnote    disclosures   normally   included   in   financial
     statements  prepared  in  accordance with  generally  accepted
     accounting principles have been condensed or omitted  pursuant
     to   such  rules  and  regulations,  although  the  registrant
     believes  that  the  disclosures  are  adequate  to  make  the
     information  presented not misleading.  It is  suggested  that
     these  condensed financial statements be read  in  conjunction
     with  the  financial statements and the summary of significant
     accounting  policies  and  notes  thereto  included   in   the
     registrant's latest annual report on Form 10-K.

(2)  Organization -

     AEI  Income  &  Growth  Fund 27 LLC ("Company"),  a  Limited
     Liability Company, was formed on January 26, 2007 to acquire
     and  lease commercial properties to operating tenants.   The
     Company's operations are managed by AEI Fund Management XXI,
     Inc.  ("AFM"), the Managing Member.  Robert P. Johnson,  the
     President  and sole director of AFM, serves as  the  Special
     Managing  Member.  AFM is a wholly owned subsidiary  of  AEI
     Capital  Corporation of which Mr. Johnson  is  the  majority
     shareholder.    AEI  Fund  Management,  Inc.   ("AEI"),   an
     affiliate  of AFM, performs the administrative and operating
     functions for the Company.

     The terms of the offering called for a subscription price of
     $10  per LLC Unit, payable on acceptance of the offer.   The
     Company  commenced operations on June 5, 2008  when  minimum
     subscriptions   of  150,000  LLC  Units  ($1,500,000)   were
     accepted.   The offering terminated November 18, 2009,  when
     the  extended offering period expired.  The Company received
     subscriptions for 1,164,036.5 Units.  Under the terms of the
     Operating  Agreement,  the  Limited  Members  and   Managing
     Members   contributed  funds  of  $11,640,365  and   $1,000,
     respectively.   The Company shall continue until  liquidated
     under  the  provisions  of  Article  XII  of  the  Operating
     Agreement.

     During operations, any Net Cash Flow, as defined, which  the
     Managing Members determine to distribute will be distributed
     97%  to  the Limited Members and 3% to the Managing Members.
     Distributions to Limited Members will be made  pro  rata  by
     Units.

     Any  Net  Proceeds  of Sale, as defined, from  the  sale  or
     financing of properties which the Managing Members determine
     to distribute will, after provisions for debts and reserves,
     be  paid  in  the following manner: (i) first,  99%  to  the
     Limited  Members  and 1% to the Managing Members  until  the
     Limited  Members  receive  an amount  equal  to:  (a)  their
     Adjusted  Capital Contribution plus (b) an amount  equal  to
     6.5%  of  their  Adjusted  Capital Contribution  per  annum,
     cumulative  but not compounded, to the extent not previously
     distributed  from Net Cash Flow; (ii) any remaining  balance
     will  be distributed 90% to the Limited Members and  10%  to
     the  Managing Members.  Distributions to the Limited Members
     will be made pro rata by Units.


                 AEI INCOME & GROWTH FUND 27 LLC
                  NOTES TO FINANCIAL STATEMENTS
                           (Continued)

(2)  Organization - (Continued)

     For  tax  purposes,  the  items of income,  gain,  loss  and
     deduction of the Company will be allocated among the Members
     in   a  manner  that  will  give  economic  effect  to   the
     distributions made by the Company.

(3)  Investments in Real Estate -

     On  November 21, 2008, the Company purchased a 37%  interest
     in  a  parcel  of  land  in  Rapid City,  South  Dakota  for
     $338,446.   The Company obtained title to the  land  in  the
     form of an undivided fee simple interest in the 37% interest
     purchased.  Simultaneous with the purchase of the land,  the
     Company entered into a Development Financing Agreement under
     which  the Company advanced funds to Brad and Dad,  LLC  for
     the  construction of a Tractor Supply Company store  on  the
     site.   The Company's share of the total acquisition  costs,
     including  the  cost  of  the  land,  was  $1,166,908.   The
     remaining  interest  in the property was  purchased  by  AEI
     Income  &  Growth Fund XXI Limited Partnership, an affiliate
     of the Company.

     The  property  is leased to Tractor Supply Company  under  a
     Lease  Agreement with a primary term of 15 years and initial
     annual rent of $83,250 for the interest purchased.  Pursuant
     to  the Lease, the tenant commenced paying rent on August 6,
     2009,  the  day the store opened for business.  Pursuant  to
     the  Development  Financing Agreement, for the  period  from
     November 21, 2008 to August 5, 2009, Brad and Dad, LLC  paid
     the Company interest at a rate of 6.9% on the purchase price
     of the land and the amounts advanced for construction of the
     building.   Pursuant to the Lease, any improvements  to  the
     land during the term of the Lease become the property of the
     Company.

     On  May 22, 2009, the Company purchased a 30% interest in  a
     Staples store in Vernon Hills, Illinois for $1,591,987.  The
     Company incurred $62,611 of acquisition expenses related  to
     the  purchase.  These costs were expensed as incurred as the
     Company  adopted new guidance on business combinations  that
     became effective January 1, 2009.  The property is leased to
     Staples  the  Office  Superstore East, Inc.  under  a  Lease
     Agreement  with a remaining primary term of  9.4  years  and
     initial  annual rent of $132,135 for the interest purchased.
     The  remaining interest in the property was purchased by AEI
     Net  Lease  Income & Growth Fund XX Limited Partnership,  an
     affiliate of the Company.

     On July 23, 2010, the Company purchased a 69% interest in  a
     Fresenius  Medical Center in Hiram, Georgia for  $1,596,701.
     The Company incurred $52,129 of acquisition expenses related
     to  the purchase that were expensed.  The property is leased
     to Fresenius Medical Care-Paulding Dialysis Partners, LLC, a
     subsidiary of Fresenius Medical Care Holdings, Inc., under a
     Lease  Agreement with a remaining primary term of 11.8 years
     and  initial  annual  rent  of  $136,595  for  the  interest
     purchased.   The  remaining interest  in  the  property  was
     purchased  by AEI Income & Growth Fund 24 LLC, an  affiliate
     of the Company.

                 AEI INCOME & GROWTH FUND 27 LLC
                  NOTES TO FINANCIAL STATEMENTS
                           (Continued)

(4)  Payable to AEI Fund Management, Inc. -

     AEI  Fund  Management, Inc. performs the administrative  and
     operating  functions for the Company.  The  payable  to  AEI
     Fund   Management  represents  the  balance  due  for  those
     services.    This  balance  is  non-interest   bearing   and
     unsecured  and  is  to  be  paid in  the  normal  course  of
     business.

(5)  Fair Value Measurements -

     As  of  September  30, 2010, the Company has  no  assets  or
     liabilities measured at fair value on a recurring  basis  or
     nonrecurring basis.

ITEM 2. MANAGEMENT'S  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
        AND RESULTS OF OPERATIONS.

        This  section contains "forward-looking statements" which
represent management's expectations or beliefs concerning  future
events, including statements regarding anticipated application of
cash, expected returns from rental income, growth in revenue, the
sufficiency  of  cash  to  meet  operating  expenses,  rates   of
distribution,  and  other  matters.  These,  and  other  forward-
looking  statements,  should be evaluated in  the  context  of  a
number  of  factors  that  may  affect  the  Company's  financial
condition and results of operations, including the following:

    Market  and  economic conditions which affect the  value
    of  the  properties the Company owns and the cash  from
    rental income such properties generate;

    the  federal  income tax consequences of rental  income,
    deductions,  gain  on  sales and other  items  and  the
    effects of these consequences for Members;

    resolution  by  the Managing Members of  conflicts  with
    which they may be confronted;

    the   success  of  the  Managing  Members  of   locating
    properties with favorable risk return characteristics;

    the effect of tenant defaults; and

    the  condition of the industries in which the tenants of
    properties owned by the Company operate.

Application of Critical Accounting Policies

        The  preparation  of  the Company's financial  statements
requires  management to make estimates and assumptions  that  may
affect the reported amounts of assets, liabilities, revenues  and
expenses,  and  related  disclosure  of  contingent  assets   and
liabilities. Management evaluates these estimates on  an  ongoing
basis,  including  those related to the carrying  value  of  real
estate  and  the  allocation  by AEI  Fund  Management,  Inc.  of
expenses to the Company as opposed to other funds they manage.

ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS.  (Continued)

       Prior to January 1, 2009, the Company purchased properties
and  recorded them in the financial statements at cost (including
capitalized acquisition expenses).  For acquisitions completed on
or  after January 1, 2009, acquisition-related transaction  costs
will  be expensed as incurred as a result of the Company adopting
new  guidance on business combinations that expands the scope  of
acquisition accounting. The Company tests long-lived  assets  for
recoverability  when events or changes in circumstances  indicate
that  the  carrying value may not be recoverable.  For properties
the  Company will hold and operate, management determines whether
impairment  has occurred by comparing the property's probability-
weighted  future undiscounted cash flows to its current  carrying
value.   For  properties  held  for sale,  management  determines
whether  impairment  has  occurred by  comparing  the  property's
estimated  fair  value less cost to sell to its current  carrying
value.   If  the  carrying value is greater than  the  realizable
value,  an  impairment loss is recorded to  reduce  the  carrying
value  of the property to its realizable value.  Changes in these
assumptions  or  analysis  may  cause  material  changes  in  the
carrying value of the properties.

        AEI  Fund Management, Inc. allocates expenses to each  of
the  funds  they manage primarily on the basis of the  number  of
hours  devoted  by their employees to each fund's affairs.   They
also  allocate  expenses at the end of each month  that  are  not
directly related to a fund's operations based upon the number  of
investors  in the fund and the fund's capitalization relative  to
other  funds they manage.  The Company reimburses these  expenses
subject  to  detailed  limitations  contained  in  the  Operating
Agreement.

        Management  of the Company has discussed the  development
and   selection  of  the  above  accounting  estimates  and   the
management  discussion  and analysis disclosures  regarding  them
with the managing member of the Company.

Results of Operations

        For the nine months ended September 30, 2010, the Company
recognized  rental income of $365,582, representing  nine  months
rent  from  four  properties and rent from one property  acquired
during  the period.  At September 30, 2010, the scheduled  annual
rent  for the properties was $589,305.  For the nine months ended
September  30,  2009,  the Company recognized  rental  income  of
$238,347,  representing nine months rent from two properties  and
rent from two properties acquired during the period.

       For the nine months ended September 30, 2010 and 2009, the
Company  incurred  LLC  administration expenses  from  affiliated
parties   of   $86,634   and   $57,983,   respectively.     These
administration  expenses  include  costs  associated   with   the
management of the properties, processing distributions, reporting
requirements and communicating with the Limited Members.   During
the  same  periods,  the Company incurred LLC administration  and
property  management expenses from unrelated parties  of  $18,572
and  $11,630,  respectively.   These  expenses  represent  direct
payments  to  third  parties for legal and  filing  fees,  direct
administrative costs, outside audit costs, taxes,  insurance  and
other   property   costs.   As  the  Company  raised   additional
subscription  proceeds and purchased additional  properties,  the
administration and property management expenses increased.

ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS.  (Continued)

       For the nine months ended September 30, 2010 and 2009, the
Company  incurred property acquisition expenses  of  $52,129  and
$58,773, respectively.  These costs were expensed as incurred  as
the   result  of  the  adoption  of  new  guidance  on   business
combinations that became effective January 1, 2009.

       For the nine months ended September 30, 2010 and 2009, the
Company  recognized  interest  income  of  $23,199  and  $35,351,
respectively.   In  2010, interest income  earned  on  its  money
market  account  increased as the Company had  more  subscription
proceeds  temporarily invested in the account in 2010.   However,
overall interest income decreased as the Company received $23,603
of interest income on construction advances in 2009.

         Management  believes  inflation  has  not  significantly
affected  income  from  operations.   Leases  may  contain   rent
increases, based on the increase in the Consumer Price Index over
a  specified period, which will result in an increase  in  rental
income over the term of the leases.  Inflation also may cause the
real  estate  to  appreciate in value.   However,  inflation  and
changing  prices  may  have an adverse impact  on  the  operating
margins  of  the  properties' tenants, which could  impair  their
ability  to  pay rent and subsequently reduce the Net  Cash  Flow
available for distributions.

Liquidity and Capital Resources

        The  Company's primary sources of cash are proceeds  from
the  sale  of Units, interest income, rental income and  proceeds
from  the  sale  of  property.  Its  primary  uses  of  cash  are
investment  in real properties, payment of expenses  involved  in
the sale of Units, the management of properties, the organization
and   administration  of  the  Company,  and   the   payment   of
distributions.

        The  Company  generated $276,346 of cash from  operations
during the nine months ended September 30, 2010, representing net
income   of   $73,422,  a  non-cash  expense  of   $158,024   for
depreciation  and  $44,900  in  net  timing  differences  in  the
collection  of  payments  from the tenants  and  the  payment  of
expenses.  The Company generated $191,314 of cash from operations
during the nine months ended September 30, 2009, representing net
income   of   $37,561,  a  non-cash  expense  of   $107,751   for
depreciation  and  $46,002  in  net  timing  differences  in  the
collection  of  payments  from the tenants  and  the  payment  of
expenses.   During the nine months ended September 30,  2010  and
2009,  cash  from operations was reduced by $52,129 and  $58,773,
respectively, of acquisition expenses related to the purchase  of
real estate.  Pursuant to new accounting guidance, these expenses
were reflected as operating cash outflows.  However, pursuant  to
the  Company's  Operating  Agreement,  acquisition  expenses  are
funded with subscription proceeds.

ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS.  (Continued)

        The  major  components of the Company's  cash  flow  from
investing activities are investments in real estate and  proceeds
from  the  sale  of  real estate.  During the nine  months  ended
September 30, 2010, the Company expended $1,596,701 to invest  in
real  properties.  On July 23, 2010, the Company purchased a  69%
interest in a Fresenius Medical Center in Hiram, Georgia.  During
the year ended December 31, 2009, the Company expended $2,362,478
to  invest  in  real  properties.  On May 22, 2009,  the  Company
purchased  a  30%  interest in a Staples store in  Vernon  Hills,
Illinois  for  $1,591,987. In addition, during  the  period,  the
Company  expended $770,491 for the construction  of  the  Tractor
Supply store in Rapid City, South Dakota.  During the nine months
ended  September 30, 2009, the Company's real estate expenditures
were $2,313,496.

       During the offering of Units, the Company's primary source
of  cash  flow  was  from  the sale of LLC  Units.   The  Company
commenced  the  offering of LLC Units to  the  public  through  a
registration  statement that became effective November  19,  2007
and continued until November 18, 2009, when the extended offering
period  expired.  The Company raised a total of $11,640,365  from
the  sale of 1,164,036.5 Units.  From subscription proceeds,  the
Company  incurred  organization  and  syndication  costs   (which
constitute a reduction of capital) of $1,718,668.

        After  completion of the acquisition phase, the Company's
primary  use  of  cash flow will be distribution  and  redemption
payments  to Members.  The Company declares its regular quarterly
distributions  before  the  end of  each  quarter  and  pays  the
distribution  in  the first week after the end of  each  quarter.
The  Company attempts to maintain a stable distribution rate from
quarter  to  quarter. Redemption payments are paid  to  redeeming
Members on a semi-annual basis.

       For the nine months ended September 30, 2010 and 2009, the
Company   declared  distributions  of  $446,984   and   $291,564,
respectively.   The  Limited  Members received  distributions  of
$436,514   and   $282,817  and  the  Managing  Members   received
distributions   of   $10,470  and   $8,747   for   the   periods,
respectively.

        The  Company may acquire Units from Limited  Members  who
have  tendered  their Units to the Company.  Such  Units  may  be
acquired  at  a discount.  The Company will not be  obligated  to
purchase  in any year more than 2% of the total number  of  Units
outstanding  on  January 1 of such year.  In no event  shall  the
Company be obligated to purchase Units if, in the sole discretion
of the Managing Member, such purchase would impair the capital or
operation of the Company.

        The  Operating Agreement requires that all proceeds  from
the  sale  of Units, subject to a reasonable reserve for  ongoing
operations, be invested or committed to investment in  properties
by  the  later  of  two years after the date of the  registration
statement  or  twelve months after the offering  terminates.   At
September  30,  2010,  the  Company  had  no  formal  contractual
commitments to expend capital.

        Until capital is invested in properties, the Company will
remain   extremely   liquid.   After   completion   of   property
acquisitions, the Company will attempt to maintain a cash reserve
of  only  approximately  .5% of subscription  proceeds.   Because
properties  are purchased for cash and leased under  net  leases,
this is considered adequate to satisfy most contingencies.


ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS.  (Continued)

The Economy and Market Conditions

       The impact of conditions in the current economy, including
the  turmoil  in the credit markets, has adversely affected  many
real  estate investment funds.  However, the absence of  mortgage
financing  on  the Company's properties eliminates the  risks  of
foreclosure and debt-refinancing that can negatively  impact  the
value  and  distributions  of leveraged  real  estate  investment
funds.  Nevertheless, a prolonged economic downturn may adversely
affect  the  operations of the Company's tenants and  their  cash
flows.  If a tenant were to default on its lease obligations, the
Company's  income would decrease, its distributions would  likely
be reduced and the value of its properties might decline.

        The Company's plan is to periodically sell properties  to
generate  capital gains that would be included in  the  Company's
regular quarterly distributions and to make special distributions
on  occasion.   Beginning in the fourth quarter of 2008,  general
economic conditions caused the volume of property sales  to  slow
dramatically for all real estate sellers.  During 2008, 2009  and
2010 the Company did not complete any property sales.  Until such
time  as  economic conditions allow the Company to begin  selling
properties  at  attractive prices, quarterly  distributions  will
reflect  the  distribution of net core rental income and  capital
reserves, if any.  Distribution rates in 2010 are expected to  be
consistent with distribution rates in 2009.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

       Not required for a smaller reporting company.

ITEM 4.   CONTROLS AND PROCEDURES.

       (a)  Disclosure Controls and Procedures.

        Under  the  supervision  and with  the  participation  of
management, including its President and Chief Financial  Officer,
the Managing Member of the Company evaluated the effectiveness of
the   design  and  operation  of  our  disclosure  controls   and
procedures  (as  defined in Rule 13a-15(e) under  the  Securities
Exchange  Act  of  1934 (the "Exchange Act")).  Based  upon  that
evaluation,  the  President and Chief Financial  Officer  of  the
Managing  Member  concluded that, as of the  end  of  the  period
covered  by  this report, our disclosure controls and  procedures
were  effective  in  ensuring  that information  required  to  be
disclosed  by us in the reports that we file or submit under  the
Exchange  Act  is  recorded, processed, summarized  and  reported
within  the time periods specified in applicable rules and  forms
and  that  such  information is accumulated and  communicated  to
management,  including the President and Chief Financial  Officer
of  the Managing Member, in a manner that allows timely decisions
regarding required disclosure.

       (b)  Changes in Internal Control Over Financial Reporting.

        During  the  most recent period covered by  this  report,
there  has  been no change in our internal control over financial
reporting  (as defined in Rule 13a-15(f) under the Exchange  Act)
that  has  materially  affected,  or  is  reasonably  likely   to
materially affect, our internal control over financial reporting.

                   PART II - OTHER INFORMATION

ITEM 1.   LEGAL PROCEEDINGS.

        There are no material pending legal proceedings to  which
the  Company  is  a party or of which the Company's  property  is
subject.

ITEM 1A.  RISK FACTORS.

       Not required for a smaller reporting company.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

       (a) None.

        (b) The registration statement for the offering (No. 333-
144961)  was  declared  effective  on  November  19,  2007.   The
offering  commenced on November 19, 2007 and terminated  November
18,  2009,  when  the  extended  offering  period  expired.   AEI
Securities, Inc. ("ASI") was the dealer manager of the  offering.
The  registration  statement covers 10,000,000 Units  of  limited
liability  company interest at an aggregate price of up  to  $100
million.   The Company sold 1,164,036.5 Units for gross  offering
proceeds of $11,640,365.

        From gross offering proceeds, the Company paid $1,119,618
in  selling  commissions  to ASI, an affiliate  of  the  Managing
Members.   Of  this  amount, $730,728 was re-allowed  by  ASI  to
participating  broker-dealers not affiliated  with  the  Managing
Members.   The  gross offering proceeds were further  reduced  by
underwriting  discounts  of $17,032 and  other  organization  and
syndication costs of $582,018 of which $344,658 was paid  to  AEI
Fund Management, Inc., an affiliate of the Managing Members,  for
costs  incurred  in providing services related  to  managing  the
offering  and  organization  of the Company.   From  subscription
proceeds,  the  Company  incurred commissions,  organization  and
syndication costs totaling $1,718,668.

        From  the  net  offering proceeds, the  Company  expended
$7,891,682 to acquire real estate of which $7,605,908 represented
cash  paid  to  unaffiliated sellers  of  real  estate,  $114,089
represented  an  acquisition  administration  fee  paid  to   the
Managing  Member and $171,685 represented cash paid to  reimburse
AEI  Fund  Management,  Inc.  for  costs  incurred  in  providing
services  and  direct  expenses related  to  the  acquisition  of
properties on behalf of the Company.

        (c)  Pursuant to Section 7.7 of the Operating  Agreement,
each Limited Member has the right to present Units to the Company
for  purchase by submitting notice to the Managing Member  during
January  or  July  of each year.  From May 2010 through  November
2011, the purchase price of the Units is equal to 90% of the  net
asset value per Unit, as of the first business day of January  or
July  of  each  year,  as determined by the  Managing  Member  in
accordance with the provisions of the Operating Agreement.  After
November  2011,  the purchase price is equal to 95%  of  the  net
asset value per Unit.  The purchase price is equal to 100% of the
net  asset  value  per Unit in the case of Units  of  a  deceased
investor, who purchased the Units in the initial offering and who
is  a natural person, including Units held by an investor that is
an  IRA or other qualified plan for which the deceased person was
the  primary beneficiary, or Units held by an investor that is  a
grantor trust for which the deceased person was the grantor.

                   PART II - OTHER INFORMATION
                           (Continued)

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

        Units tendered to the Company during January and July are
redeemed on April 1st and October 1st, respectively, of each year
subject  to the following limitations.  The Company will  not  be
obligated  to  purchase in any year more than  2%  of  the  total
number  of  Units outstanding on January 1 of such year.   In  no
event shall the Company be obligated to purchase Units if, in the
sole  discretion  of  the Managing Member,  such  purchase  would
impair  the  capital  or operation of the  Company.   During  the
period  covered by this report, the Company did not purchase  any
Units.

ITEM 3.   DEFAULTS UPON SENIOR SECURITIES.

       None.

ITEM 5.   OTHER INFORMATION.

       None.

ITEM 6.   EXHIBITS.

    31.1  Certification  of Chief Executive Officer  of  Managing
    Member  pursuant to Rule 15d-14(a)(17 CFR 240.15d-14(a))  and
    Section 302 of the Sarbanes-Oxley Act of 2002.

    31.2  Certification  of Chief Financial Officer  of  Managing
    Member  pursuant to Rule 15d-14(a)(17 CFR 240.15d-14(a))  and
    Section 302 of the Sarbanes-Oxley Act of 2002.

    32    Certification  of  Chief Executive  Officer  and  Chief
    Financial Officer of Managing Member pursuant to Section  906
    of the Sarbanes-Oxley Act of 2002.


                           SIGNATURES

        Pursuant  to the requirements of the Securities  Exchange
Act  of  1934, the registrant has duly caused this report  to  be
signed   on   its  behalf  by  the  undersigned  thereunto   duly
authorized.

Dated:  November 10, 2010     AEI Income & Growth Fund 27 LLC
                              By:  AEI Fund Management XXI, Inc.
                              Its: Managing Member


                              By: /s/ ROBERT P JOHNSON
                                      Robert P. Johnson
                                      President
                                      (Principal Executive Officer)


                              By: /s/ PATRICK W KEENE
                                      Patrick W. Keene
                                      Chief Financial Officer
                                      (Principal Accounting Officer)