Reven Housing REIT (RVEN) 10-Q 11 May 18 2018 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2018	Apr. 30, 2018
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
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		10,769,530

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Investments in single-family residential properties:
Land	$ 11,328,161	$ 10,996,361
Buildings and improvements	51,883,167	49,399,791
Investments in real estate, gross	63,211,328	60,396,152
Accumulated depreciation	(5,036,122)	(4,542,707)
Investments in single-family residential properties, net	58,175,206	55,853,445
Cash	7,213,911	6,442,322
Rent and other receivables	702,284	645,441
Escrow deposits	0	24,430
Lease origination costs, net	363,797	317,359
Deferred stock issuance costs	553,296	553,296
Other assets, net	265,782	1,750,548
Total Assets	67,274,276	65,586,841
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable and accrued liabilities	740,170	1,453,142
Resident security deposits	746,878	697,379
Notes payable, net	32,959,777	30,493,124
Total Liabilities	34,446,825	32,643,645
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; 10,769,530 and 10,734,025 shares issued and outstanding at at March 31, 2018 and December 31, 2017, respectively	10,770	10,734
Additional paid-in capital	41,841,805	41,677,465
Accumulated deficit	(9,025,124)	(8,745,003)
Total Stockholders' Equity	32,827,451	32,943,196
Total Liabilities and Stockholders' Equity	$ 67,274,276	$ 65,586,841

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2018	Dec. 31, 2017
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	10,769,530	10,734,025
Common stock, shares outstanding	10,769,530	10,734,025

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenue:
Rental income	$ 2,179,291	$ 1,741,309
Expenses:
Property operating and maintenance	618,163	515,560
Real estate taxes	363,371	272,082
Depreciation and amortization	519,037	441,725
General and administration	616,420	701,331
Total expenses	2,116,991	1,930,698
Operating income (loss)	62,300	(189,389)
Other (expenses) income:
Casualty gain, net	50,376	89,208
Gain on sale of single-family residential property	0	38,973
Other income	7,795	4,050
Interest expense	(400,592)	(307,520)
Total other expenses, net	(342,421)	(175,289)
Net loss	$ (280,121)	$ (364,678)
Net loss per share
(Basic and fully diluted) (in dollars per share)	$ (0.03)	$ (0.03)
Weighted average number of common shares outstanding (in shares)	10,758,409	10,734,025

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash Flows From Operating Activities:
Net loss	$ (280,121)	$ (364,678)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	519,037	441,725
Amortization of deferred loan fees	50,994	32,617
Gain on sale of single-family residential property	0	(38,973)
Changes in operating assets and liabilities:
Rent and other receivables	(56,843)	(231,138)
Other assets	49,467	(301,044)
Accounts payable and accrued liabilities	(548,597)	(416,650)
Resident security deposits	49,499	42,662
Net cash used in operating activities	(216,564)	(835,479)
Cash Flows From Investing Activities:
Acquisitions of single-family residential properties	(1,681,413)	(4,297,427)
Capital improvements for single-family residential properties	(1,133,763)	(147,056)
Proceeds from disposition of single-family residential property	0	110,122
Insurance proceeds received for property damages	1,435,298	0
Lease origination costs	(72,059)	(65,342)
Escrow deposits	24,430	39,963
Net cash used in investing activities	(1,427,507)	(4,359,740)
Cash Flows From Financing Activities:
Proceeds from notes payable	2,736,630	5,020,000
Payments of notes payable	(255,809)	(110,038)
Payment of loan fees	(65,161)	(68,721)
Payments of deferred stock issuance costs	0	(40,666)
Net cash provided by financing activities	2,415,660	4,800,575
Net Increase (Decrease) In Cash	771,589	(394,644)
Cash at the Beginning of the Period	6,442,322	10,044,977
Cash at the End of the Period	7,213,911	9,650,333
Supplemental Disclosure:
Cash paid for interest	$ 323,543	$ 251,172

ORGANIZATION AND OPERATION

ORGANIZATION AND OPERATION	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018, the Company owned 826 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	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]	NOTE 2. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES 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 2017 Annual Report on Form 10-K filed with the SEC on March 29, 2018. The results of operations for the period ended March 31, 2018 are not necessarily indicative of the operating results for the full year. 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 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. 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, rent 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 their floating market interest rate and because their security and payment terms are similar to other debt instruments currently being issued. Investments in Single-Family Residential Properties The Company accounts for its investments in single-family residential properties as asset acquisitions and records these acquisitions at their purchase price. The purchase price is allocated between land, building, improvements and existing leases based upon their relative fair values at the date of acquisition. The purchase price for purposes of this allocation is inclusive of acquisition costs, which typically include legal fees, title fees, property inspection and valuation fees, as well as other closing costs. 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 loss for either the three month periods ended March 31, 2018 or March 31, 2017. Cash The Company maintains its cash accounts 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. Rent and Other Receivables Rent 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. 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 and these purchases are contingent on the Company’s ability to secure the debt and/or equity financing required to fund the acquisition. 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 loans as a component of interest expense on the consolidated statements of operations. These deferred loan fees are offset against the notes payable in the accompanying balance sheets. 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. As of March 31, 2018 and December 31, 2017, the Company has incurred $553,296 of deferred stock issuance costs which it anticipates will be applied against proceeds of a future capital raise to be completed during the year ending December 31, 2018. Security Deposits Security deposits represent amounts deposited by tenants at the inception of the lease. As of March 31, 2018 and December 31, 2017, the Company had $ 746,878 697,379 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. Income Taxes The Company currently plans to elect to be taxed as a real estate investment trust (“REIT”), as defined in the Internal Revenue Code, commencing with the taxable year ended December 31, 2017 assuming it meets all qualifications allowing it to do so. Accordingly, the Company does not expect to be subject to federal income tax, provided that it qualifies as a REIT and distributions to the stockholders equal or exceed REIT taxable income. Should the Company not elect to be taxed as a REIT the Company will not be subject to federal income tax for the periods ended March 31, 2018 and 2017 due to significant operating losses and net operating loss carry-forwards. 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. 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 During January 2018, an additional 35,505 shares were issued to officers, directors and employees as part of their accrued compensation for the year ended December 31, 2017. A total of 531,864 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 three months ended March 31, 2018 and 2017, potentially dilutive securities excluded from the calculations were 263,588 Segment Reporting The Company has determined that it has one reportable segment with activities related to leasing and operating single-family homes as rental properties. The Company's rental properties are geographically dispersed and management evaluates operating performance at the market level and while each market and its properties are unique, the aggregate market portfolios have similar economic interests and operating performance. New Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) In February 2016, the FASB issued ASU 2016-02, Leases

INVESTMENTS IN SINGLE-FAMILY RE

INVESTMENTS IN SINGLE-FAMILY RESIDENTIAL PROPERTIES	3 Months Ended
	Mar. 31, 2018
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 Investments in Single-Family Single-Family Number Buildings and Residential Accumulated Residential of Homes Land Improvements Properties, Gross Depreciation Properties, Net Total at December 31, 2017 799 $ 10,996,361 $ 49,399,791 $ 60,396,152 $ (4,542,707) $ 55,853,445 Purchases and improvements during 2018: Acquisitions 27 331,800 1,349,613 1,681,413 (493,415) 1,187,998 Improvements - - 1,133,763 1,133,763 - 1,133,763 Total at March 31, 2018 826 $ 11,328,161 $ 51,883,167 $ 63,211,328 $ (5,036,122) $ 58,175,206 Approximately $892,000 of the 2018 improvements shown above were for hurricane renovation costs completed this period resulting from casualties incurred during 2017 and were primarily funded with insurance proceeds..

ACCOUNTS PAYABLE AND ACCRUED LI

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	3 Months Ended
	Mar. 31, 2018
Accounts Payable and Accrued Liabilities [Abstract]
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	NOTE 4. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES At March 31, 2018 and December 31, 2017, accounts payable and accrued liabilities consisted of the following: 2018 2017 Accounts payable $ 53,808 $ 162,221 Real estate taxes payable 401,087 781,898 Accrued compensation, board fees and other 166,830 416,633 Interest payable 118,445 92,390 $ 740,170 $ 1,453,142

NOTES PAYABLE

NOTES PAYABLE	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	NOTE 5. NOTES PAYABLE On February 16, 2018, Reven Housing Alabama, LLC, a wholly owned subsidiary of the Company, received additional loan proceeds of $ 2,736,630 6,530,550 20 4.25 1,659,000 2018 2017 Interest Maturity Date Note Reven Housing Texas, LLC $ 7,268,889 $ 7,312,030 4.50 % April, 2020 Reven Housing Texas 2, LLC 4,787,879 4,890,978 4.50 % January, 2022 Reven Housing Tennessee, LLC 3,808,431 3,830,791 4.50 % April, 2020 Reven Housing Florida, LLC 3,422,890 3,442,987 4.50 % April, 2020 Reven Housing Florida 2, LLC 4,777,494 4,805,389 4.50 % April, 2020 Reven Housing Georgia, LLC 1,770,652 1,780,765 4.50 % July, 2020 Reven Housing Tennessee, LLC 1,142,238 1,148,726 4.50 % September, 2020 Reven Housing Alabama, LLC 6,507,934 3,793,920 4.25 % January, 2023 33,486,407 31,005,586 Less deferred loan fees, net (526,630) (512,462) Notes payable, net $ 32,959,777 $ 30,493,124 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 $ 526,630 512,462 During the three months ended March 31, 2018 and 2017, the Company incurred $ 400,592 307,520 50,994 32,617

STOCKHOLDERS_ EQUITY AND STOCK

STOCKHOLDERS’ EQUITY AND STOCK COMPENSATION	3 Months Ended
	Mar. 31, 2018
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 425,000 106,250 318,750 In January 2018, the Company issued 35,505 shares of the Company’s common stock under the 2012 Plan to certain directors, officers, and consultants of the Company as payment for accrued 2017 compensation. The Company has outstanding warrants that allow holders to purchase up to 263,588 4.00

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	NOTE 7. INCOME TAXES The Company currently plans to elect REIT status effective for the year ended December 31, 2017 assuming it meets all qualifications allowing it to do so. The Company would then generally not be subject to income taxes assuming it complied with the specific distribution rules applicable to REITs. The Company has also incurred current and prior year net operating losses; thus the Company is not expecting to incur current income tax expenses, and due to its currently planned election of REIT status commencing in 2017, is not expected to realize any future tax benefits from the current years; or prior years’ operating losses. Realization of deferred tax assets is dependent upon sufficient future taxable income during the period that deductible temporary differences and expected carry-forwards are available to reduce taxable income. The Company records a valuation allowance when, in the opinion of management, it is more likely than not, that the Company will not realize some or all deferred tax assets. As the achievement of required future taxable income is uncertain, the Company recorded a valuation allowance equal to the deferred tax asset at March 31, 2018 and December 31, 2017. At December 31, 2017 the Company had federal and state net operating loss carry-forwards of approximately $5,400,000. The federal and state tax loss carry-forwards will begin to expire in 2032, unless previously utilized. Pursuant to Internal Revenue Code Section 382, use of the Company’s net operating loss carry-forwards may be limited if a cumulative change in ownership of more than 50% occurs within a three-year period. Management believes that such an ownership change had occurred but has not yet performed a study of the limitations on the net operating losses.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2018
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	NOTE 8. RELATED PARTY TRANSACTIONS Reven Capital, LLC, which is wholly-owned by Chad M. Carpenter, a shareholder of the Company and its Chief Executive Officer, 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	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 and December 31, 2017.

BASIS OF PRESENTATION AND SIG15

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2018
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 2017 Annual Report on Form 10-K filed with the SEC on March 29, 2018. The results of operations for the period ended March 31, 2018 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, rent 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 their floating market interest rate and because their security and payment terms are similar to other debt instruments currently being issued.
Property Acquisitions [Policy Text Block]	Investments in Single-Family Residential Properties The Company accounts for its investments in single-family residential properties as asset acquisitions and records these acquisitions at their purchase price. The purchase price is allocated between land, building, improvements and existing leases based upon their relative fair values at the date of acquisition. The purchase price for purposes of this allocation is inclusive of acquisition costs, which typically include legal fees, title fees, property inspection and valuation fees, as well as other closing costs. 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 loss for either the three month periods ended March 31, 2018 or March 31, 2017.
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash The Company maintains its cash accounts 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]	Rent and Other Receivables Rent 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.
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 and these purchases are contingent on the Company’s ability to secure the debt and/or equity financing required to fund the acquisition.
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 loans as a component of interest expense on the consolidated statements of operations. These deferred loan fees are offset against the notes payable in the accompanying 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. As of March 31, 2018 and December 31, 2017, the Company has incurred $553,296 of deferred stock issuance costs which it anticipates will be applied against proceeds of a future capital raise to be completed during the year ending December 31, 2018.
Security Deposits [Policy Text Block]	Security Deposits Security deposits represent amounts deposited by tenants at the inception of the lease. As of March 31, 2018 and December 31, 2017, the Company had $ 746,878 697,379
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.
Income Tax, Policy [Policy Text Block]	Income Taxes The Company currently plans to elect to be taxed as a real estate investment trust (“REIT”), as defined in the Internal Revenue Code, commencing with the taxable year ended December 31, 2017 assuming it meets all qualifications allowing it to do so. Accordingly, the Company does not expect to be subject to federal income tax, provided that it qualifies as a REIT and distributions to the stockholders equal or exceed REIT taxable income. Should the Company not elect to be taxed as a REIT the Company will not be subject to federal income tax for the periods ended March 31, 2018 and 2017 due to significant operating losses and net operating loss carry-forwards. 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 During January 2018, an additional 35,505 shares were issued to officers, directors and employees as part of their accrued compensation for the year ended December 31, 2017. A total of 531,864
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 three months ended March 31, 2018 and 2017, potentially dilutive securities excluded from the calculations were 263,588
Segment Reporting, Policy [Policy Text Block]	Segment Reporting The Company has determined that it has one reportable segment with activities related to leasing and operating single-family homes as rental properties. The Company's rental properties are geographically dispersed and management evaluates operating performance at the market level and while each market and its properties are unique, the aggregate market portfolios have similar economic interests and operating performance.
New Accounting Pronouncements, Policy [Policy Text Block]	New Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) In February 2016, the FASB issued ASU 2016-02, Leases

INVESTMENTS IN SINGLE-FAMILY 16

INVESTMENTS IN SINGLE-FAMILY RESIDENTIAL PROPERTIES (Tables)	3 Months Ended
	Mar. 31, 2018
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 Investments in Single-Family Single-Family Number Buildings and Residential Accumulated Residential of Homes Land Improvements Properties, Gross Depreciation Properties, Net Total at December 31, 2017 799 $ 10,996,361 $ 49,399,791 $ 60,396,152 $ (4,542,707) $ 55,853,445 Purchases and improvements during 2018: Acquisitions 27 331,800 1,349,613 1,681,413 (493,415) 1,187,998 Improvements - - 1,133,763 1,133,763 - 1,133,763 Total at March 31, 2018 826 $ 11,328,161 $ 51,883,167 $ 63,211,328 $ (5,036,122) $ 58,175,206

ACCOUNTS PAYABLE AND ACCRUED 17

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2018
Accounts Payable and Accrued Liabilities [Abstract]
Schedule of Accrued Liabilities [Table Text Block]	At March 31, 2018 and December 31, 2017, accounts payable and accrued liabilities consisted of the following: 2018 2017 Accounts payable $ 53,808 $ 162,221 Real estate taxes payable 401,087 781,898 Accrued compensation, board fees and other 166,830 416,633 Interest payable 118,445 92,390 $ 740,170 $ 1,453,142

NOTES PAYABLE (Tables)

NOTES PAYABLE (Tables)	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Schedule of Debt [Table Text Block]	A summary of the Company’s notes payable as of March 31, 2018 and December 31, 2017 is as follows: 2018 2017 Interest Maturity Date Note Reven Housing Texas, LLC $ 7,268,889 $ 7,312,030 4.50 % April, 2020 Reven Housing Texas 2, LLC 4,787,879 4,890,978 4.50 % January, 2022 Reven Housing Tennessee, LLC 3,808,431 3,830,791 4.50 % April, 2020 Reven Housing Florida, LLC 3,422,890 3,442,987 4.50 % April, 2020 Reven Housing Florida 2, LLC 4,777,494 4,805,389 4.50 % April, 2020 Reven Housing Georgia, LLC 1,770,652 1,780,765 4.50 % July, 2020 Reven Housing Tennessee, LLC 1,142,238 1,148,726 4.50 % September, 2020 Reven Housing Alabama, LLC 6,507,934 3,793,920 4.25 % January, 2023 33,486,407 31,005,586 Less deferred loan fees, net (526,630) (512,462) Notes payable, net $ 32,959,777 $ 30,493,124

BASIS OF PRESENTATION AND SIG19

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - USD ($)	1 Months Ended	3 Months Ended
	Jan. 31, 2018	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017	Dec. 31, 2012
Accounting Policies [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		263,588	263,588
Deferred Offering Costs		$ 553,296		$ 553,296
Security Deposit		$ 746,878		$ 697,379
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period	35,505
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, 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		531,864

INVESTMENTS IN SINGLE-FAMILY 20

INVESTMENTS IN SINGLE-FAMILY RESIDENTIAL PROPERTIES (Details)	3 Months Ended
	Mar. 31, 2018USD ($)NumberofHomes	Dec. 31, 2017USD ($)NumberofHomes
RESIDENTIAL HOMES, NET [Line Items]
Number of Homes | NumberofHomes	826	799
Property Plant and Equipment at Beginning	$ 55,853,445
Property Plant and Equipment, Acquisitions	1,187,998
Property Plant And Equipment, Improvements	1,133,763
Property Plant and Equipment at Ending	58,175,206
Accumulated Depreciation	$ (5,036,122)	$ (4,542,707)
Acquisitions
RESIDENTIAL HOMES, NET [Line Items]
Number of Homes | NumberofHomes	27
Accumulated Depreciation	$ (493,415)
Improvements
RESIDENTIAL HOMES, NET [Line Items]
Number of Homes | NumberofHomes	0
Accumulated Depreciation	$ 0
Land
RESIDENTIAL HOMES, NET [Line Items]
Property Plant and Equipment at Beginning	10,996,361
Property Plant and Equipment, Acquisitions	331,800
Property Plant And Equipment, Improvements	0
Property Plant and Equipment at Ending	11,328,161
Buildings and Improvements
RESIDENTIAL HOMES, NET [Line Items]
Property Plant and Equipment at Beginning	49,399,791
Property Plant and Equipment, Acquisitions	1,349,613
Property Plant And Equipment, Improvements	1,133,763
Property Plant and Equipment at Ending	51,883,167
Investments In Single-Family Residential Properties [Member]
RESIDENTIAL HOMES, NET [Line Items]
Property Plant and Equipment at Beginning	60,396,152
Property Plant and Equipment, Acquisitions	1,681,413
Property Plant And Equipment, Improvements	1,133,763
Property Plant and Equipment at Ending	$ 63,211,328

INVESTMENTS IN SINGLE-FAMILY 21

INVESTMENTS IN SINGLE-FAMILY RESIDENTIAL PROPERTIES (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cost of Property Repairs and Maintenance	$ 618,163	$ 515,560
Hurricane [Member]
Cost of Property Repairs and Maintenance	$ 892,000

ACCOUNTS PAYABLE AND ACCRUED 22

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Accounts Payable And Accrued Expenses [Line Items]
Accounts payable	$ 53,808	$ 162,221
Real estate taxes payable	401,087	781,898
Accrued compensation, board fees and other	166,830	416,633
Interest payable	118,445	92,390
Accounts payable and accrued liabilities	$ 740,170	$ 1,453,142

NOTES PAYABLE (Details)

NOTES PAYABLE (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Feb. 16, 2018	Dec. 31, 2017
Note
Notes payable, net	$ 32,959,777		$ 30,493,124
Notes Payable to Banks [Member]
Note
Long-term Debt, Gross	33,486,407		31,005,586
Less deferred loan fees, net	(526,630)		(512,462)
Notes payable, net	32,959,777		30,493,124
Reven Housing Texas, LLC [Member] | Notes Payable to Banks [Member]
Note
Long-term Debt, Gross	$ 7,268,889		7,312,030
Debt Instrument, Maturity Date	Apr. 30, 2020
Debt Instrument, Interest Rate, Stated Percentage	4.50%
Reven Housing Texas 2 LLC [Member] | Notes Payable to Banks [Member]
Note
Long-term Debt, Gross	$ 4,787,879		4,890,978
Debt Instrument, Maturity Date	Jan. 31, 2022
Debt Instrument, Interest Rate, Stated Percentage	4.50%
Reven Housing Tennessee, LLC [Member] | Notes Payable to Banks [Member]
Note
Long-term Debt, Gross	$ 3,808,431		3,830,791
Debt Instrument, Maturity Date	Apr. 30, 2020
Debt Instrument, Interest Rate, Stated Percentage	4.50%
Reven Housing Florida, LLC [Member] | Notes Payable to Banks [Member]
Note
Long-term Debt, Gross	$ 3,422,890		3,442,987
Debt Instrument, Maturity Date	Apr. 30, 2020
Debt Instrument, Interest Rate, Stated Percentage	4.50%
Reven Housing Florida 2, LLC [Member] | Notes Payable to Banks [Member]
Note
Long-term Debt, Gross	$ 4,777,494		4,805,389
Debt Instrument, Maturity Date	Apr. 30, 2020
Debt Instrument, Interest Rate, Stated Percentage	4.50%
Reven Housing Georgia, LLC [Member] | Notes Payable to Banks [Member]
Note
Long-term Debt, Gross	$ 1,770,652		1,780,765
Debt Instrument, Maturity Date	Jul. 31, 2020
Debt Instrument, Interest Rate, Stated Percentage	4.50%
Reven Housing Tennessee 2, LLC [Member] | Notes Payable to Banks [Member]
Note
Long-term Debt, Gross	$ 1,142,238		1,148,726
Debt Instrument, Maturity Date	Sep. 30, 2020
Debt Instrument, Interest Rate, Stated Percentage	4.50%
Reven Housing Alabama, LLC [Member] | Notes Payable to Banks [Member]
Note
Long-term Debt, Gross	$ 6,507,934		$ 3,793,920
Debt Instrument, Maturity Date	Jan. 31, 2023
Debt Instrument, Interest Rate, Stated Percentage	4.25%	4.25%

NOTES PAYABLE (Details Textual)

NOTES PAYABLE (Details Textual) - USD ($)	1 Months Ended	3 Months Ended
	Feb. 16, 2018	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Notes Payable [Line Items]
Interest Expense, Debt		$ 400,592	$ 307,520
Amortization of Financing Costs		50,994	32,617
Proceeds From Notes Payable		2,736,630	$ 5,020,000
Notes Payable to Banks [Member]
Notes Payable [Line Items]
Debt Issuance Costs, Net		$ 526,630		$ 512,462
Reven Housing Alabama, LLC [Member] | Notes Payable to Banks [Member]
Notes Payable [Line Items]
Debt Instrument, Maturity Date		Jan. 31, 2023
Debt Instrument, Interest Rate, Stated Percentage	4.25%	4.25%
Debt Instrument, Face Amount	$ 6,530,550
Debt Instrument, Term	20 years
Proceeds From Notes Payable	$ 2,736,630
Payments to Acquire Real Estate	$ 1,659,000

STOCKHOLDERS' EQUITY AND STOCK

STOCKHOLDERS' EQUITY AND STOCK COMPENSATION (Details Textual) - USD ($)	1 Months Ended		3 Months Ended	12 Months Ended
	Jan. 31, 2018	Oct. 16, 2014	Mar. 31, 2018	Dec. 31, 2016
STOCKHOLDERS’ EQUITY AND STOCK COMPENSATION [Line Items]
Stock Issued During Period, Shares, Issued for Services	35,505
Allocated Share-based Compensation Expense			$ 425,000
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

INCOME TAXES (Details Textual)

INCOME TAXES (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Line Items]
Deferred Tax Assets, Operating Loss Carryforwards, Domestic		$ 5,400,000
Federal Tax Loss Carry Forwards Expiration	expire in 2032

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Related Party Transaction [Line Items]
Operating Leases, Rent Expense	$ 500
Chief Executive Officer [Member]
Related Party Transaction [Line Items]
Operating Leases, Rent Expense, Sublease Rentals	$ 1,500	$ 1,500