Exhibit 99.0



DiVall Insured Income Properties 2, L.P.



QUARTERLY NEWS



|                                       |  |                   
|-------------------------------------- |  | ------------------
|A publication of The Provo Group, Inc. |  | First QUARTER 2005



2005 Biennial
Consent for Sale . . .



As you may recall we represented in 1998 that
we would poll the limited partners on a biennial basis by circulating a consent for sale beginning in May 2001. The last consent was mailed in May 2003. Only 14% of investors voted for a sale of the portfolio at that time. This was lower than the
May 2001 consent which received a 26% vote to sell the portfolio.



Enclosed you
will find the third biennial (May 2005) consent for sale documents. Please read the documents carefully and return the consent card no later than June 30, 2005.



The General Partner and the Advisory Board have held lengthy discussions regarding the potential sale of all the Partnerships assets and the liquidation of the
Partnership. We realize that there now is a strong real estate market fueled by low interest rates and aggressive investors. However, we believe that the Partnership can continue to provide a return to the limited partners which would be difficult
to replace with alternative investments. The Partnership has achieved a high level of stability in recent years because the portfolio of properties has been strengthened by the sale of a number of poorer performing units and the extensions of the
leases on the ten Wendys locations to 2016. We believe that the Partnership can continue to provide a steady cash flow to the partners, and additional value can be achieved by continuing the strategy of selectively selling the units which are
not leased to prime quality tenants. Accordingly, the General Partner and the Advisory Board recommend a vote AGAINST a sale.



The current market conditions (as we understand them) are detailed in the consent.



If you do not return your consent it is deemed a vote against a sale at this time. Unless more than 50% of the limited partners vote for a
sale, we will circulate the next biennial consent vote in May 2007.



DISTRIBUTION HIGHLIGHTS



|                                                                                                                                                                                    |  |                                                                                                                                                                                                                                                                                
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      $435,000 total amount distributed for the First Quarter 2005, as budgeted.                                                                                                   |  |       $1,286 to $1,137 range of distributions per unit from the first unit sold
to the last unit sold before the offering closed (2/90) respectively. (Distributions are from both cash flow from operations and net cash activity from financing and investing activities).
|      $9.40 per unit (approx.) for the First Quarter 2005. The approximate annualized operating return is 8.5% based on the most recent net asset value as of December 31,
2004. | 



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|       |  |          |  |       
|------ |  | -------- |  | ------
|PAGE 2 |  | DIVALL 2 |  | 1 Q 05



QUESTIONS & ANSWERS



| |  | When can I expect my next distribution mailing?
|- |  | -----------------------------------------------

Your distribution correspondence for the Second Quarter of 2005 is scheduled to be mailed on August 15, 2005.



| |  | What was the December 31, 2004 net asset value?
|- |  | -----------------------------------------------

Approximately $440 per unit.



| |  | When will the results of the consent to sell be given to investors?
|- |  | -------------------------------------------------------------------

The consent results will be reported in the August 15, 2005 newsletter.



| |  | Ive moved how do I update my account registration?
|- |  | ---------------------------------------------------

Please mail or fax to us a signed letter stating your new address and telephone number. Updates cannot be accepted over the telephone or via voicemail messages.



| |  | If I have questions or comments, how can I reach your office?
|- |  | -------------------------------------------------------------

You can reach us at our address listed below:



|        |  |                                             
|------- |  | --------------------------------------------
|MAIL:   |  | DiVall Investor Relations                   
|        |  | c/o The Provo Group, Inc.                   
|        |  | 1100 Main Street, Suite 1830                
|        |  | Kansas City, MO 64105                       
|PHONE:  |  | 800-547-7686 OR (816) 421-7444 EXTENSION 224
|FAX:    |  | (816) 221-2130                              
|E-MAIL: |  | mevans@theprovogroup.com                    



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DIVALL INSURED INCOME PROPERTIES 2 LP

2005 PROPERTY SUMMARY

AND RELATED RECEIPTS

FOR CURRENT OPERATING PROPERTIES

AS
OF MARCH 31, 2005



PROJECTIONS FOR

DISCUSSION PURPOSES



PORTFOLIO                                    
                        (Note 1)



|                          |  |                |  |                |  |         |           |       |                     |        |      |  |                               |  |                     |  |         |  |      |      |  |                |  |         |  |       |  
|------------------------- |  | -------------- |  | -------------- |  | ------- | --------- | ----- | ------------------- | ------ | ---- |  | ----------------------------- |  | ------------------- |  | ------- |  | ---- | ---- |  | -------------- |  | ------- |  | ----- | -
|CONCEPT                   |  | LOCATION       |  | REAL ESTATE    |  |         | EQUIPMENT |       |                     | TOTALS |     
|                          |  | COST           |  | ANNUALBASERENT |  | %YIELD  |           |       | LEASEEXPIRATIONDATE |        | COST |  | PRINCIPALRETURNEDAS OF 1/1/94 |  | ANNUALLEASERECEIPTS |  | %RETURN |  |      | COST |  | ANNUALRECEIPTS |  | RETURN  | 
|APPLEBEES                |  | COLUMBUS, OH   |  | 1,059,465      |  | 135,780 |           | 12.82 | %                   |        |      |  | 84,500                        |  | 29,849              |  | 0       |  | 0.00 | %    |  | 1,143,965      |  | 135,780 |  | 11.87 | %
|                          |  |                |  |                |  |         |           |       |                     |        |      | 
|BLOCKBUSTER               |  | OGDEN, UT      |  | 646,425        |  | 110,750 |           | 17.13 | %                   |        |      |  |                               |  |                     |  |         |  |      |      |  | 646,425        |  | 110,750 |  | 17.13 | %
|                          |  |                |  |                |  |         |           |       |                     |        |      | 
|DENNYS                   |  | PHOENIX, AZ    |  | 972,726        |  | 65,000  |           | 6.68  | %                   |        |      |  | 183,239                       |  | 0                   |  | 0       |  | 0.00 | %    |  | 1,155,965      |  | 65,000  |  | 5.62  | %
|                          |  |                |  |                |  |         |           |       |                     |        |      | 
|CHINESE SUPER BUFFET      |  | PHOENIX, AZ    |  | 865,900        |  | 66,000  |           | 7.62  | %                   |        |      |  | 221,237                       |  | 0                   |  | 0       |  | 0.00 | %    |  | 1,087,137      |  | 66,000  |  | 6.07  | %
|                          |  |                |  |                |  |         |           |       |                     |        |      | 
|HOOTERS                  |  | R. HILLS, TX   |  | 1,246,719      |  | 95,000  |           | 7.62  | %                   |        |      |  |                               |  |                     |  |         |  |      |      |  | 1,246,719      |  | 95,000  |  | 7.62  | %
|                          |  |                |  |                |  |         |           |       |                     |        |      | 
|DAYTONAS All SPORTS CAFÉ |  | DES MOINES, IA |  | 845,000        |  | 60,000  |           | 7.10  | %                   |        |      |  | 52,813                        |  | 0                   |  | 0       |  | 0.00 | %    |  | 897,813        |  | 60,000  |  | 6.68  | %
|                          |  |                |  |                |  |         |           |       |                     |        |      | 
|KFC                       |  | SANTA FE, NM   |  | 451,230        |  | 60,000  |           | 13.30 | %                   |        |      |  |                               |  |                     |  |         |  |      |      |  | 451,230        |  | 60,000  |  | 13.30 | %

---

|Note: | 
|----- | 



| | 1: | This property summary includes only property and equipment held by the Partnership during 2005.
| | -- | -----------------------------------------------------------------------------------------------



Page 1 of 2



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DIVALL INSURED INCOME PROPERTIES 2 LP

2005 PROPERTY SUMMARY

AND RELATED RECEIPTS

FOR CURRENT OPERATING PROPERTIES

AS
OF MARCH 31, 2005



PROJECTIONS FOR

DISCUSSION PURPOSES



PORTFOLIO                                   
                         (Note 1)



|                  |  |                  |  |                |  |           |           |       |                     |        |      |  |                               |  |                     |  |         |  |      |      |  |               |  |           |  |       |  
|----------------- |  | ---------------- |  | -------------- |  | --------- | --------- | ----- | ------------------- | ------ | ---- |  | ----------------------------- |  | ------------------- |  | ------- |  | ---- | ---- |  | ------------- |  | --------- |  | ----- | -
|CONCEPT           |  | LOCATION         |  | REAL ESTATE    |  |           | EQUIPMENT |       |                     | TOTALS |     
|                  |  | COST             |  | ANNUALBASERENT |  | %YIELD    |           |       | LEASEEXPIRATIONDATE |        | COST |  | PRINCIPALRETURNEDAS OF 1/1/94 |  | ANNUALLEASERECEIPTS |  | %RETURN |  |      | COST |  | TOTALRECEIPTS |  | RETURN    | 
|POPEYES          |  | PARK FOREST, IL  |  | 580,938        |  | 77,280    |           | 13.30 | %                   |        |      |  |                               |  |                     |  |         |  |      |      |  | 580,938       |  | 77,280    |  | 13.30 | %
|SUNRISE PRESCHOOL |  | PHOENIX, AZ      |  | 1,084,503      |  | 123,318   |           | 11.37 | %                   |        |      |  | 79,219                        |  | 33,047              |  | 0       |  | 0.00 | %    |  | 1,182,735     |  | 123,318   |  | 10.43 | %
|                  |  |                  |  |                |  |           |           |       |                     |        |      |  | 19,013                        |  | 6,710               |  | 0       |  | 0.00 | %    |  |               |  |           |  |       |  
|PANDA BUFFET      |  | GRAND FORKS, ND  |  | 739,375        |  | 34,000    |           | 4.60  | %                   |        |      |  |                               |  |                     |  |         |  |      |      |  | 739,375       |  | 34,000    |  | 4.60  | %
|WENDYS           |  | AIKEN, SC        |  | 633,750        |  | 90,480    |           | 14.28 | %                   |        |      |  |                               |  |                     |  |         |  |      |      |  | 633,750       |  | 90,480    |  | 14.28 | %
|WENDYS           |  | CHARLESTION, SC  |  | 580,938        |  | 77,280    |           | 13.30 | %                   |        |      |  |                               |  |                     |  |         |  |      |      |  | 580,938       |  | 77,280    |  | 13.30 | %
|WENDYS           |  | N. AUGUSTA, SC   |  | 660,156        |  | 87,780    |           | 13.30 | %                   |        |      |  |                               |  |                     |  |         |  |      |      |  | 660,156       |  | 87,780    |  | 13.30 | %
|WENDYS           |  | AUGUSTA, GA      |  | 728,813        |  | 96,780    |           | 13.28 | %                   |        |      |  |                               |  |                     |  |         |  |      |      |  | 728,813       |  | 96,780    |  | 13.28 | %
|WENDYS           |  | CHARLESTON, SC   |  | 596,781        |  | 76,920    |           | 12.89 | %                   |        |      |  |                               |  |                     |  |         |  |      |      |  | 596,781       |  | 76,920    |  | 12.89 | %
|WENDYS           |  | AIKEN, SC        |  | 776,344        |  | 96,780    |           | 12.47 | %                   |        |      |  |                               |  |                     |  |         |  |      |      |  | 776,344       |  | 96,780    |  | 12.47 | %
|WENDYS           |  | AUGUSTA, GA      |  | 649,594        |  | 86,160    |           | 13.26 | %                   |        |      |  |                               |  |                     |  |         |  |      |      |  | 649,594       |  | 86,160    |  | 13.26 | %
|WENDYS           |  | CHARLESTON, SC   |  | 528,125        |  | 70,200    |           | 13.29 | %                   |        |      |  |                               |  |                     |  |         |  |      |      |  | 528,125       |  | 70,200    |  | 13.29 | %
|WENDYS           |  | MT. PLEASANT, SC |  | 580,938        |  | 77,280    |           | 13.30 | %                   |        |      |  |                               |  |                     |  |         |  |      |      |  | 580,938       |  | 77,280    |  | 13.30 | %
|WENDYS           |  | MARTINEZ, GA     |  | 633,750        |  | 84,120    |           | 13.27 | %                   |        |      |  |                               |  |                     |  |         |  |      |      |  | 633,750       |  | 84,120    |  | 13.27 | %
|PORTFOLIO TOTALS  |  |                  |  | 14,861,470     |  | 1,670,908 |           | 11.24 | %                   |        |      |  | 640,021                       |  | 69,606              |  | 0       |  | 0.00 | %    |  | 15,501,491    |  | 1,670,908 |  | 10.78 | %

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Note:



| | 1: | This property summary includes only property and equipment held by the Partnership during 2005.
| | -- | -----------------------------------------------------------------------------------------------



Page 2 of 2



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DIVALL INSURED INCOME PROPERTIES 2 L.P.

STATEMENTS OF INCOME AND CASH FLOW CHANGES

FOR THE THREE MONTH PERIOD ENDED
MARCH 31, 2005



|                                                                     |  |                                |            |   |                            |   |           |                       |  |   |          |  
|-------------------------------------------------------------------- |  | ------------------------------ | ---------- | - | -------------------------- | - | --------- | --------------------- |  | - | -------- | -
|                                                                     |  | PROJECTED1ST QUARTER03/31/2005 |            |   | ACTUAL1STQUARTER03/31/2005 |   |           | VARIANCEBETTER(WORSE) | 
|OPERATING REVENUES                                                   |  |                                |            |   |                            |   |           |                       |  |   |          |  
|Rental income                                                        |  | $                              | 417,055    |   |                            | $ | 417,415   |                       |  | $ | 360      |  
|Interest income                                                      |  |                                | 2,550      |   |                            |   | 3,328     |                       |  |   | 778      |  
|Real estate tax recoveries                                           |  |                                | 18,685     |   |                            |   | 14,374    |                       |  |   | (4,311   | )
|Other income                                                         |  |                                | 0          |   |                            |   | 1,922     |                       |  |   | 1,922    |  
|                                                                     |  |                                |            |   |                            |   |           |                       |  |   |          |  
|TOTAL OPERATING REVENUES                                             |  | $                              | 438,290    |   |                            | $ | 437,039   |                       |  | $ | (1,251   | )
|                                                                     |  |                                |            |   |                            |   |           |                       |  |   |          |  
|OPERATING EXPENSES                                                   |  |                                |            |   |                            |   |           |                       |  |   |          |  
|Insurance                                                            |  | $                              | 9,729      |   |                            | $ | 9,728     |                       |  | $ | 1        |  
|Management fees                                                      |  |                                | 51,986     |   |                            |   | 52,192    |                       |  |   | (206     | )
|Overhead allowance                                                   |  |                                | 4,227      |   |                            |   | 4,222     |                       |  |   | 5        |  
|Advisory Board                                                       |  |                                | 3,500      |   |                            |   | 3,500     |                       |  |   | 0        |  
|Administrative                                                       |  |                                | 7,020      |   |                            |   | 20,997    |                       |  |   | (13,977  | )
|Professional services                                                |  |                                | 13,190     |   |                            |   | 14,676    |                       |  |   | (1,486   | )
|Auditing                                                             |  |                                | 16,200     |   |                            |   | 14,629    |                       |  |   | 1,571    |  
|Legal                                                                |  |                                | 9,000      |   |                            |   | 5,663     |                       |  |   | 3,337    |  
|Property Expenses                                                    |  |                                | 3,750      |   |                            |   | 170       |                       |  |   | 3,580    |  
|                                                                     |  |                                |            |   |                            |   |           |                       |  |   |          |  
|TOTAL OPERATING EXPENSES                                             |  | $                              | 118,602    |   |                            | $ | 125,776   |                       |  | $ | (7,174   | )
|                                                                     |  |                                |            |   |                            |   |           |                       |  |   |          |  
|INVESTIGATION AND RESTORATION EXPENSES                               |  | $                              | 0          |   |                            | $ | 134       |                       |  | $ | (134     | )
|                                                                     |  |                                |            |   |                            |   |           |                       |  |   |          |  
|NON-OPERATING EXPENSES                                               |  |                                |            |   |                            |   |           |                       |  |   |          |  
|Depreciation                                                         |  |                                | 65,358     |   |                            |   | 65,357    |                       |  |   | 1        |  
|Amortization                                                         |  |                                | 3,198      |   |                            |   | 3,198     |                       |  |   | (0       | )
|                                                                     |  |                                |            |   |                            |   |           |                       |  |   |          |  
|TOTAL NON-OPERATING EXPENSES                                         |  | $                              | 68,556     |   |                            | $ | 68,555    |                       |  | $ | 1        |  
|                                                                     |  |                                |            |   |                            |   |           |                       |  |   |          |  
|TOTAL EXPENSES                                                       |  | $                              | 187,158    |   |                            | $ | 194,466   |                       |  | $ | (7,308   | )
|                                                                     |  |                                |            |   |                            |   |           |                       |  |   |          |  
|NET INCOME                                                           |  | $                              | 251,132    |   |                            | $ | 242,573   |                       |  | $ | (8,559   | )
|                                                                     |  |                                |           
|                                                                     |  |                                |            |   |                            |   |           | VARIANCE              | 
|OPERATING CASH RECONCILIATION:                                       |  |                                |            |   |                            |   |           |                       |  |   |          |  
|Depreciation and amortization                                        |  |                                | 68,556     |   |                            |   | 68,555    |                       |  |   | (1       | )
|Recovery of amounts previously written off                           |  |                                | 0          |   |                            |   | (3,357    | )                     |  |   | (3,357   | )
|(Increase) Decrease in current assets                                |  |                                | 256,919    |   |                            |   | 524,181   |                       |  |   | 267,262  |  
|Increase (Decrease) in current liabilities                           |  |                                | (48,471    | ) |                            |   | 56,179    |                       |  |   | 104,650  |  
|(Increase) Decrease in cash reserved for payables                    |  |                                | 47,466     |   |                            |   | (57,150   | )                     |  |   | (104,616 | )
|Current cash flows advanced from (reserved for) future distributions |  |                                | (130,700   | ) |                            |   | (355,487  | )                     |  |   | (224,787 | )
|                                                                     |  |                                |            |   |                            |   |           |                       |  |   |          |  
|Net Cash Provided From Operating Activities                          |  | $                              | 444,902    |   |                            | $ | 475,494   |                       |  | $ | 30,592   |  
|                                                                     |  |                                |            |   |                            |   |           |                       |  |   |          |  
|CASH FLOWS (USED IN) FROM INVESTING AND FINANCING ACTIVITIES         |  |                                |            |   |                            |   |           |                       |  |   |          |  
|Indemnification Trust (Interest earnings reinvested)                 |  |                                | (1,500     | ) |                            |   | (2,143    | )                     |  |   | (643     | )
|Recovery of amounts previously written off                           |  |                                | 0          |   |                            |   | 3,357     |                       |  |   | 3,357    |  
|                                                                     |  |                                |            |   |                            |   |           |                       |  |   |          |  
|Net Cash (Used In) From Investing And Financing Activities           |  | $                              | (1,500     | ) |                            | $ | 1,214     |                       |  | $ | 2,714    |  
|                                                                     |  |                                |            |   |                            |   |           |                       |  |   |          |  
|Total Cash Flow For Quarter                                          |  | $                              | 443,402    |   |                            | $ | 476,709   |                       |  | $ | 33,307   |  
|                                                                     |  |                                |           
|Cash Balance Beginning of Period                                     |  |                                | 708,873    |   |                            |   | 684,586   |                       |  |   | (24,287  | )
|Less 4th quarter distributions paid 2/05                             |  |                                | (430,000   | ) |                            |   | (425,000  | )                     |  |   | 5,000    |  
|Change in cash reserved for payables or future distributions         |  |                                | 83,234     |   |                            |   | 412,637   |                       |  |   | 329,403  |  
|                                                                     |  |                                |            |   |                            |   |           |                       |  |   |          |  
|Cash Balance End of Period                                           |  | $                              | 805,508    |   |                            | $ | 1,148,932 |                       |  | $ | 343,424  |  
|                                                                     |  |                                |           
|Cash reserved for 1st quarter 2005 L.P. distributions                |  |                                | (430,000   | ) |                            |   | (435,000  | )                     |  |   | (5,000   | )
|Cash reserved for payment of accrued expenses                        |  |                                | (99,907    | ) |                            |   | (200,965  | )                     |  |   | (101,058 | )
|Cash advanced from (reserved for) future distributions               |  |                                | (195,513   | ) |                            |   | (425,300  | )                     |  |   | (229,787 | )
|                                                                     |  |                                |            |   |                            |   |           |                       |  |   |          |  
|Unrestricted Cash Balance End of Period                              |  | $                              | 80,088     |   |                            | $ | 87,667    |                       |  | $ | 7,579    |  
|                                                                     |  |                                |            |   |                            |   |           |                       |  |   |          |  
|                                                                     |  |                                |           
|                                                                     |  | PROJECTED                      |            |   | ACTUAL                     |   |           | VARIANCE              | 
|*    Quarterly Distribution                                          |  | $                              | 430,000    |   |                            | $ | 435,000   |                       |  | $ | 5,000    |  
|Mailing Date                                                         |  |                                | 05/13/2005 |   |                            |   | (enclosed | )                     |  |   |         |  

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|* | Refer to distribution letter for detail of quarterly distribution.
|- | ------------------------------------------------------------------