<PAGE>
<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities and Exchange Act of 1934
(Amendment No. 1)*
Cardinal Realty Services, Inc.
- -------------------------------------------------------------------------------
(Name of Issuer)
Common Stock
- -------------------------------------------------------------------------------
(Title of Class of Securities)
141538 10 08
- -------------------------------------------------------------------------------
(CUSIP Number)
Marc C. Krantz, Kohrman Jackson & Krantz,
1375 East 9th Street, Cleveland, Ohio 44114, 216-736-7204
- -------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
April 19, 1996
- -------------------------------------------------------------------------------
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box [ ].
Check the following box if a fee is being paid with the statement [ ]. (A fee
is not required only if the reporting person: (1) has a previous statement on
file reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)
Note: Six copies of this statement, including all exhibits, should be filed
with the Commission. See Rule 13d-1(a) for other parties to whom copies are to
be sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
<PAGE>
<PAGE> 2
<TABLE>
SCHEDULE 13D
CUSIP NO. 141538 10 08
<S> <C>
- -------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Turkey Vulture Fund XIII, Ltd.
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [ ]
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
- -------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
- -------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Ohio
- -------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 190,000
------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 190,000
------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
190,000
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*[ ]
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.95%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
- -------------------------------------------------------------------------------
</TABLE>
<PAGE>
<PAGE> 3
<TABLE>
SCHEDULE 13D
CUSIP NO. 141538 10 08
<S> <C>
- -------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Richard M. Osborne Trust
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [ ]
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
- -------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
- -------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Ohio
- -------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*[ ]
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.0%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
- -------------------------------------------------------------------------------
</TABLE>
<PAGE>
<PAGE> 4
CUSIP No. 141538 10 08
This Amendment No.1 to Schedule 13D Statement is filed on behalf of the
Richard M. Osborne Trust (the "Trust") and Turkey Vulture Fund XIII, Ltd., an
Ohio limited liability company (the "Fund"), for the purpose of reporting
certain dispositions by the Trust and the Fund, of shares of common stock,
without par value (the "Shares"), of Cardinal Realty Services, Inc., an Ohio
corporation ("Cardinal").
Item 5. Interest in Securities of the Issuer.
Item 5 is amended and supplemented as follows:
(a) According to the most recently available filing with the Securities
and Exchange Commission by Cardinal, there are 3,836,666 Shares outstanding.
The Fund beneficially owns 190,000 Shares, or approximately 4.95% of
the outstanding Shares. As the sole manager of the Fund, Mr. Osborne may be
deemed to beneficially own such Shares.
The Trust no longer beneficially own any Shares.
(c) During the past 60 days, the Trust disposed of Shares in open market
transactions as set forth below:
<TABLE>
Approx. Per Share Price
Date Number of Shares (Excluding Commissions)
<S> <C> <C>
March 14, 1996 5,000 $17.63
March 21, 1996 5,000 $17.88
April 2, 1996 5,000 $17.75
April 8, 1996 5,000 $17.63
April 15, 1996 6,000 $17.75
April 18, 1996 8,000 $17.75
April 19, 1996 5,000 $17.88
April 19, 1996 10,000 $17.75
April 22, 1996 13,000 $17.75
April 22, 1996 10,500 $17.75
April 23, 1996 1,500 $17.75
April 24, 1996 10,000 $17.75
April 25, 1996 16,000 $17.75
</TABLE>
<PAGE>
<PAGE> 5
CUSIP No. 141538 10 08
During the past 60 days, the Fund disposed of Shares in open market
transactions as set forth below:
<TABLE>
Approx. Per Share Price
Date Number of Shares (Excluding Commissions)
<S> <C> <C>
April 26, 1996 22,311 $17.75
April 26, 1996 2,000 $18.00
</TABLE>
(e) The Trust ceased to be a beneficial owner of any Shares on April 25,
1996. The Fund ceased to be a beneficial owner of more than 5.0% of the
outstanding Shares on April 26, 1996.
Item 7. Material to be filed as Exhibits.
Item 7 is amended and supplemented as follows:
Exhibit 7.4 -- Joint Filing Agreement
<PAGE>
<PAGE> 6
CUSIP No. 141538 10 08
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: April 26, 1996 RICHARD M. OSBORNE TRUST
/s/ Richard M. Osborne
---------------------------
Richard M. Osborne, Trustee
TURKEY VULTURE FUND XIII, LTD.
/s/ Richard M. Osborne
----------------------------
Richard M. Osborne, Manager
<PAGE>
<PAGE> 7
Exhibit Index
Exhibit 7.4 -- Joint Filing Agreement
<PAGE>
EXHIBIT 7.4
AGREEMENT OF JOINT FILING
Pursuant to Rule 13d-1(f) promulgated under the Securities Exchange Act of
1934, as amended, the undersigned persons hereby agree to file with the
Securities and Exchange Commission, the Statement on Schedule 13D (the
"Statement") to which this Agreement is attached as an exhibit, and agree that
such Statement, as so filed, is filed on behalf of each of them.
This Agreement may be executed in counterparts, each of which when so
executed shall be deemed to be an original, and all of which together shall be
deemed to constitute one and the same instrument.
IN WITNESS WHEREOF, the undersigned have executed this Agreement.
Dated: April 26, 1996 RICHARD M. OSBORNE TRUST
/s/ Richard M. Osborne
----------------------------
Richard M. Osborne, Trustee
TURKEY VULTURE FUND XIII, LTD.
/s/ Richard M. Osborne
----------------------------
Richard M. Osborne, Manager
