Reven Housing REIT (RVEN) 10-Q 10 Aug 17 2017 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Jul. 31, 2017
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Entity Registrant Name	Reven Housing REIT, Inc.
Entity Central Index Key	1,487,782
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Trading Symbol	RVEN
Entity Common Stock, Shares Outstanding		10,734,025

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Investments in single-family residential properties:
Land	$ 10,414,247	$ 8,579,550
Buildings and improvements	47,836,495	39,419,038
Investments in real estate, gross	58,250,742	47,998,588
Accumulated depreciation	(3,663,462)	(2,853,049)
Investments in single-family residential properties, net	54,587,280	45,145,539
Cash	3,984,296	10,044,977
Rent and other receivables	610,172	246,378
Escrow deposits	0	105,500
Lease origination costs, net	406,439	329,395
Deferred stock issuance costs	331,302	0
Other assets, net	310,559	195,020
Total Assets	60,230,048	56,066,809
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable and accrued liabilities	1,258,510	1,283,235
Resident security deposits	689,567	552,698
Notes payable, net	24,160,034	19,454,377
Total Liabilities	26,108,111	21,290,310
Commitments and contingencies (Note 9)
Stockholders' Equity
Preferred stock, $.001 par value; 25,000,000 shares authorized; No shares issued or outstanding	0	0
Common stock, $.001 par value; 100,000,000 shares authorized; 10,734,025 shares issued and outstanding at June 30, 2017 and December 31, 2016	10,734	10,734
Additional paid-in capital	41,677,465	41,677,465
Accumulated deficit	(7,566,262)	(6,911,700)
Total Stockholders' Equity	34,121,937	34,776,499
Total Liabilities and Stockholders' Equity	$ 60,230,048	$ 56,066,809

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2017	Dec. 31, 2016
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	25,000,000	25,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	10,734,025	10,734,025
Common stock, shares outstanding	10,734,025	10,734,025

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenue:
Rental income	$ 2,029,504	$ 1,394,136	$ 3,770,813	$ 2,772,899
Expenses:
Property operating and maintenance	586,070	399,506	1,101,631	800,742
Real estate taxes	370,088	214,929	642,170	428,092
Depreciation and amortization	479,240	313,508	920,965	638,924
General and administration	601,067	479,463	1,302,398	980,486
Acquisition costs	0	0	0	57,863
Total expenses	2,036,465	1,407,406	3,967,164	2,906,107
Operating loss	(6,961)	(13,270)	(196,351)	(133,208)
Other income (expenses):
Net gain on sale of residential property	36,823	0	75,796	0
Other	(2,109)	94	91,150	309
Interest expense	(317,637)	(257,186)	(625,157)	(515,343)
Total other income (expenses), net	(282,923)	(257,092)	(458,211)	(515,034)
Net loss	$ (289,884)	$ (270,362)	$ (654,562)	$ (648,242)
Net loss per share
(Basic and fully diluted) (in dollars per share)	$ (0.03)	$ (0.04)	$ (0.06)	$ (0.09)
Weighted average number of common shares outstanding (in shares)	10,734,025	7,039,405	10,734,025	7,035,533

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash Flows From Operating Activities:
Net loss	$ (654,562)	$ (648,242)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	920,965	638,924
Amortization of deferred loan fees	68,119	60,654
Gain on disposal of real estate	(75,796)	0
Changes in operating assets and liabilities:
Rent and other receivables	(363,794)	1,831
Other assets	(115,539)	(149,144)
Accounts payable and accrued liabilities	(24,725)	90,941
Resident security deposits	136,869	1,333
Net cash used in operating activities	(108,463)	(3,703)
Cash Flows From Investing Activities:
Acquisitions of single-family residential properties	(10,039,852)	0
Capital improvements for single-family residential properties	(354,414)	(224,805)
Proceeds from disposition of single-family residential property	205,027	0
Lease origination costs	(174,715)	(53,030)
Refunds of escrow deposits	105,500	143,901
Net cash used in investing activities	(10,258,454)	(133,934)
Cash Flows From Financing Activities:
Proceeds from note payable	5,020,000	0
Payments of notes payable	(258,266)	(957)
Payment of loan fees	(124,196)	0
Payments of deferred stock issuance costs	(331,302)	(121,278)
Net cash provided by (used in) financing activities	4,306,236	(122,235)
Net Decrease In Cash	(6,060,681)	(259,872)
Cash at the Beginning of the Period	10,044,977	2,140,298
Cash at the End of the Period	3,984,296	1,880,426
Supplemental Disclosure:
Cash paid for interest	$ 543,602	$ 455,284

ORGANIZATION AND OPERATION

ORGANIZATION AND OPERATION	6 Months Ended
	Jun. 30, 2017
Organization And Operation [Abstract]
Nature of Operations [Text Block]	NOTE 1. ORGANIZATION AND OPERATION Reven Housing REIT, Inc. is a Maryland corporation (Reven Housing REIT, Inc., which along with its wholly-owned subsidiaries, are also referred to herein collectively as the “Company”) which acquires portfolios of occupied and rented single-family residential properties throughout the United States with the objective of receiving income from rental property activity and future profits from the sale of rental property at appreciated values. As of June 30, 2017, the Company owned 754 single-family homes in the Houston, Jacksonville, Memphis, Birmingham, and Atlanta metropolitan areas.

BASIS OF PRESENTATION AND SIGNI

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]	NOTE 2. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES The accompanying consolidated financial statements are presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”), as contained within the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”), and the rules and regulations of the Securities Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. It is suggested that these condensed consolidated financial statements be read in conjunction with the consolidated financial statements and notes thereto included in the 2016 Annual Report on Form 10-K filed with the SEC on March 24, 2017. The results of operations for the period ended June 30, 2017 are not necessarily indicative of the operating results for the full year. The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Reven Housing REIT OP, L.P., Reven Housing GP, LLC, Reven Housing REIT TRS, LLC, Reven Housing Georgia, LLC, Reven Housing Texas, LLC, Reven Housing Texas 2, LLC, Reven Housing Florida, LLC, Reven Housing Florida 2, LLC, Reven Housing Alabama, LLC and Reven Housing Tennessee, LLC. All significant intercompany accounts and transactions have been eliminated in consolidation. The preparation of the consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the balance sheet dates and reported amounts of revenues and expenses for the periods presented. Accordingly, actual results could differ from those estimates. The carrying value of the Company’s financial instruments, as reported in the accompanying consolidated balance sheets, approximates fair value due to their short term nature. The Company’s short term financial instruments consist of cash, rents and other receivables, escrow deposits, accounts payable and accrued liabilities, and resident security deposits. The carrying value of the Company’s notes payable, as reported in the accompanying consolidated balance sheets, approximates fair value due to the fact that their interest rate, security, and payment terms are similar to other debt instruments currently being issued. Prior to January 1, 2017, the Company accounted for its investments in single-family residential properties as business combinations under the guidance of ASC Topic 805, Business Combinations In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business Building improvements and buildings are depreciated over estimated useful lives of approximately 10 27.5 The Company assesses its investments in single-family residential properties for impairment whenever events or changes in business circumstances indicate that carrying amounts of the assets may not be fully recoverable. When such events occur, management determines whether there has been impairment by comparing the asset’s carrying value with its fair value. Should impairment exist, the asset is written down to its estimated fair value. The Company did not recognize any impairment losses for the six months ended June 30, 2017 and 2016. The Company maintains its cash at quality financial institutions. The combined account balances at one or more institutions typically exceed the federal insurance coverage and thus there is a concentration of credit risk related to amounts on deposit in excess of available federal insurance coverage. The Company believes that the risk is not significant, as the Company does not anticipate the financial institutions’ non-performance. Rents and other receivables represent the amount of rent receivables, security deposits and net rental funds which are held by the property managers on behalf of the Company, net of any allowance for amounts deemed uncollectible. The Company has not recognized any allowance for doubtful accounts as of June 30, 2017 and December 31, 2016. Escrow deposits include refundable and non-refundable cash and earnest money on deposit with third parties for future property purchases. However, not all of these properties are certain to be acquired because properties may fall out of escrow through the closing process for various reasons. The Company had no outstanding escrow deposits as of June 30, 2017. Costs incurred in the placement of the Company’s notes payable are deferred and amortized using the effective interest method over the term of the respective notes as a component of interest expense on the consolidated statements of operations and presented as an offset to notes payable on the consolidated balance sheets. Deferred stock issuance costs represent amounts paid for legal, consulting, and other offering expenses in conjunction with the future raising of additional capital to be completed within one year. These costs are netted against additional paid-in capital as a cost of the stock issuance upon closing of the respective stock placement. Resident security deposits represent amounts deposited by tenants at the inception of the lease. As of June 30, 2017 and December 31, 2016, the Company had $ 689,567 552,698 Residential properties are leased to tenants under short term rental agreements of generally one year and revenue is recognized over the lease term on a straight-line basis. The Company has reclassified certain prior period amounts to conform to the current period’s presentation. The Company intends to elect to be taxed as a real estate investment trust (“REIT”), as defined in the Internal Revenue Code, commencing for the year ending December 31, 2017. Accordingly, the Company does not expect to be subject to federal income tax, provided that it continues to qualify as a REIT and distributions to the stockholders equal or exceed REIT taxable income. Qualification and taxation as a REIT depends upon the Company’s ability to meet the various qualification tests imposed under the Internal Revenue Code related to the percentage of income that are earned from specified sources, the percentage of assets that fall within specified categories, the diversity of capital stock ownership, and the percentage of earnings that are distributed. Accordingly, no assurance can be given that the Company will be organized or be able to operate in a manner to qualify or remain qualified as a REIT. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal and state income tax (including any applicable alternative minimum tax) on its taxable income at regular corporate tax rates, and the Company may be ineligible to qualify as a REIT for four subsequent tax years. Even if the Company qualifies as a REIT, it may be subject to certain state or local income taxes. During 2012, the Company established the 2012 Incentive Compensation Plan, which was subsequently amended and restated in December 2013 (“2012 Plan”). The 2012 Plan allows for the grant of options and other awards representing up to 1,650,000 Under the 2012 Plan, options may be granted at an exercise price greater than or equal to the market value at the date of the grant, and for owners of 10% or more of the voting shares, at an exercise price of not less than 110% of the market value. Awards are exercisable over a period of time as determined by a committee designated by the Board of Directors, but in no event, longer than ten years. A total of 496,359 Net loss per share is computed by dividing the net loss by the weighted average number of shares of common stock outstanding. Warrants, stock options, and common stock issuable upon the conversion of the Company's preferred stock (if any) are not included in the computation if the effect would be anti-dilutive and would increase earnings or decrease loss per share. For the six months ended June 30, 2017 and 2016, potentially dilutive securities excluded from the calculations were 263,588 In February 2016, the FASB issued ASU 2016-02, Leases In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows, Classification of Certain Cash Receipts and Cash Payments In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows, Restricted Cash

INVESTMENTS IN SINGLE-FAMILY RE

INVESTMENTS IN SINGLE-FAMILY RESIDENTIAL PROPERTIES	6 Months Ended
	Jun. 30, 2017
Residential Homes [Abstract]
Residential Homes [Text Block]	NOTE 3. INVESTMENTS IN SINGLE-FAMILY RESIDENTIAL PROPERTIES The following table summarizes the Company’s investments in single-family residential properties. The homes are generally leased to individual tenants under leases with terms of one year or less. Investments in Single-Family Number Buildings and Residential of Homes Land Improvements Properties, Gross Total at December 31, 2016 624 $ 8,579,550 $ 39,419,038 $ 47,998,588 Purchases, improvements, sales during 2017: Birmingham, AL 68 1,065,000 4,196,572 5,261,572 Atlanta, GA 38 270,000 2,434,699 2,704,699 Memphis, TN 26 523,250 1,636,666 2,159,916 Houston, TX - - 103,428 103,428 Houston, TX (sale) (1) (12,645) (52,091) (64,736) Jacksonville, FL - - 164,651 164,651 Jacksonville, FL (sale) (1) (10,908) (66,468) (77,376) Total at June 30, 2017 754 $ 10,414,247 $ 47,836,495 $ 58,250,742

ACCOUNTS PAYABLE AND ACCRUED LI

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	6 Months Ended
	Jun. 30, 2017
Accounts Payable and Accrued Liabilities [Abstract]
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	NOTE 4. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES At June 30, 2017 and December 31, 2016, accounts payable and accrued liabilities consisted of the following: 2017 2016 Accounts payable $ 109,115 $ 248,456 Real estate taxes payable 685,890 667,811 Accrued compensation, board fees and other 383,601 300,500 Interest payable 79,904 66,468 $ 1,258,510 $ 1,283,235

NOTES PAYABLE

NOTES PAYABLE	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	NOTE 5. NOTES PAYABLE On January 31, 2017, Reven Housing Texas 2, LLC, a wholly-owned subsidiary of the Company, received loan proceeds and issued a promissory note in the principal amount of $ 5,020,000 31,759 4.50 On April 4, 2017, the Company entered into loan modification agreements with the regional bank on the other four notes mentioned in the summary below whereby the interest rate on all four loans was modified from a rate of 1% over the prime rate to a fixed rate of 4.5% per annum. 25 April 5, 2020 2 1 2017 2016 Note Reven Housing Texas, LLC $ 7,394,100 $ 7,502,504 Reven Housing Texas 2, LLC 4,968,598 - Reven Housing Tennessee, LLC 3,873,350 3,908,829 Reven Housing Florida, LLC 3,481,238 3,526,794 Reven Housing Florida 2, LLC 4,858,473 4,875,898 24,575,759 19,814,025 Less deferred loan fees, net (415,725) (359,648) Notes payable, net $ 24,160,034 $ 19,454,377 Costs incurred in the placement of the Company’s debt are deferred and amortized using the effective interest method over the term of the loans as a component of interest expense on the consolidated statements of operations. The amount of unamortized fees are deducted from the remaining principal amount owed on the corresponding notes payable. Unamortized deferred loan costs and fees totaled $ 415,725 359,648 During the three months ended June 30, 2017 and 2016, the Company incurred $ 317,637 257,186 35,502 30,327 625,157 515,343 68,119 60,654

STOCKHOLDERS_ EQUITY AND STOCK

STOCKHOLDERS’ EQUITY AND STOCK COMPENSATION	6 Months Ended
	Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	NOTE 6. STOCKHOLDERS’ EQUITY AND STOCK COMPENSATION On October 16, 2014, the Company issued 425,000 106,250 The Company has outstanding warrants that allow holders to purchase up to 263,588 4.00 September 27, 2018

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	NOTE 7. INCOME TAXES The Company intends to elect REIT status effective for the year ended December 31, 2017. The Company will generally not be subject to income taxes assuming it complies with the specific rules applicable to REITs.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2017
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	NOTE 8. RELATED PARTY TRANSACTIONS The Company sub-leased office space on a month-to-month basis from Reven Capital, LLC, which is wholly-owned by Chad M. Carpenter, a shareholder of the Company and its Chief Executive Officer, through January 31, 2016. This arrangement was terminated upon the Company relocating its office space and signing a new lease agreement with an unrelated party. Reven Capital, LLC currently subleases office space from the Company on a month to month basis for a monthly rental of $500.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	NOTE 9. COMMITMENTS AND CONTINGENCIES Legal and Regulatory The Company is subject to potential liability under laws and government regulations and various claims and legal actions arising in the ordinary course of the Company’s business. Liabilities are established for legal claims when payments associated with the claims become probable and the costs can be reasonably estimated. The actual costs of resolving legal claims may be substantially higher or lower than the amounts established for those claims. Based on information currently available, management is not aware of any legal or regulatory claims that would have a material effect on the Company’s consolidated financial statements and, therefore, no accrual has been recorded as of the periods ended June 30, 2017 and 2016

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2017
Subsequent Events [Abstract]
Subsequent Events [Text Block]	NOTE 10. SUBSEQUENT EVENTS On August 1, 2017, through a wholly owned subsidiary, the Company received loan proceeds and issued a promissory note in the principal amount of $ 1,793,633 4.5 25 July 5, 2020

BASIS OF PRESENTATION AND SIG16

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation The accompanying consolidated financial statements are presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”), as contained within the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”), and the rules and regulations of the Securities Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. It is suggested that these condensed consolidated financial statements be read in conjunction with the consolidated financial statements and notes thereto included in the 2016 Annual Report on Form 10-K filed with the SEC on March 24, 2017. The results of operations for the period ended June 30, 2017 are not necessarily indicative of the operating results for the full year.
Consolidation, Policy [Policy Text Block]	Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Reven Housing REIT OP, L.P., Reven Housing GP, LLC, Reven Housing REIT TRS, LLC, Reven Housing Georgia, LLC, Reven Housing Texas, LLC, Reven Housing Texas 2, LLC, Reven Housing Florida, LLC, Reven Housing Florida 2, LLC, Reven Housing Alabama, LLC and Reven Housing Tennessee, LLC. All significant intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of the consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the balance sheet dates and reported amounts of revenues and expenses for the periods presented. Accordingly, actual results could differ from those estimates.
Fair Value of Financial Instruments, Policy [Policy Text Block]	Financial Instruments The carrying value of the Company’s financial instruments, as reported in the accompanying consolidated balance sheets, approximates fair value due to their short term nature. The Company’s short term financial instruments consist of cash, rents and other receivables, escrow deposits, accounts payable and accrued liabilities, and resident security deposits. The carrying value of the Company’s notes payable, as reported in the accompanying consolidated balance sheets, approximates fair value due to the fact that their interest rate, security, and payment terms are similar to other debt instruments currently being issued.
Property Acquisitions [Policy Text Block]	Investments in Single-Family Residential Properties Prior to January 1, 2017, the Company accounted for its investments in single-family residential properties as business combinations under the guidance of ASC Topic 805, Business Combinations In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business Building improvements and buildings are depreciated over estimated useful lives of approximately 10 27.5 The Company assesses its investments in single-family residential properties for impairment whenever events or changes in business circumstances indicate that carrying amounts of the assets may not be fully recoverable. When such events occur, management determines whether there has been impairment by comparing the asset’s carrying value with its fair value. Should impairment exist, the asset is written down to its estimated fair value. The Company did not recognize any impairment losses for the six months ended June 30, 2017 and 2016.
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash The Company maintains its cash at quality financial institutions. The combined account balances at one or more institutions typically exceed the federal insurance coverage and thus there is a concentration of credit risk related to amounts on deposit in excess of available federal insurance coverage. The Company believes that the risk is not significant, as the Company does not anticipate the financial institutions’ non-performance.
Advances to Property Manager [Policy Text Block]	Rents and Other Receivables Rents and other receivables represent the amount of rent receivables, security deposits and net rental funds which are held by the property managers on behalf of the Company, net of any allowance for amounts deemed uncollectible. The Company has not recognized any allowance for doubtful accounts as of June 30, 2017 and December 31, 2016.
Escrow Deposits And Prepaid Expense [Policy Text Block]	Escrow Deposits Escrow deposits include refundable and non-refundable cash and earnest money on deposit with third parties for future property purchases. However, not all of these properties are certain to be acquired because properties may fall out of escrow through the closing process for various reasons. The Company had no outstanding escrow deposits as of June 30, 2017.
Deferred Loan Fees, Policy [Policy Text Block]	Deferred Loan Fees Costs incurred in the placement of the Company’s notes payable are deferred and amortized using the effective interest method over the term of the respective notes as a component of interest expense on the consolidated statements of operations and presented as an offset to notes payable on the consolidated balance sheets.
Deferred Stock Issuance Costs [Policy Text Block]	Deferred Stock Issuance Costs Deferred stock issuance costs represent amounts paid for legal, consulting, and other offering expenses in conjunction with the future raising of additional capital to be completed within one year. These costs are netted against additional paid-in capital as a cost of the stock issuance upon closing of the respective stock placement.
Security Deposits [Policy Text Block]	Resident Security Deposits Resident security deposits represent amounts deposited by tenants at the inception of the lease. As of June 30, 2017 and December 31, 2016, the Company had $ 689,567 552,698
Revenue Recognition, Policy [Policy Text Block]	Revenue Recognition Residential properties are leased to tenants under short term rental agreements of generally one year and revenue is recognized over the lease term on a straight-line basis.
Reclassification, Policy [Policy Text Block]	Reclassifications The Company has reclassified certain prior period amounts to conform to the current period’s presentation.
Income Tax, Policy [Policy Text Block]	Income Taxes The Company intends to elect to be taxed as a real estate investment trust (“REIT”), as defined in the Internal Revenue Code, commencing for the year ending December 31, 2017. Accordingly, the Company does not expect to be subject to federal income tax, provided that it continues to qualify as a REIT and distributions to the stockholders equal or exceed REIT taxable income. Qualification and taxation as a REIT depends upon the Company’s ability to meet the various qualification tests imposed under the Internal Revenue Code related to the percentage of income that are earned from specified sources, the percentage of assets that fall within specified categories, the diversity of capital stock ownership, and the percentage of earnings that are distributed. Accordingly, no assurance can be given that the Company will be organized or be able to operate in a manner to qualify or remain qualified as a REIT. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal and state income tax (including any applicable alternative minimum tax) on its taxable income at regular corporate tax rates, and the Company may be ineligible to qualify as a REIT for four subsequent tax years. Even if the Company qualifies as a REIT, it may be subject to certain state or local income taxes.
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]	Incentive Compensation Plan During 2012, the Company established the 2012 Incentive Compensation Plan, which was subsequently amended and restated in December 2013 (“2012 Plan”). The 2012 Plan allows for the grant of options and other awards representing up to 1,650,000 Under the 2012 Plan, options may be granted at an exercise price greater than or equal to the market value at the date of the grant, and for owners of 10% or more of the voting shares, at an exercise price of not less than 110% of the market value. Awards are exercisable over a period of time as determined by a committee designated by the Board of Directors, but in no event, longer than ten years. A total of 496,359
Earnings Per Share, Policy [Policy Text Block]	Net Loss Per Share Net loss per share is computed by dividing the net loss by the weighted average number of shares of common stock outstanding. Warrants, stock options, and common stock issuable upon the conversion of the Company's preferred stock (if any) are not included in the computation if the effect would be anti-dilutive and would increase earnings or decrease loss per share. For the six months ended June 30, 2017 and 2016, potentially dilutive securities excluded from the calculations were 263,588
New Accounting Pronouncements, Policy [Policy Text Block]	New Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows, Classification of Certain Cash Receipts and Cash Payments In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows, Restricted Cash

INVESTMENTS IN SINGLE-FAMILY 17

INVESTMENTS IN SINGLE-FAMILY RESIDENTIAL PROPERTIES (Tables)	6 Months Ended
	Jun. 30, 2017
Residential Homes [Abstract]
Schedule of Real Estate Properties [Table Text Block]	The homes are generally leased to individual tenants under leases with terms of one year or less. Investments in Single-Family Number Buildings and Residential of Homes Land Improvements Properties, Gross Total at December 31, 2016 624 $ 8,579,550 $ 39,419,038 $ 47,998,588 Purchases, improvements, sales during 2017: Birmingham, AL 68 1,065,000 4,196,572 5,261,572 Atlanta, GA 38 270,000 2,434,699 2,704,699 Memphis, TN 26 523,250 1,636,666 2,159,916 Houston, TX - - 103,428 103,428 Houston, TX (sale) (1) (12,645) (52,091) (64,736) Jacksonville, FL - - 164,651 164,651 Jacksonville, FL (sale) (1) (10,908) (66,468) (77,376) Total at June 30, 2017 754 $ 10,414,247 $ 47,836,495 $ 58,250,742

ACCOUNTS PAYABLE AND ACCRUED 18

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2017
Accounts Payable and Accrued Liabilities [Abstract]
Schedule of Accrued Liabilities [Table Text Block]	At June 30, 2017 and December 31, 2016, accounts payable and accrued liabilities consisted of the following: 2017 2016 Accounts payable $ 109,115 $ 248,456 Real estate taxes payable 685,890 667,811 Accrued compensation, board fees and other 383,601 300,500 Interest payable 79,904 66,468 $ 1,258,510 $ 1,283,235

NOTES PAYABLE (Tables)

NOTES PAYABLE (Tables)	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Schedule of Debt [Table Text Block]	A summary of the Company’s notes payable as of June 30, 2017 and December 31, 2016 is as follows: 2017 2016 Note Reven Housing Texas, LLC $ 7,394,100 $ 7,502,504 Reven Housing Texas 2, LLC 4,968,598 - Reven Housing Tennessee, LLC 3,873,350 3,908,829 Reven Housing Florida, LLC 3,481,238 3,526,794 Reven Housing Florida 2, LLC 4,858,473 4,875,898 24,575,759 19,814,025 Less deferred loan fees, net (415,725) (359,648) Notes payable, net $ 24,160,034 $ 19,454,377

BASIS OF PRESENTATION AND SIG20

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - USD ($)	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016	Dec. 31, 2012
Accounting Policies [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	263,588	263,588
Security Deposit	$ 689,567		$ 552,698
Buildings and Improvements [Member] | Minimum [Member]
Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life	10 years
Buildings and Improvements [Member] | Maximum [Member]
Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life	27 years 6 months
Incentive Compensation Plan 2012 [Member]
Accounting Policies [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized				1,650,000
Share-based Compensation Arrangement by Share-based Payment Award, Description	Under the 2012 Plan, options may be granted at an exercise price greater than or equal to the market value at the date of the grant, and for owners of 10% or more of the voting shares, at an exercise price of not less than 110% of the market value. Awards are exercisable over a period of time as determined by a committee designated by the Board of Directors, but in no event, longer than ten years.
Stock Issued During Period, Shares, Share-based Compensation, Gross	496,359

INVESTMENTS IN SINGLE-FAMILY 21

INVESTMENTS IN SINGLE-FAMILY RESIDENTIAL PROPERTIES (Details)	6 Months Ended
	Jun. 30, 2017USD ($)Number	Dec. 31, 2016Number
RESIDENTIAL HOMES, NET [Line Items]
Number of Homes | Number	754	624
Land [Member]
RESIDENTIAL HOMES, NET [Line Items]
Property Plant and Equipment at Beginning	$ 8,579,550
Property Plant and Equipment at Ending	10,414,247
Building Improvements [Member]
RESIDENTIAL HOMES, NET [Line Items]
Property Plant and Equipment at Beginning	39,419,038
Property Plant and Equipment at Ending	47,836,495
Investments In Single-Family Residential Properties [Member]
RESIDENTIAL HOMES, NET [Line Items]
Property Plant and Equipment at Beginning	47,998,588
Property Plant and Equipment at Ending	$ 58,250,742
Birmingham,AL [Member]
RESIDENTIAL HOMES, NET [Line Items]
Number of Homes | Number	68
Birmingham,AL [Member] | Land [Member]
RESIDENTIAL HOMES, NET [Line Items]
Property Plant and Equipment, Additions	$ 1,065,000
Birmingham,AL [Member] | Building Improvements [Member]
RESIDENTIAL HOMES, NET [Line Items]
Property Plant and Equipment, Additions	4,196,572
Birmingham,AL [Member] | Investments In Single-Family Residential Properties [Member]
RESIDENTIAL HOMES, NET [Line Items]
Property Plant and Equipment, Additions	$ 5,261,572
Atlanta, GA [Member]
RESIDENTIAL HOMES, NET [Line Items]
Number of Homes | Number	38
Atlanta, GA [Member] | Land [Member]
RESIDENTIAL HOMES, NET [Line Items]
Property Plant and Equipment, Additions	$ 270,000
Atlanta, GA [Member] | Building Improvements [Member]
RESIDENTIAL HOMES, NET [Line Items]
Property Plant and Equipment, Additions	2,434,699
Atlanta, GA [Member] | Investments In Single-Family Residential Properties [Member]
RESIDENTIAL HOMES, NET [Line Items]
Property Plant and Equipment, Additions	$ 2,704,699
Memphis, TN [Member]
RESIDENTIAL HOMES, NET [Line Items]
Number of Homes | Number	26
Memphis, TN [Member] | Land [Member]
RESIDENTIAL HOMES, NET [Line Items]
Property Plant and Equipment, Additions	$ 523,250
Memphis, TN [Member] | Building Improvements [Member]
RESIDENTIAL HOMES, NET [Line Items]
Property Plant and Equipment, Additions	1,636,666
Memphis, TN [Member] | Investments In Single-Family Residential Properties [Member]
RESIDENTIAL HOMES, NET [Line Items]
Property Plant and Equipment, Additions	$ 2,159,916
Houston, TX [Member]
RESIDENTIAL HOMES, NET [Line Items]
Number of Homes | Number	0
Houston, TX [Member] | Land [Member]
RESIDENTIAL HOMES, NET [Line Items]
Property Plant and Equipment, Additions	$ 0
Houston, TX [Member] | Building Improvements [Member]
RESIDENTIAL HOMES, NET [Line Items]
Property Plant and Equipment, Additions	103,428
Houston, TX [Member] | Investments In Single-Family Residential Properties [Member]
RESIDENTIAL HOMES, NET [Line Items]
Property Plant and Equipment, Additions	$ 103,428
Houston,TX Sale [Member]
RESIDENTIAL HOMES, NET [Line Items]
Number of Homes | Number	(1)
Houston,TX Sale [Member] | Land [Member]
RESIDENTIAL HOMES, NET [Line Items]
Property Plant and Equipment, Disposal	$ (12,645)
Houston,TX Sale [Member] | Building Improvements [Member]
RESIDENTIAL HOMES, NET [Line Items]
Property Plant and Equipment, Disposal	(52,091)
Houston,TX Sale [Member] | Investments In Single-Family Residential Properties [Member]
RESIDENTIAL HOMES, NET [Line Items]
Property Plant and Equipment, Disposal	$ (64,736)
Jacksonville, FL [Member]
RESIDENTIAL HOMES, NET [Line Items]
Number of Homes | Number	0
Jacksonville, FL [Member] | Land [Member]
RESIDENTIAL HOMES, NET [Line Items]
Property Plant and Equipment, Additions	$ 0
Jacksonville, FL [Member] | Building Improvements [Member]
RESIDENTIAL HOMES, NET [Line Items]
Property Plant and Equipment, Additions	164,651
Jacksonville, FL [Member] | Investments In Single-Family Residential Properties [Member]
RESIDENTIAL HOMES, NET [Line Items]
Property Plant and Equipment, Additions	$ 164,651
Jacksonville, Fl sale [Member]
RESIDENTIAL HOMES, NET [Line Items]
Number of Homes | Number	(1)
Jacksonville, Fl sale [Member] | Land [Member]
RESIDENTIAL HOMES, NET [Line Items]
Property Plant and Equipment, Disposal	$ (10,908)
Jacksonville, Fl sale [Member] | Building Improvements [Member]
RESIDENTIAL HOMES, NET [Line Items]
Property Plant and Equipment, Disposal	(66,468)
Jacksonville, Fl sale [Member] | Investments In Single-Family Residential Properties [Member]
RESIDENTIAL HOMES, NET [Line Items]
Property Plant and Equipment, Disposal	$ (77,376)

ACCOUNTS PAYABLE AND ACCRUED 22

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Details) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Accounts Payable And Accrued Expenses [Line Items]
Accounts payable	$ 109,115	$ 248,456
Real estate taxes payable	685,890	667,811
Accrued compensation, board fees and other	383,601	300,500
Interest payable	79,904	66,468
Accounts payable and accrued liabilities	$ 1,258,510	$ 1,283,235

NOTES PAYABLE (Details)

NOTES PAYABLE (Details) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Note
Notes Payable, Total	$ 24,575,759	$ 19,814,025
Less deferred loan fees, net	(415,725)	(359,648)
Notes payable, net	24,160,034	19,454,377
Reven Housing Texas, LLC [Member]
Note
Notes Payable, Total	7,394,100	7,502,504
Reven Housing Tennessee, LLC [Member]
Note
Notes Payable, Total	3,873,350	3,908,829
Reven Housing Florida, LLC [Member]
Note
Notes Payable, Total	3,481,238	3,526,794
Reven Housing Florida 2, LLC [Member]
Note
Notes Payable, Total	4,858,473	4,875,898
Reven Housing Texas 2 LLC [Member]
Note
Notes Payable, Total	$ 4,968,598	$ 0

NOTES PAYABLE (Details Textual)

NOTES PAYABLE (Details Textual) - USD ($)	Apr. 04, 2017	Jan. 31, 2017	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Notes Payable [Line Items]
Interest Expense, Debt			$ 317,637	$ 257,186	$ 625,157	$ 515,343
Amortization of Financing Costs			35,502	$ 30,327	68,119	$ 60,654
Debt Instrument, Periodic Payment, Total		$ 31,759
Debt Issuance Costs, Net			415,725		415,725		$ 359,648
Notes Payable [Member]
Notes Payable [Line Items]
Debt Instrument, Maturity Date	Apr. 5, 2020
Debt Instrument, Interest Rate Terms	rate of 1% over the prime rate to a fixed rate of 4.5% per annum.
Debt Issuance Costs, Net			$ 415,725		$ 415,725		$ 359,648
Prepayment Penalty Percentage For Following Years	1.00%
Prepayment Penalty Percentage First Year	2.00%
Debt Instrument, Term	25 years
Promissory Note [Member]
Notes Payable [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		4.50%
Debt Instrument, Face Amount		$ 5,020,000

STOCKHOLDERS' EQUITY AND STOCK

STOCKHOLDERS' EQUITY AND STOCK COMPENSATION (Details Textual) - $ / shares	1 Months Ended	6 Months Ended	12 Months Ended
	Oct. 16, 2014	Jun. 30, 2017	Dec. 31, 2016
Incentive Compensation Plan 2012 [Member]
STOCKHOLDERS’ EQUITY AND STOCK COMPENSATION [Line Items]
Stock Issued During Period, Shares, Issued for Services	425,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares			106,250
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares		318,750
Private Placement [Member]
STOCKHOLDERS’ EQUITY AND STOCK COMPENSATION [Line Items]
Warrants To Purchase Common Stock		263,588
Share Price		$ 4
Investment Warrants Expiration Date		Sep. 27, 2018

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Textual)	6 Months Ended
	Jun. 30, 2017USD ($)
Related Party Transaction [Line Items]
Operating Leases, Rent Expense	$ 500

SUBSEQUENT EVENTS (Details Text

SUBSEQUENT EVENTS (Details Textual) - USD ($)	1 Months Ended	6 Months Ended
	Aug. 01, 2017	Jun. 30, 2017	Jun. 30, 2016
Subsequent Event [Line Items]
Proceeds From Notes Payable		$ 5,020,000	$ 0
Subsequent Event [Member] | Promisory Note [Member]
Subsequent Event [Line Items]
Proceeds From Notes Payable	$ 1,793,633
Debt Instrument, Interest Rate, Stated Percentage	4.50%
Debt Instrument, Maturity Date	Jul. 5, 2020
Debt Instrument, Term	25 years