~~Table~~SECURITIES ofAND ~~Contents~~EXCHANGE COMMISSION

~~UNITED STATES SECURITIES AND EXCHANGE COMMISSION~~ Washington, DCD.C. 20549

FORM 8-K

CURRENT REPORT ~~Pursuant~~ ~~to Section 13 or 15(d) of the Securities Exchange Act of 1934~~

~~Date~~Pursuant ofto ~~Report~~Section ~~(Date~~13 ofor ~~earliest~~15 ~~event reported~~(d): ~~July 18, 2002~~

~~RANCON~~of the ~~INCOME~~Securities ~~FUND~~Exchange ~~I, A~~Act ~~CALIFORNIA~~of ~~LIMITED~~1934 ~~PARTNERSHIP~~

~~(Exact~~Date ~~name~~of Report (Date of earliest ~~Registrant~~event asreported) ~~Specified~~December in23, ~~Charter~~2004 (December 14, 2004)

California		0-16645		33-0157561
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(IRS Employer Identification No.)

RANCON INCOME FUND I,

~~400~~A ~~South~~CALIFORNIA ElLIMITED ~~Camino~~PARTNERSHIP ~~Real, Ste. 1100, San Mateo, California 94402~~

(~~Address~~Exact name of ~~principal~~registrant ~~executive~~as ~~offices~~specified in its charter)

Registrant’s telephone number, including area code: (650) 343-9300


California	0-16645	33-0157561
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification Number)

~~TABLE~~400 OFSouth ~~CONTENTS~~El Camino Real, Suite 1100, San Mateo, California 94402

~~ITEM~~(Address 4.of ~~CHANGES~~principal INexecutive ~~REGISTRANT’S~~offices) ~~CERTIFYING ACCOUNTANT SIGNATURES~~

~~Table~~Registrant’s ofTelephone ~~Contents~~number, including area code: (650) 343-9300

~~ITEM~~Check 4.the ~~CHANGES~~appropriate INbox ~~REGISTRANT’S~~below ~~CERTIFYING~~if ~~ACCOUNTANT~~the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

On¨ ~~July 18,~~Written ~~2002,~~communications ~~the~~pursuant ~~General Partner of Rancon Income Fund I, a California Limited Partnership (“Rancon”) engaged KPMG LLP (“KPMG”)~~ to ~~serve~~Rule as425 ~~Rancon’s independent~~under ~~public accountants for~~ the ~~fiscal~~Securities ~~year~~Act ~~ending December 31, 2002 to replace Arthur Andersen LLP~~ (~~“Arthur~~17 ~~Andersen”),~~CFR ~~Rancon’s former independent public accountants~~230. 425)

~~Arthur~~¨ ~~Andersen’s~~Soliciting ~~reports~~material onpursuant Rancon’s consolidated financial statements for each of the fiscal years ended December 31, 2001 and 2000 did not contain an adverse opinion or disclaimer of opinion, nor were they qualified or modified as to ~~uncertainty,~~Rule ~~audit~~14a-12 ~~scope~~under ~~or accounting principles. Arthur Andersen’s report on Rancon’s consolidated financial statements for~~ the ~~fiscal~~Exchange ~~year~~Act ~~ended December 31,~~(17 ~~2001~~CFR ~~was issued on an unqualified basis in conjunction with the publication of Rancon’s Annual Report on Form 10-K~~240. 14a-12)

~~During~~¨ ~~the~~Pre-commencement ~~fiscal~~communications ~~years~~pursuant ended December 31, 2001 and 2000 and through the date hereof, there were no disagreements with Arthur Andersen on any matter of accounting principle or practice, financial statement disclosure, or auditing scope or procedure which, if not resolved to ~~Arthur~~Rule ~~Andersen’s~~14d-2(b) ~~satisfaction, would~~under ~~have caused them to make reference to~~ the ~~subject~~Exchange ~~matter~~Act in(17 ~~connection with~~CFR ~~their report on Rancon’s consolidated financial statements for such fiscal years; and there were no reportable events as defined in Item 304~~240.14d-2(ab)(1)~~(v) of Regulation S-K.~~

~~Pursuant~~¨ ~~to Item 304(a)(3) of Regulation S~~Pre-K,commencement ~~Rancon~~communications ispursuant ~~required~~ to ~~provide Arthur~~Rule ~~Andersen~~13e-4(c) ~~with~~under ~~a copy of~~ the ~~foregoing~~Exchange ~~disclosures~~Act and to file as an exhibit a letter from Arthur Andersen stating whether it agrees with the statements made in this Item. Rancon provided Arthur Andersen with a copy of the foregoing disclosures. Arthur Andersen advised Rancon that it has ceased furnishing such letters. Item 304T(~~b)(2)~~17 ofCFR ~~Regulation S~~240.13e-~~K provides that if an issuer cannot obtain such a letter after reasonable efforts, compliance with Item 304~~4(ac)(3) ~~is not required. After reasonable efforts, Rancon was not able to obtain such a letter; accordingly, no such letter has been filed herewith.~~

~~During~~This ~~the~~Form ~~fiscal~~8-K ~~years~~contains ~~ended December 31, 2001 and 2000 and through the date hereof, Rancon did not consult KPMG with respect to the application of accounting principles to~~ a ~~specified~~total ~~transaction, either completed or proposed, or the type~~ of ~~audit~~8 opinion that might be rendered on Rancon’s consolidated financial statements, or any other matter that was the subject of a disagreement or a reportable event as set forth in Items 304(a)(2)(i) and (ii) of Regulation S-Kpages.

~~Table~~No ofexhibits required. ~~Contents~~

~~SIGNATURES~~ 1

~~Pursuant~~Item to2.01. ~~the~~ACQUISITION ~~requirements~~OR ofDISPOSITION ~~the~~OF ~~Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.~~ ASSETS

	RANCON INCOME FUND I, a California Limited Partnership
	By: RANCON INCOME PARTNERS I, L.P. General Partner
Date: July 25, 2002	By:	/s/ Daniel L. Stephenson
		Daniel L. Stephenson Director, President, Chief Executive Officer and Chief Financial Officer of Rancon Financial Corporation, General Partner of Rancon Income Partners I, L.P.

On December 14, 2004, Rancon Income Fund I, a California Limited Partnership (“the Partnership”) sold the Bristol Medical Center to an unaffiliated entity for $7,250,000. The sale generated net proceeds of approximately $6,720,000. On December 17, 2004, the General Partner approved and distributed $500 per Partnership unit for a total of $6,300,000 to the limited partners. The remaining proceeds were added to the Partnership’s cash reserves.

Item 9.01.

FINANCIAL STATEMENTS

(b) PRO-FORMA FINANCIAL STATEMENTS

Pro forma balance sheet as of September 30, 2004 (unaudited), with accompanying notes and adjustments.

Pro forma statements of operations for the nine months ended September 30, 2004, and the year ended December 31, 2003 (unaudited), with accompanying notes and adjustments.

PRO FORMA FINANCIAL INFORMATION

The following unaudited pro forma balance sheet as of September 30, 2004, has been prepared to reflect the disposition of Bristol Medical Center as if such transaction had been completed on September 30, 2004.

The following unaudited pro forma statements of operations for the nine months ended September 30, 2004, and for the year ended December 31, 2003, have been prepared to reflect the disposition of Bristol Medical Center as if such transaction had been completed on January 1, 2004 and January 1, 2003, respectively.

These unaudited pro forma financial statements should be read in conjunction with the financial statements and related notes of the Partnership included in the Partnership’s reports filed under the Exchange Act. In the opinion of management, all adjustments necessary to reflect the effects of the transactions have been made.

The pro forma financial information is unaudited and is not necessarily indicative of the results which would have occurred if the transaction had been consummated in the periods presented, or on any particular date in the future, nor does it purport to represent the financial position, results of operations, or cash flows for future periods.

RANCON INCOME FUND I,

A CALIFORNIA LIMITED PARTNERSHIP

Pro Forma Balance Sheet

As of September 30, 2004

(in thousands, except unit amounts)

(Unaudited)


	Historical			Pro Forma Adjustments			Pro Forma
Assets
Investments in real estate:
Rental properties	$	6,478		$	(4,735	)	$	1,743
Accumulated depreciation		(2,365	)		1,830			(535	)

Rental properties, net		4,113			(2,905	)		1,208
Cash and cash equivalents		146			6,720			6,866
Deferred costs, net of accumulated amortization		58			(58	)		—
Prepaid expenses and other assets		97			(85	)		12

Total assets	$	4,414		$	3,672		$	8,086

Liabilities and Partners’ Equity
Liabilities:
Accounts payable and other liabilities	$	120		$	(43	)	$	77
Security deposits		69			(54	)		15

Total liabilities		189			(97	)		92

Partners’ equity:
General partner		(184	)		38			(146	)
Limited partners, 12,646 limited partnership units outstanding		4,409			3,731			8,140

Total partners’ equity		4,225			3,769			7,994

Total liabilities and partners’ equity	$	4,414		$	3,672		$	8,086

The accompanying notes are an integral part of these financial statements.

RANCON INCOME FUND I,

A CALIFORNIA LIMITED PARTNERSHIP

Pro Forma Statement of Operations

For the nine months ended September 30, 2004

(in thousands, except per unit amounts and units outstanding)

(Unaudited)


	Historical		Pro Forma Adjustments			Pro Forma
Operating Revenue – Rental income	$	917		(738	)	$	179

Operating Expenses
Property operating		403		(362	)		41
Depreciation and amortization		300		(276	)		24
General and administrative expenses		156		(57	)		99

Total operating expenses		859		(695	)		164

Operating income		58		(43	)		15

Interest and other income		1		—			1

Net income	$	59	$	(43	)	$	16

Basic and diluted net income per limited partnership unit	$	4.55	$	(3.37	)	$	1.25

Weighted average number of limited partnership units outstanding during each period		12,763		12,763			12,763

The accompanying notes are an integral part of these financial statements.

RANCON INCOME FUND I,

A CALIFORNIA LIMITED PARTNERSHIP

Pro forma Statement of Operations

For the year ended December 31, 2003

(in thousands, except per unit amounts and units outstanding)

(Unaudited)


	Historical		Pro Forma Adjustments			Pro Forma
Operating Revenue – Rental income	$	1,278		(1,031	)	$	247

Operating Expenses
Property operating		532		(479	)		53
Depreciation and amortization		322		(291	)		31
General and administrative expenses		203		(74	)		129

Total operating expenses		1,057		(844	)		213

Operating income		221		(187	)		34

Interest and other income		7		—			7

Net income	$	228	$	(187	)	$	41

Basic and diluted net income per limited partnership unit	$	17.21	$	(14.09	)	$	3.12

Weighted average number of limited partnership units outstanding during each period		13,131		13,131			13,131

The accompanying notes are an integral part of these financial statements.

RANCON INCOME FUND I,

A CALIFORNIA LIMITED PARTNERSHIP

Notes to Pro Forma Financial Statements

The accompanying Pro Forma Balance Sheet as of September 30, 2004 and the Pro Forma Statements of Operations for the nine months ended September 30, 2004, and the year ended December 31, 2003, reflect the sale of Bristol Medical Center and include the following pro forma adjustments.

The $2,905,000 decrease in rental property reflects the net book value of Bristol Medical Center as of September 30, 2004.

The increase in cash reflects the net cash proceeds upon the sale of Bristol Medical Center.

The decreases in rental income, operating expenses and depreciation and amortization reflect the elimination of operations directly related to Bristol Medical Center for the respective periods.

The decrease in general and administrative expense for the respective periods reflects the elimination of the asset management fee upon the sale of Bristol Medical Center.

SIGNATURES

Pursuant to the requirements of Section 13 or Section 15(d) of the Securities Exchange Act of 1934, the Partnership has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.


		RANCON INCOME FUND I,
		a California Limited Partnership

		By:	Rancon Income Partners I, L.P. its General Partner

Date:	December 23, 2004	By:	/s/ Daniel L. Stephenson
			Daniel L. Stephenson Director, President, Chief Executive Officer and Chief Financial Officer of Rancon Financial Corporation General Partner of Rancon Income Partners I, L.P.

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