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

                                   Form 10-QSB

(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
    ACT OF 1934

                   For the quarterly period ended March 31, 2003


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


                For the transition period from _________to _________

                         Commission file number 0-17646


                       UNITED INVESTORS INCOME PROPERTIES
             (Exact name of registrant as specified in its charter)



         Missouri                                           43-1483942
(State or other jurisdiction of                          (I.R.S. Employer
 incorporation or organization)                         Identification No.)

                          55 Beattie Place, PO Box 1089
                        Greenville, South Carolina 29602
                    (Address of principal executive offices)

                                 (864) 239-1000
                           (Issuer's telephone number)





<PAGE>



                         PART I - FINANCIAL INFORMATION

ITEM 1.     FINANCIAL STATEMENTS



                       UNITED INVESTORS INCOME PROPERTIES

                                  BALANCE SHEET
                                   (Unaudited)
                        (in thousands, except unit data)

                                 March 31, 2003
<TABLE>
<CAPTION>


Assets
<S>                                                                          <C>
   Cash and cash equivalents                                                 $  353
   Receivables and deposits                                                      39
   Other assets                                                                  23
   Investment properties:
       Land                                                  $ 1,522
       Buildings and related personal property                 9,866
                                                              11,388
       Less accumulated depreciation                          (4,646)         6,742
                                                                            $ 7,157
Liabilities and Partners' (Deficit) Capital
Liabilities
   Accounts payable                                                          $ 20
   Tenant security deposit liabilities                                           45
   Accrued property taxes                                                        30
   Other liabilities                                                             77
   Due to affiliates                                                             52

Partners' (Deficit) Capital
   General partner                                             $ (61)
   Limited partners (61,063 units
      issued and outstanding)                                  6,994          6,933
                                                                            $ 7,157


                   See Accompanying Notes to Financial Statements

</TABLE>

<PAGE>

                       UNITED INVESTORS INCOME PROPERTIES

                            STATEMENTS OF OPERATIONS
                                   (Unaudited)
                      (in thousands, except per unit data)
<TABLE>
<CAPTION>

                                                               Three Months Ended
                                                                    March 31,
                                                                2003          2002
Revenues:
<S>                                                            <C>           <C>
   Rental income                                               $ 364         $ 433
   Other income                                                    53            47
       Total revenues                                             417           480

Expenses:
   Operating                                                      181           185
   General and administrative                                      22            47
   Depreciation                                                   104           103
   Property taxes                                                  39            39
       Total expenses                                             346           374

Net income                                                      $ 71         $ 106

Net income allocated to general partner (1%)                    $ 1           $ 1
Net income allocated to limited partners (99%)                     70           105

                                                                $ 71         $ 106

Net income per limited partnership unit                        $ 1.15        $ 1.72

Distributions per limited partnership unit                     $ 3.75        $ 1.34

                   See Accompanying Notes to Financial Statements

</TABLE>

<PAGE>

                       UNITED INVESTORS INCOME PROPERTIES

                STATEMENT OF CHANGES IN PARTNERS' (DEFICIT) CAPITAL
                                   (Unaudited)
                        (in thousands, except unit data)
<TABLE>
<CAPTION>


                                     Limited
                                   Partnership   General      Limited
                                      Units      Partner     Partners       Total

<S>                                   <C>          <C>        <C>          <C>
Original capital contributions        61,063       $ --       $15,266      $15,266

Partners' (deficit) capital
   at December 31, 2002               61,063      $ (60)      $ 7,153      $ 7,093

Distributions to partners                 --          (2)        (229)        (231)

Net income for the three months
   ended March 31, 2003                   --           1           70           71

Partners' (deficit) capital
   at March 31, 2003                  61,063      $ (61)      $ 6,994      $ 6,933

                   See Accompanying Notes to Financial Statements

</TABLE>

<PAGE>

                       UNITED INVESTORS INCOME PROPERTIES

                            STATEMENTS OF CASH FLOWS
                                   (Unaudited)
                                 (in thousands)
<TABLE>
<CAPTION>

                                                                  Three Months Ended
                                                                       March 31,
                                                                   2003         2002
Cash flows from operating activities:
<S>                                                                <C>         <C>
  Net income                                                       $ 71        $ 106
  Adjustments to reconcile net income to net cash provided
   by operating activities:
     Depreciation                                                    104          103
     Change in accounts:
      Receivables and deposits                                         1           (2)
      Other assets                                                    15          (15)
      Accounts payable                                                 5            5
      Tenant security deposit liabilities                             (4)          (2)
      Accrued property taxes                                          30           23
      Other liabilities                                               35          (56)
        Net cash provided by operating activities                    257          162

Cash flows used in investing activities:
  Property improvements and replacements                             (17)         (38)

Cash flows used in financing activities:
  Distributions to partners                                         (231)         (83)

Net increase in cash and cash equivalents                              9           41

Cash and cash equivalents at beginning of period                     344          228

Cash and cash equivalents at end of period                        $ 353        $ 269

                   See Accompanying Notes to Financial Statements

</TABLE>

<PAGE>

                       UNITED INVESTORS INCOME PROPERTIES

                          NOTES TO FINANCIAL STATEMENTS
                                   (Unaudited)


Note A - Basis of Presentation

The accompanying unaudited consolidated financial statements of United Investors
Income  Properties (the  "Partnership"  or  "Registrant")  have been prepared in
accordance with generally accepted  accounting  principles for interim financial
information  and  with the  instructions  to Form  10-QSB  and  Item  310(b)  of
Regulation  S-B.  Accordingly,  they do not include all of the  information  and
footnotes  required by generally  accepted  accounting  principles  for complete
financial statements.  In the opinion of United Investors Real Estate, Inc. (the
"General  Partner"  or  "UIRE"),   a  Delaware   corporation,   all  adjustments
(consisting  of  normal  recurring  accruals)  considered  necessary  for a fair
presentation  have been included.  Operating  results for the three month period
ended March 31, 2003, are not necessarily  indicative of the results that may be
expected for the fiscal year ending December 31, 2003. For further  information,
refer to the consolidated financial statements and footnotes thereto included in
the  Partnership's  Annual  Report on Form  10-KSB  for the  fiscal  year  ended
December 31, 2002.

For the period  ended March 31,  2003,  the General  Partner was an affiliate of
Apartment  Investment and Management Company  ("AIMCO"),  a publicly traded real
estate investment trust. On May 1, 2003, Everest  Properties,  Inc. a California
corporation  ("Everest")  acquired  all  of the  capital  stock  of the  General
Partner.  The capital  stock was  acquired in  connection  with the  purchase by
Everest of limited  partnership  interests in partnerships for which UIRE serves
as the  general  partner.  As the  sole  stockholder  of UIRE,  Everest  is in a
position to remove the current  directors  and elect the  directors  of UIRE and
consequently to control the  Partnership.  In connection with this  transaction,
the General Partner and the Partnership  have entered into a Services  Agreement
effective May 1, 2003 (the "Services  Agreement")  with NHP  Management  Company
("NHP"),  an affiliate of AIMCO,  whereby NHP will provide portfolio  management
services and property  management  services for the  Partnership.  The portfolio
management  services  shall  include the  services  the  General  Partner of the
Partnership  generally performs or procures in connection with the management of
the Partnership. As compensation for providing the portfolio management services
and the property  management  services,  the General Partner will pay and assign
over to NHP all of the income, distributions, fees, commissions,  reimbursements
and other payments  payable by the  Partnership to the General Partner or any of
its affiliates.

Note B - Transactions with Affiliated Parties

The  Partnership  has no  employees  and depends on the General  Partner and its
affiliates for the management and administration of all Partnership  activities.
The Partnership  Agreement  provides for payments to affiliates for services and
for  reimbursement of certain  expenses  incurred by affiliates on behalf of the
Partnership.  Pursuant to the Services Agreement, all such payments for services
provided for in the Partnership Agreement shall be paid to NHP.

During the three months ended March 31, 2003 and 2002, affiliates of the General
Partner  were  entitled  to  receive  5% of  gross  receipts  from  all  of  the
Partnership's  properties  as  compensation  for providing  property  management
services.  The  Partnership  paid to such affiliates  approximately  $21,000 and
$25,000 for the three months ended March 31, 2003 and 2002, respectively,  which
is included in operating expenses.

An  affiliate  of the General  Partner  received  reimbursement  of  accountable
administrative  expenses amounting to approximately  $10,000 and $34,000 for the
three months ended March 31, 2003 and 2002,  respectively,  which is included in
general and  administrative  expenses and  investment  properties.  At March 31,
2003,  approximately $31,000 of these reimbursements were payable to the General
Partner and are included in Due to affiliates on the accompanying balance sheet.

For acting as real estate broker in  connection  with the 1999 sale of Peachtree
Corners Medical Building, the General Partner earned a real estate commission of
approximately  $21,000.  However,  this amount is not payable  until the limited
partners  receive an amount equal to their  adjusted  capital  investment  and a
cumulative  distribution  equal to an 8% annual return from the last  additional
closing date or, if greater,  a 6%  cumulative  annual return from their date of
admission to the  Partnership.  At March 31, 2003, the limited  partners had not
received  their  return.  Therefore,  the  commission  is  included  in  Due  to
affiliates on the accompanying balance sheet at March 31, 2003.

The  Partnership  insures its properties up to certain  limits through  coverage
provided by AIMCO,  which is generally  self-insured for a portion of losses and
liabilities  related to workers  compensation,  property  casualty  and  vehicle
liability. The Partnership insures its properties above the AIMCO limits through
insurance policies obtained by AIMCO from insurers unaffiliated with the General
Partner. During 2003 and 2002, the Partnership's cost for insurance coverage and
fees  associated  with  policy  claims  administration  owed  to  AIMCO  and its
affiliates will be approximately $23,000 and $28,000, respectively.

AIMCO was the indirect sole stockholder of UIRE, the sole general partner of the
Partnership  and therefore held all of the general  partnership  interest in the
Partnership.  In  addition,  AIMCO  and  its  affiliates  owned  23,675  limited
partnership  units (the "Units") in the Partnership  representing  38.77% of the
outstanding  units at March 31,  2003.  A number of these  Units  were  acquired
pursuant  to  tender  offers  made by AIMCO or its  affiliates.  On May 1,  2003
Everest  acquired all of the capital stock of the General  Partner.  The capital
stock was  acquired  in  connection  with the  purchase  by  Everest  of limited
partnership  interests  in  partnerships  for which UIRE  serves as the  general
partner. As the sole stockholder of UIRE, Everest is in a position to remove the
current  directors and elect the directors of UIRE and  consequently  to control
the Partnership. AIMCO or its affiliates may acquire additional Units of limited
partnership interest in the Partnership in exchange for cash or a combination of
cash and units in AIMCO  Properties,  L.P., the operating  partnership of AIMCO,
either through  private  purchases or tender offers.  In this regard,  on May 9,
2003,  a tender  offer  was made by AIMCO  Properties,  L.P.  to  acquire  for a
purchase  price of $108.00 per Unit all of the Units not owned by  affiliates of
AIMCO. This tender offer expires June 6, 2003. Under the Partnership  Agreement,
unitholders  holding a majority  of the Units are  entitled  to take action with
respect to a variety of matters that include voting on certain amendments to the
Partnership  Agreement  and voting to remove the General  Partner.  Although the
General  Partner  owes  fiduciary   duties  to  the  limited   partners  of  the
Partnership,  the General  Partner also owes fiduciary  duties to Everest as its
sole  stockholder.  As a result,  the duties of the General Partner,  as general
partner, to the Partnership and its limited partners may come into conflict with
the duties of the General Partner to Everest, as its sole stockholder.

Note C - Legal Proceedings

The Partnership is unaware of any pending or outstanding  litigation that is not
of a routine nature arising in the ordinary course of business.

<PAGE>

ITEM 2.     MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

The matters discussed in this report contain certain forward-looking statements,
including, without limitation, statements regarding future financial performance
and the effect of government  regulations.  The discussions of the  Registrant's
business  and  results  of  operations,   including  forward-looking  statements
pertaining to such matters,  do not take into account the effects of any changes
to the  Registrant's  business  and results of  operations.  Actual  results may
differ  materially  from those described in the  forward-looking  statements and
will  be  affected  by  a  variety  of  risks  and  factors  including,  without
limitation:  national and local economic  conditions;  the terms of governmental
regulations that affect the Registrant and interpretations of those regulations;
the competitive  environment in which the Registrant operates;  financing risks,
including the risk that cash flows from  operations may be  insufficient to meet
required  payments of  principal  and  interest;  real estate  risks,  including
variations  of real  estate  values and the  general  economic  climate in local
markets and competition for tenants in such markets; and possible  environmental
liabilities.   Readers  should  carefully  review  the  Registrant's   financial
statements and the notes thereto,  as well as the risk factors  described in the
documents  the  Registrant  files  from  time to time  with the  Securities  and
Exchange Commission.

The Partnership's  investment  properties consist of three apartment  complexes.
The following table sets forth the average  occupancy of the properties for each
of the three months ended March 31, 2003 and 2002:

                                                   Average Occupancy
      Property                                      2003       2002

      Bronson Place Apartments                      90%        92%
         Mountlake Terrace, Washington
      Meadow Wood Apartments                        91%        92%
         Medford, Oregon
      Defoors Crossing Apartments                   72%        95%
         Atlanta, Georgia

The General  Partner  attributes  the  decreased  occupancy at Defoors  Crossing
Apartments to increased  layoffs in the area,  increased  competition and a slow
local economy.

Results of Operations

The  Partnership  realized  net income of  approximately  $71,000  for the three
months ended March 31, 2003,  compared to net income of  approximately  $106,000
for the three months  ended March 31,  2002.  The decrease in net income for the
three months ended March 31, 2003 is due to a decrease in total  revenues  which
was partially offset by a decrease in total expenses.

Total  revenues  decreased  for the three  months  ended March 31, 2003 due to a
decrease in rental income. Rental income decreased due to decreases in occupancy
at all of the Partnership's  properties,  primarily DeFoors Crossing Apartments,
reduced average rental rates at all of the Partnership's  properties,  primarily
Bronson  Place  Apartments,  and  increased  bad  debt  expense  at  all  of the
Partnership's properties.

Total expenses decreased for the three months ended March 31, 2003 primarily due
to a decrease in general and administrative and operating expenses.  General and
administrative  expenses decreased  primarily due to decreased costs of services
included in the  management  reimbursements  to the  General  Partner as allowed
under the  Partnership  Agreement.  Also included in general and  administrative
expenses at both March 31, 2003 and 2002 are costs associated with the quarterly
and annual  communications with investors and regulatory agencies and the annual
audit  required  by  the  Partnership  Agreement.  Operating  expense  decreased
primarily due to a decrease in property expense  partially offset by an increase
in maintenance expense.  Property expense decreased due to decreased payroll and
related benefits, primarily at DeFoors Crossing Apartments. Maintenance expenses
increased  at  all  of  the   Partnership's   properties   due  to  the  reduced
capitalization  of certain direct and indirect costs,  primarily payroll related
costs, and an increase in contract repairs at Bronson Place Apartments.

As part of the ongoing  business plan of the  Partnership,  the General  Partner
monitors the rental market  environment of its  investment  properties to assess
the feasibility of increasing rents,  maintaining or increasing occupancy levels
and protecting the Partnership from increases in expenses. As part of this plan,
the  General  Partner  attempts to protect  the  Partnership  from the burden of
inflation-related  increases in expenses by increasing  rents and  maintaining a
high overall  occupancy  level.  Due to changing  market  conditions,  which can
result  in the  use of  rental  concessions  and  rental  reductions  to  offset
softening market conditions, there is no guarantee that the General Partner will
be able to sustain such a plan.

Liquidity and Capital Resources

At  March  31,  2003,  the  Partnership   had  cash  and  cash   equivalents  of
approximately  $353,000  compared to  approximately  $269,000 at March 31, 2002.
Cash and cash equivalents  increased by approximately  $9,000 since December 31,
2002, due to  approximately  $257,000 of cash provided by operating  activities,
which was partially offset by  approximately  $231,000 of cash used in financing
activities and approximately $17,000 of cash used in investing activities.  Cash
used in financing  activities  consisted of distributions  paid to the partners.
Cash  used in  investing  activities  consisted  of  property  improvements  and
replacements.  The Partnership  invests its working capital reserves in interest
bearing accounts.

The sufficiency of existing  liquid assets to meet future  liquidity and capital
expenditure   requirements   is  directly   related  to  the  level  of  capital
expenditures  required at the various  properties  to  adequately  maintain  the
physical  assets and other operating needs of the Partnership and to comply with
Federal, state and local legal and regulatory requirements.  The General Partner
monitors  developments  in the area of legal and  regulatory  compliance  and is
studying  new  federal  laws,  including  the  Sarbanes-Oxley  Act of 2002.  The
Sarbanes-Oxley Act of 2002 mandates or suggests  additional  compliance measures
with regard to governance,  disclosure, audit and other areas. In light of these
changes,  the Partnership  expects that it will incur higher expenses related to
compliance,  including  increased  legal and audit  fees.  Capital  improvements
planned for each of the Partnership's properties are detailed below.

Bronson Place

During  the  three  months  ended  March 31,  2003,  the  Partnership  completed
approximately  $5,000  of  capital  improvements  at  Bronson  Place  Apartments
consisting  primarily of floor covering  replacements,  water heater and drapery
upgrades and office  computers.  These  improvements  were funded from operating
cash flow.  The  Partnership  evaluates  the  capital  improvement  needs of the
property during the year and currently expects to complete an additional $16,000
in capital  improvements  during the remainder of 2003. The  additional  capital
improvements  will consist primarily of floor covering and air conditioning unit
replacements.  Additional capital improvements may be considered and will depend
on the physical  condition of the property as well as the anticipated  cash flow
generated by the property.

Meadow Wood

During  the  three  months  ended  March 31,  2003,  the  Partnership  completed
approximately   $10,000  of  capital  improvements  at  Meadow  Wood  Apartments
consisting  primarily  of water and sewer  upgrades  and heating  unit and floor
covering replacements.  These improvements were funded from operating cash flow.
The Partnership  evaluates the capital  improvement needs of the property during
the year and  currently  expects to  complete an  additional  $16,000 in capital
improvements  during the remainder of 2003. The additional capital  improvements
will consist primarily of floor covering and air conditioning unit replacements.
Additional  capital  improvements  may be  considered  and  will  depend  on the
physical  condition  of the  property  as  well  as the  anticipated  cash  flow
generated by the property.

DeFoors Crossing

During  the  three  months  ended  March 31,  2003,  the  Partnership  completed
approximately  $2,000 of capital  improvements  at DeFoors  Crossing  Apartments
consisting  primarily of floor covering  replacements.  These  improvements were
funded  from  operating  cash  flow.  The  Partnership   evaluates  the  capital
improvement  needs of the  property  during  the year and  currently  expects to
complete an additional $11,000 in capital  improvements  during the remainder of
2003.  The  additional  capital  improvements  will  consist  primarily of floor
covering replacements and major landscaping. Additional capital improvements may
be considered and will depend on the physical  condition of the property as well
as the anticipated cash flow generated by the property.

The additional  capital  expenditures will be incurred only if cash is available
from operations or from Partnership  reserves.  To the extent that such budgeted
capital improvements are completed,  the Partnership's  distributable cash flow,
if any, may be adversely affected at least in the short term.

The Partnership  distributed the following amounts during the three months ended
March 31, 2003 and 2002 (in thousands, except per unit data):
<TABLE>
<CAPTION>

                   Three Months      Per Limited      Three Months       Per Limited
                      Ended          Partnership         Ended           Partnership
                  March 31, 2003        Unit         March 31, 2002         Unit

<S>                   <C>              <C>                <C>              <C>
Operations            $ 231            $ 3.75             $ 83             $ 1.34
</TABLE>

Future cash  distributions  will depend on the levels of net cash generated from
operations,  the  availability  of cash  reserves,  and the timing of financings
and/or  property sales.  The  Partnership's  cash available for  distribution is
reviewed  on a monthly  basis.  There  can be no  assurance,  however,  that the
Partnership  will  generate  sufficient  funds from  operations  after  required
capital  improvements  to permit any  additional  distributions  to its partners
during the remainder of 2003 or subsequent periods.

Other

AIMCO was the indirect sole stockholder of UIRE, the sole general partner of the
Partnership  and therefore held all of the general  partnership  interest in the
Partnership.  In  addition,  AIMCO  and  its  affiliates  owned  23,675  limited
partnership  units (the "Units") in the Partnership  representing  38.77% of the
outstanding  units at March 31,  2003.  A number of these  Units  were  acquired
pursuant  to  tender  offers  made by AIMCO or its  affiliates.  On May 1,  2003
Everest  acquired all of the capital stock of the General  Partner.  The capital
stock was  acquired  in  connection  with the  purchase  by  Everest  of limited
partnership  interests  in  partnerships  for which UIRE  serves as the  general
partner. As the sole stockholder of UIRE, Everest is in a position to remove the
current  directors and elect the directors of UIRE and  consequently  to control
the Partnership. AIMCO or its affiliates may acquire additional Units of limited
partnership interest in the Partnership in exchange for cash or a combination of
cash and units in AIMCO  Properties,  L.P., the operating  partnership of AIMCO,
either through  private  purchases or tender offers.  In this regard,  on May 9,
2003,  a tender  offer  was made by AIMCO  Properties,  L.P.  to  acquire  for a
purchase  price of $108.00 per Unit all of the Units not owned by  affiliates of
AIMCO. This tender offer expires June 6, 2003. Under the Partnership  Agreement,
unitholders  holding a majority  of the Units are  entitled  to take action with
respect to a variety of matters that include voting on certain amendments to the
Partnership  Agreement  and voting to remove the General  Partner.  Although the
General  Partner  owes  fiduciary   duties  to  the  limited   partners  of  the
Partnership,  the General  Partner also owes fiduciary  duties to Everest as its
sole  stockholder.  As a result,  the duties of the General Partner,  as general
partner, to the Partnership and its limited partners may come into conflict with
the duties of the General Partner to Everest, as its sole stockholder.

Critical Accounting Policies and Estimates

The financial  statements are prepared in accordance with accounting  principles
generally  accepted in the United States which require the  Partnership  to make
estimates and  assumptions.  The  Partnership  believes that of its  significant
accounting  policies,  the following may involve a higher degree of judgment and
complexity.

Impairment of Long-Lived Assets

Investment  properties  are  recorded at cost,  less  accumulated  depreciation,
unless  considered  impaired.  If  events  or  circumstances  indicate  that the
carrying  amount of a property may be  impaired,  the  Partnership  will make an
assessment of its  recoverability  by estimating  the  undiscounted  future cash
flows,  excluding  interest  charges,  of the property.  If the carrying  amount
exceeds the aggregate  future cash flows,  the  Partnership  would  recognize an
impairment  loss to the extent the carrying amount exceeds the fair value of the
property.

Real  property  investments  are  subject  to varying  degrees of risk.  Several
factors  may  adversely  affect  the  economic  performance  and  value  of  the
Partnership's  investment  properties.  These  factors  include  changes  in the
national,  regional and local economic  climate;  local  conditions,  such as an
oversupply  of  multifamily   properties;   competition   from  other  available
multifamily  property  owners and changes in market  rental  rates.  Any adverse
changes in these factors could cause an impairment in the Partnership's assets.

Revenue Recognition

The Partnership generally leases apartment units for twelve-month terms or less.
Rental income  attributable to leases is recognized  monthly as it is earned and
the Partnership  fully reserves all balances  outstanding  over thirty days. The
Partnership will offer rental concessions during  particularly slow months or in
response  to  heavy  competition  from  other  similar  complexes  in the  area.
Concessions are charged to income as incurred.

ITEM 3.     CONTROLS AND PROCEDURES

The principal  executive officer and principal  financial officer of the General
Partner, who are the equivalent of the Partnership's principal executive officer
and  principal  financial  officer,  respectively,  have,  within 90 days of the
filing  date  of this  quarterly  report,  evaluated  the  effectiveness  of the
Partnership's  disclosure  controls and  procedures  (as defined in Exchange Act
Rules 13a-14(c) and 15d-14(c)) and have determined that such disclosure controls
and  procedures  are  adequate.  There have been no  significant  changes in the
Partnership's  internal  controls or in other  factors that could  significantly
affect the  Partnership's  internal  controls since the date of evaluation.  The
Partnership does not believe any significant deficiencies or material weaknesses
exist in the Partnership's internal controls. Accordingly, no corrective actions
have been taken.

ITEM 4.     LEGAL PROCEEDINGS

The Partnership is unaware of any pending or outstanding  litigation that is not
of a routine nature arising in the ordinary course of business.

ITEM 5.     OTHER INFORMATION

On May 1,  2003,  there was a change in control  of the  General  Partner of the
Partnership.  See  discussion in Part I - Item 2.  Management's  Discussion  and
Analysis or Plan of Operation - Other.


<PAGE>


                           PART II - OTHER INFORMATION



ITEM 5.     EXHIBITS AND REPORTS ON FORM 8-K

            a)    Exhibits:

                  Exhibit 3.1, Form of Agreement of Limited  Partnership  (filed
                  on May 2,  1988  as  part  of the  Prospectus  of  Partnership
                  contained in the  Partnership's  Amendment to the Registration
                  Statement and is incorporated herein by reference).

                  Exhibit  3.2,  Tenth  Amendment  to the  Agreement  of Limited
                  Partnership  (filed  on May  15,  1989 as  Exhibit  4.3 to the
                  Quarterly  Report on Form 10-Q and is  incorporated  herein by
                  reference).

                  Exhibit 3.3,  Certificate of Limited Partnership (Exhibit 3 to
                  Partnership's   Form  8-K   filed  on  April  29,   1991,   is
                  incorporated herein by reference).

                  Exhibit 99, Certification  Pursuant to 18 U.S.C. Section 1350,
                  as Adopted Pursuant to Section 906 of the  Sarbanes-Oxley  Act
                  of 2002.

            b)    Reports on Form 8-K filed during the quarter ended March 31,
                  2003:

                  None.

<PAGE>


                                   SIGNATURES



In accordance with the  requirements of the Exchange Act, the Registrant  caused
this  report to be  signed on its  behalf  by the  undersigned,  thereunto  duly
authorized.



                                    UNITED INVESTORS INCOME PROPERTIES


                                    By:   United Investors Real Estate, Inc.
                                          General Partner


                                    By:   /s/Patrick J. Foye
                                          Patrick J. Foye
                                          Executive Vice President


                                    By:   /s/Thomas C. Novosel
                                          Thomas C. Novosel
                                          Senior Vice President
                                          and Chief Accounting Officer


                                    Date: May 15, 2003



<PAGE>



                                  CERTIFICATION


I, Patrick J. Foye, certify that:


1. I have  reviewed  this  quarterly  report on Form 10-QSB of United  Investors
Income Properties;


2. Based on my  knowledge,  this  quarterly  report  does not contain any untrue
statement of a material fact or omit to state a material fact  necessary to make
the statements made, in light of the  circumstances  under which such statements
were made, not  misleading  with respect to the period covered by this quarterly
report;


3.  Based  on my  knowledge,  the  financial  statements,  and  other  financial
information  included in this quarterly  report,  fairly present in all material
respects the financial  condition,  results of operations  and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;


4.  The  registrant's  other  certifying  officers  and  I are  responsible  for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:


      a)  Designed  such  disclosure  controls  and  procedures  to ensure  that
      material   information   relating  to  the   registrant,   including   its
      consolidated  subsidiaries,  is made  known to us by others  within  those
      entities, particularly during the period in which this quarterly report is
      being prepared;


      b) Evaluated the effectiveness of the registrant's disclosure controls and
      procedures  as of a date  within 90 days prior to the filing  date of this
      quarterly report (the "Evaluation Date"); and


      c)  Presented  in  this  quarterly   report  our  conclusions   about  the
      effectiveness  of the  disclosure  controls  and  procedures  based on our
      evaluation as of the Evaluation Date;


5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation,  to the registrant's auditors and the audit committee of
registrant's   board  of  directors  (or  persons   performing   the  equivalent
functions):


      a) All  significant  deficiencies  in the design or  operation of internal
      controls which could adversely affect the registrant's  ability to record,
      process,  summarize and report  financial data and have identified for the
      registrant's auditors any material weaknesses in internal controls; and


      b) Any fraud,  whether or not material,  that involves management or other
      employees  who  have  a  significant  role  in the  registrant's  internal
      controls; and


6. The  registrant's  other  certifying  officers  and I have  indicated in this
quarterly  report  whether or not there  were  significant  changes in  internal
controls or in other factors that could  significantly  affect internal controls
subsequent to the date of our most recent  evaluation,  including any corrective
actions with regard to significant deficiencies and material weaknesses.


Date:  May 15, 2003

                                    /s/Patrick J. Foye
                                    Patrick J. Foye
                                    Executive Vice President of United Investors
                                    Real Estate, Inc., equivalent of the chief
                                    executive officer of the Partnership


<PAGE>



                                  CERTIFICATION


I, Paul J. McAuliffe, certify that:


1. I have  reviewed  this  quarterly  report on Form 10-QSB of United  Investors
Income Properties;


2. Based on my  knowledge,  this  quarterly  report  does not contain any untrue
statement of a material fact or omit to state a material fact  necessary to make
the statements made, in light of the  circumstances  under which such statements
were made, not  misleading  with respect to the period covered by this quarterly
report;


3.  Based  on my  knowledge,  the  financial  statements,  and  other  financial
information  included in this quarterly  report,  fairly present in all material
respects the financial  condition,  results of operations  and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;


4.  The  registrant's  other  certifying  officers  and  I are  responsible  for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:


      a)  Designed  such  disclosure  controls  and  procedures  to ensure  that
      material   information   relating  to  the   registrant,   including   its
      consolidated  subsidiaries,  is made  known to us by others  within  those
      entities, particularly during the period in which this quarterly report is
      being prepared;


      b) Evaluated the effectiveness of the registrant's disclosure controls and
      procedures  as of a date  within 90 days prior to the filing  date of this
      quarterly report (the "Evaluation Date"); and


      c)  Presented  in  this  quarterly   report  our  conclusions   about  the
      effectiveness  of the  disclosure  controls  and  procedures  based on our
      evaluation as of the Evaluation Date;


5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation,  to the registrant's auditors and the audit committee of
registrant's   board  of  directors  (or  persons   performing   the  equivalent
functions):


      a) All  significant  deficiencies  in the design or  operation of internal
      controls which could adversely affect the registrant's  ability to record,
      process,  summarize and report  financial data and have identified for the
      registrant's auditors any material weaknesses in internal controls; and


      b) Any fraud,  whether or not material,  that involves management or other
      employees  who  have  a  significant  role  in the  registrant's  internal
      controls; and


6. The  registrant's  other  certifying  officers  and I have  indicated in this
quarterly  report  whether or not there  were  significant  changes in  internal
controls or in other factors that could  significantly  affect internal controls
subsequent to the date of our most recent  evaluation,  including any corrective
actions with regard to significant deficiencies and material weaknesses.


Date:  May 15, 2003

                                  /s/Paul J. McAuliffe
                                  Paul J. McAuliffe
                                  Executive Vice President and Chief Financial
                                  Officer of United Investors Real Estate, Inc.,
                                  equivalent of the chief financial officer of
                                  the Partnership


<PAGE>


Exhibit 99


                          Certification of CEO and CFO
                       Pursuant to 18 U.S.C. Section 1350,
                             As Adopted Pursuant to
                  Section 906 of the Sarbanes-Oxley Act of 2002



In  connection  with the  Quarterly  Report on Form  10-QSB of United  Investors
Income Properties (the "Partnership"),  for the quarterly period ended March 31,
2003 as filed with the  Securities  and Exchange  Commission  on the date hereof
(the  "Report"),  Patrick  J. Foye,  as the  equivalent  of the chief  executive
officer of the  Partnership,  and Paul J.  McAuliffe,  as the  equivalent of the
chief financial officer of the Partnership,  each hereby certifies,  pursuant to
18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002, that, to the best of his knowledge:

      (1)   The Report fully complies with the  requirements of Section 13(a) or
            15(d) of the Securities Exchange Act of 1934; and

      (2)   The  information  contained in the Report  fairly  presents,  in all
            material respects, the financial condition and results of operations
            of the Partnership.


                                    /s/  Patrick J. Foye
                                    Name:  Patrick J. Foye
                                    Date:  May 15, 2003


                                    /s/  Paul J. McAuliffe
                                    Name:  Paul J. McAuliffe
                                    Date:  May 15, 2003


This  certification  accompanies  the  Report  pursuant  to  Section  906 of the
Sarbanes-Oxley  Act of 2002 and shall not,  except to the extent required by the
Sarbanes-Oxley  Act of 2002, be deemed filed by the  Partnership for purposes of
Section 18 of the Securities Exchange Act of 1934, as amended.