Document:

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                                                                    Exhibit 10.7

                               EMPLOYMENT CONTRACT

     THIS CONTRACT entered into this 1st day of May, 2005, by and between James
L. Fritzemeier, hereinafter referred to as The Employee and Advisors REIT I,
Inc., a Maryland corporation, hereinafter referred to as The Corporation.

W I T N E S S E T H:

     WHEREAS, The Employee desires to accept employment as a corporate employee;
and

     WHEREAS, the Board of Directors of the Corporation has determined what a
reasonable compensation will be for The Employee and has offered The Employee
employment for such compensation and other benefits hereinafter set forth and
The Employee is willing to accept employment on such terms:

     NOW, THEREFORE, in consideration of the mutual promises hereinafter
contained, it is agreed:

     1.   EMPLOYMENT. The Corporation hereby employs The Employee and The
Employee hereby accepts employment from The Corporation upon the terms and
conditions herein set forth.

     2.   TERM. The term of this Agreement shall begin on the date of this
agreement and shall continue until terminated as hereinafter provided.

     3.   SALARY. For all services rendered by the Employee under this
Agreement, The Corporation shall pay the Employee a salary of Five Thousand
Dollars ($5,000) per month during the term of this agreement payable on the
dates determined by the Board of Directors. This monthly salary will
automatically increase to $5,500 for any month in which deposits from
subscriptions exceed $20,000,000. Such salary shall be reviewed by the Board of
Directors annually based on financial results for the previous fiscal year
beginning with fiscal year 2005.

     4.   BONUS. See Bonus Plan Attached. The salary has been fixed by the Board
of Directors. The Corporation may, in addition to his salary, pay the Employee a
bonus in such amount as the Board of Directors shall determine is proper in
relation to the income generated by the Employee.

     5.   DUTIES. The Employee is employed to act as President on behalf of this
Corporation. The Corporation shall have the power to determine what specific
duties shall be performed. The Corporation shall have the power to determine the
assignment of duties to The Employee and The Employee must perform the duties
assigned to him by the Corporation. The Corporation shall have the power to
dictate to the Employee what duties shall be performed, how they shall be
performed, and when they shall be performed. The power to direct, control, and
supervise the duties to be performed, the manner of performing said duties and
the time for performing said duties shall be exercised by the Board of Directors
of The Corporation.

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     6.   WORKING FACILITIES. The Corporation shall furnish The Employee with or
make arrangements for office space, professional staff, supplies, equipment and
such other facilities and services as are suitable to his position and adequate
for the performance of his duties.

     7.   PROFESSIONAL RELATIONSHIPS. The Employee recognizes that acting as an
employee of The Corporation shall not affect any law, duty, right or privilege
arising out of or applicable to services rendered by The Employee.

     8.   INDEMNITY. The Corporation shall indemnify The Employee against any
damages, costs and expenses, including reasonable attorney's fees, incurred in
defending or compromising any action arising out of the rendition of services by
The Employee. This indemnity shall survive the termination of this Agreement.
Such indemnification shall cover only acts performed in good faith on behalf to
the Corporation. The Corporation agrees to provide Directors and Officers
insurance with coverage in an amount as determined by the Board of Directors.

     9.   EXPENSES. All expenses incurred by The Employee in the normal course
of corporate business, including, but not limited to, entertainment, promotion,
education, and transportation, may be paid directly by The Corporation, or at
the Employee's option, shall be reimbursed to the Employee by The Corporation
upon presentation by The Employee of an itemized account of such expenditures.
Such reimbursement of expenses to be covered by company policy as may be adopted
by the Board of Director.

     10.  FRINGE BENEFITS. The Corporation shall consider the adoption of a
retirement program consisting of a pension and/or profit sharing plan for The
Employee within three (3) years of the date of this Agreement. The Corporation
shall provide an employee welfare plan as defined in Employee Welfare Plan
Attachment.

     11.  VACATION. The amount of vacation leave given to The Employee shall be
mutually agreed upon between The Employee and The Corporation.

     12.  DEATH DURING EMPLOYMENT. If The Employee dies during the term of his
employment, The Corporation shall pay to the estate of The Employee the salary
payable to said employee up to the end of the month in which his death occurs
plus any declared and unpaid bonus. The Corporation shall consider paying the
widow(er), or, if none, to the estate, a sum up to five thousand dollars cash as
an additional death benefit in such event.

     13.  DISABILITY. If The Employee becomes disabled, The Corporation hereby
agrees to indemnify The Employee's full salary for a period not exceed sixty
(60) days. The above disability income will not include any benefits payable
under Social Security.

     14.  TERMINATION. Notwithstanding anything herein contained to the
contrary, this contract may be terminated by any party hereto upon thirty (30)
days written notice with or without cause.

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     15.  RIGHT TO DISCHARGE EMPLOYEE. The Corporation shall have at all times
the right to discharge The Employee for cause.

     16.  RELATIONSHIP BETWEEN THE PARTIES. The parties recognize that the Board
of Directors of The Corporation shall manage the business affairs of The
Corporation. The Employee shall be considered under the provisions of this
Agreement as having employee status and shall be entitled to participate in any
plans, arrangements or distributions by The Corporation pertaining to or in
connection with any pension, profit sharing, bonus or other incentive plan
established by The Corporation for its employees. Nothing herein contained shall
be construed to give The Employee any interest in the physical assets or the
accounts receivable of The Corporation.

     17.  WAIVER OF BREACH. The waiver of any party hereto of a breach of any
provision of this Agreement shall not operate as or be construed to be a waiver
of any subsequent breach by any party.

     18.  BINDING UPON HEIRS. The contract shall inure to the benefit of and be
binding upon the parties hereto, their successors, heirs, personal
representatives and assigns.

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the date first above written.

                                              ADVISORS REIT I, INC.

A T T E S T:

/s/ Ted Knopp                                 BY /s/James L. Fritzemeier
-----------------------------                    -----------------------
Ted Knopp, Secretary                          James L. Fritzemeier, President

                                              /s/James L. Fritzemeier
                                              -----------------------
                                              James L. Fritzemeier, Employee

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                                 ADVISORS REIT I

                              EMPLOYEE WELFARE PLAN

Advisors REIT I adopts the following Employee Welfare Plan: Advisors REIT I will
provide the following employee welfare benefits:

     -  Medical and dental insurance premium reimbursement for Employee's
        existing medical and dental insurance policy, including some group
        term insurance.

     -  A Sec 105 Plan in conjunction with $3,300 reimbursement for out of
        pocket medical, dental and drug expenses.

     -  A Simple IRA plan which, currently requires Advisors REIT I to match
        employee contributions up to 3% of salary every year.

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                                 ADVISORS REIT I
                                 PRESIDENT - CEO
                                   BONUS PLAN

The President - CEO will be eligible for bonus calculated annually calculated in
conjunction with the filing of our Federal income tax return. The calculation of
the bonus is: 10% of base FFO (defined below) over 120% of the amount calculated
as the invested funds of our stockholders multiplied times the weighted average
cost of capital (WACC).

Base FFO equals:

     -  Federal taxable income, excluding gains or losses from sales of property

     -  Without the deduction for the dividend distribution deduction

     -  Without the deduction for the President - CEO bonus

Invested funds equal the total dollar amount that our stockholders invested in
Advisors REIT I The weighted average cost of capital equals 7.0%

<Table>
<S>                                                                 <C>
Example:
Base FFO:
Federal taxable income without CEO bonus or dividend deduction       1,800,000
Minus profit from real estate sales                                   (100,000)
Plus depreciation and amortization                                     500,000
                                                                   -----------
Base FFO                                                             2,250,000

Invested Funds                                                      25,000,000
WACC                                                                       7.0%
                                                                   -----------
$ required to distribute                                             1,750,000
                                                                   -----------

Bonus Hurdle:
$ required to distribute                                             1,750,000
Times                                                                      120%
                                                                   -----------
Bonus Hurdle                                                         2,100,000
                                                                   -----------

Bonus FFO                                                            2,250,000
Bonus Hurdle                                                         2,100,000
                                                                   -----------
Gross Bonus                                                            150,000
Bonus Rate                                                                  10%
                                                                   -----------
Earned Bonus                                                            15,000
                                                                   -----------
</Table>

                                        5<Page>

                                                                    Exhibit 10.8

ROBERT L. TARMAN, CPA

ROBERT L. TARMAN, CPA  -  1660 N. TYLER, WICHITA, KS 67212  -  (316) 773-2777

September 10, 2004

Mr. James L. Fritzemeier
Dimensions REIT I
8301 E. 21st North - Suite 230
Wichita, Kansas 67206

Dear James:

It has been a pleasure meeting with you to discuss the accounting service needs
of Dimensions REIT I. This engagement letter covers the benefits of these
services, scope of the engagement, identifies your responsibilities, and
provides our estimated fees.

BENEFITS OF OUTSOURCING ACCOUNTING FUNCTIONS

We believe that our accounting and financial management services would provide a
number of benefits to Dimensions REIT I. These benefits would include:

     1.   Timely financial and management reports.
     2.   Efficient processing of all accounting transactions.
     3.   Effective reconciliation and control procedures.
     4.   Reporting results of operations by property and tenant as needed.
     5.   Increase the time that you have to focus on managing your business
          operations.
     6.   An experienced team of accounting and tax professional's familiar with
          your organization.

SCOPE OF SERVICES

We will provide Dimensions REIT I with a complete outsourced accounting
department. The accounting services to be provided will include:

     1.   Process and code all vendor invoices and write checks to vendors.
     2.   Interface with Fidelity Investments on payments to investors.
     3.   Record all customer cash receipts.
     4.   Enter customer billings created by your staff.
     5.   Record transactions from property managers.
     6.   Process and print payroll checks.
     7.   Prepare all payroll tax deposits.
     8.   Complete monthly, quarterly, and annual payroll tax returns.

                Engagement Letter - Accounting Services Proposal

                                                                               1
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     9.   Record all investment purchases and sales.
     10.  Complete all monthly account reconciliation's.
     11.  Provide part-time controllership services.
     12.  Prepare all internal financial and accounting reports.
     13.  Maintain depreciation records.
     14.  Provide and supervise all accounting staff.
     15.  Complete year-end work papers needed for the annual audit.
     16.  Complete year-end work papers needed for federal and state tax
          returns.
     17.  Meet with management as needed to review financial reports.
     18.  Work on special projects and research as needed.
     19.  Maintain daily offsite backups of all computer data files.

The summarized listing of services above is based on our discussions to date. We
will work with you to establish detailed procedures and schedules for the
accounting services to be provided. This list will be mutually agreed to and
become a part of this engagement letter. We will also work with you to develop
the management and tax reporting formats needed.

The internal financial and accounting reports will be prepared as part of our
role in providing part-time controllership services. These reports will NOT be
prepared as an independent compilation, review, or audit of the statements. The
statements will only be accompanied by a transmittal letter and will not include
any type of accounting report. Independent accounting services for Dimensions
REIT I will be provided by Grant Thornton.

Material departures from generally accepted accounting principles (GAAP) may
exist and the effects of those departures, if any, on the financial statements
may not be disclosed. In addition, substantially all disclosures required by
GAAP may be omitted. Notwithstanding these limitations, you represent that you
have knowledge about the nature of the procedures applied and the basis of
accounting and assumptions used in the preparation of the financial statements
that allows you to place the financial information in the proper context.
Further, you represent and agree that the use of the financial statements will
be limited to members of management with similar knowledge.

Our engagement cannot be relied upon to disclose errors, fraud, or illegal acts
that may exist. However, we will inform the appropriate level of management of
any material errors, fraud or illegal acts that come to our attention.

We will be happy to provide proposals for additional services as they are
needed.

YOUR RESPONSIBILITIES

The completion of the above services will require involvement by the staff of
Dimensions REIT I. The engagement's ultimate success will depend upon your
personnel and the effort contributed towards providing needed information.

                Engagement Letter - Accounting Services Proposal

                                                                               2
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To complete the services outlined above, Dimensions REIT I will be responsible
for providing the following information:

-    Payroll time sheets for each pay period listing the hours and deductions
     for each employee including needed coding.
-    Forms W4 and other information needed to set up new employees.
-    Employee garnishment deduction and payment notices.
-    Vendor invoices coded with property information.
-    Periodic selection of vendor invoices to be paid.
-    Bank and broker statements for reconciliation.
-    Monthly manual check copies coded by property.
-    Cash receipts coded by company property.
-    Customer billings.
-    Details needed to properly reflect bank loans and payments.
-    Details needed to properly record investment purchases and sales.
-    Information on any other transactions / occurrence which may effect the
     financial statements.
-    Preprinted accounts payable and payroll check forms for all companies. (We
     can assist you in ordering these supplies.)

We will work with you to develop the schedule for providing the information
above.

COST OF SERVICES

We will bill for the accounting services provided using the hourly rates listed
below:

     1.  Professional Accountant time        $  85 per hour
     2.  Bookkeeper time                     $  45 per hour

Billings for the above services will be prepared at the end of each month.
Payment of all invoices will be due within 15 days of the invoice date. Interest
of 1.5% a month will be billed on any past due amounts.

On an annual basis, we will review our costs and billing rates for providing the
services outlined above. We will work with you to mutually agree on any rate
changes as they are needed.

TERMINATION

Dimensions REIT I and Robert Tarman, CPA may terminate this engagement at any
time upon providing 30 days written notice to the other party

                Engagement Letter - Accounting Services Proposal

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IMPLEMENTATION TIME FRAME

We can provide the accounting and financial management services summarized above
beginning immediately upon acceptance of the engagement.

WARRANTIES AND LIMITATIONS

Our liability for damages with respect to the services provided shall in no
event exceed the charges previously paid by Dimensions REIT I for these
services. This engagement is limited to providing the outsourced accounting
services outlined above.

CLOSING

We sincerely appreciate the opportunity to serve you. If the foregoing is in
accordance with your understanding, please sign the copy of this letter and
return the signed letter to me.

Sincerely,

Robert Tarman, CPA

Response:

This letter sets forth the understanding of Dimensions REIT I.

James L. Fritzemeier /s/
------------------------
Signature

President
---------
Title

9/14/04
-------
Date

                Engagement Letter - Accounting Services Proposal

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