Inland Residential Properties Trust 10-Q 8 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Nov. 03, 2016
Document And Entity Information [Line Items]
Entity Registrant Name	Inland Residential Properties Trust, Inc.
Entity Central Index Key	1,595,627
Document Type	10-Q
Document Period End Date	Sep. 30, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2,016
Class A Common Stock [Member]
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		965,995
Class T Common Stock [Member]
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		231,692

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Real estate:
Land	$ 6,301,838	$ 6,301,838
Building and other improvements	38,910,238	38,824,096
Total real estate	45,212,076	45,125,934
Less: accumulated depreciation	(1,456,916)	(364,520)
Net real estate	43,755,160	44,761,414
Cash and cash equivalents	2,848,985	5,281,172
Accounts and rent receivable	20,681	35,763
Acquired in place lease intangibles, net		343,785
Other assets	398,852	464,937
Total assets	47,023,678	50,887,071
Liabilities:
Mortgages payable, net	27,449,323	45,646,954
Accounts payable and accrued expenses	196,178	422,223
Distributions payable	103,354	23,738
Due to related parties	5,571,599	5,064,415
Other liabilities	56,292	49,655
Total liabilities	33,376,746	51,206,985
Commitments and contingencies
Stockholders’ equity (deficit):
Preferred stock, $.001 par value, 50,000,000 shares authorized, none outstanding
Additional paid in capital (net of offering costs of $7,209,015 and $4,597,765 as of September 30, 2016 and December 31, 2015, respectively)	18,934,263	2,398,277
Distributions and accumulated losses	(5,288,400)	(2,718,480)
Total stockholders’ equity (deficit)	13,646,932	(319,914)
Total liabilities and stockholders’ equity (deficit)	47,023,678	50,887,071
Class A Common Stock [Member]
Stockholders’ equity (deficit):
Common stock	925	274
Class T Common Stock [Member]
Stockholders’ equity (deficit):
Common stock	$ 144	$ 15

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Offering costs included as reduction to additional paid in capital	$ 7,209,015	$ 4,597,765
Class A Common Stock [Member]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	320,000,000	320,000,000
Common stock, shares issued	925,055	274,481
Common stock, shares outstanding	925,055	274,481
Class T Common Stock [Member]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	80,000,000	80,000,000
Common stock, shares issued	144,005	15,157
Common stock, shares outstanding	144,005	15,157

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income:
Rental income	$ 905,464	$ 10,441	$ 2,665,759	$ 10,441
Other property income	87,204		263,928
Total income	992,668	10,441	2,929,687	10,441
Expenses:
Property operating expenses	299,274	1,510	900,845	1,510
Real estate tax expense	90,283		264,836
General and administrative expenses	201,349	143,703	802,033	408,901
Business management fee	68,665	22,864	205,850	22,864
Acquisition related costs		1,207,188		1,207,188
Depreciation and amortization	378,531		1,451,356
Total expenses	1,038,102	1,375,265	3,624,920	1,640,463
Operating loss	(45,434)	(1,364,824)	(695,233)	(1,630,022)
Interest expense	(322,478)		(1,121,542)
Net loss	$ (367,912)	$ (1,364,824)	$ (1,816,775)	$ (1,630,022)
Net loss per common share, basic and diluted	$ (0.39)	$ (43.30)	$ (2.65)	$ (102.35)
Weighted average number of common shares outstanding, basic and diluted	942,839	31,520	685,934	15,926

CONSOLIDATED STATEMENT OF EQUIT

CONSOLIDATED STATEMENT OF EQUITY (DEFICIT) - 9 months ended Sep. 30, 2016 - USD ($)	Total	Common Stock [Member]Class A Common Stock [Member]	Common Stock [Member]Class T Common Stock [Member]	Additional Paid In Capital [Member]	Distributions and Accumulated Losses [Member]
Balance at Dec. 31, 2015	$ (319,914)	$ 274	$ 15	$ 2,398,277	$ (2,718,480)
Balance, shares at Dec. 31, 2015		274,481	15,157
Proceeds from the offering	18,741,902	$ 636	$ 128	18,741,138
Proceeds from the offering, shares		636,293	127,441
Offering costs	(2,611,250)			(2,611,250)
Discount on shares to related parties	19,356			19,356
Issuance of shares from distribution reinvestment plan	256,050	$ 10	$ 1	256,039
Issuance of shares from distribution reinvestment plan, shares		9,808	1,013
Distributions declared	$ (633,357)				(633,357)
Stock dividends issued		$ 5		119,783	(119,788)
Stock dividends issued, shares	4,812	4,418	394
Net loss	$ (1,816,775)				(1,816,775)
Equity based compensation	10,920			10,920
Equity based compensation, shares		55
Balance at Sep. 30, 2016	$ 13,646,932	$ 925	$ 144	$ 18,934,263	$ (5,288,400)
Balance, shares at Sep. 30, 2016		925,055	144,005

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash flows from operating activities:
Net loss	$ (1,816,775)	$ (1,630,022)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	1,451,356
Amortization of debt issuance costs	102,698
Amortization of equity based compensation	10,920
Discount on shares issued to related parties	19,356	8,065
Changes in assets and liabilities:
Accounts payable and accrued expenses	(74,984)	(20,924)
Accounts and rents receivable	15,082
Due to related parties	227,083	704,154
Other liabilities	6,637	18,072
Other assets	66,086	(79,313)
Net cash flows provided by (used in) operating activities	7,459	(999,968)
Cash flows from investing activities:
Purchase of real estate		(45,986,910)
Capital expenditures	(101,318)
Net cash flows used in investing activities	(101,318)	(45,986,910)
Cash flows from financing activities:
Payment of mortgage payable	(18,300,000)
Proceeds from mortgage payable		45,750,000
Proceeds from offering	18,741,902	2,357,800
Payment of debt issuance costs	(329)	(22,556)
Distributions paid	(297,691)
Payment of offering costs	(2,482,210)	(2,291,290)
Advances from sponsor		2,650,000
Net cash flows (used in) provided by financing activities	(2,338,328)	48,443,954
Net (decrease) increase in cash and cash equivalents	(2,432,187)	1,457,076
Cash and cash equivalents, at beginning of the period	5,281,172	232,635
Cash and cash equivalents, at end of period	2,848,985	1,689,711
Supplemental disclosure of cash flow information:
Land		6,301,838
Building and improvements		37,591,342
Furniture, fixtures and equipment		1,232,754
Acquired in place lease intangibles		601,623
Acquired assets, net		259,353
Purchase of real estate		45,986,910
Supplemental schedule of non-cash investing and financing activities:
Cash paid for interest	1,028,884
Distributions payable	103,354
Accrued offering costs payable	461,312	$ 186,447
Stock dividends issued	119,788
Common stock issued through distribution reinvestment plan	$ 256,050

ORGANIZATION

ORGANIZATION	9 Months Ended
	Sep. 30, 2016
Organization Consolidation And Presentation Of Financial Statements [Abstract]
ORGANIZATION	NOTE 1 - ORGANIZATION The Company was formed on December 19, 2013 to acquire and manage a portfolio of multi-family properties located primarily in the top 100 United States metropolitan statistical areas, which generally contain populations greater than 500,000 people. The Company entered into a business management agreement (the “Business Management Agreement”) with Inland Residential Business Manager & Advisor, Inc. (the “Business Manager”), an indirect wholly owned subsidiary of Inland Real Estate Investment Corporation (the “Sponsor”), to be the Business Manager to the Company. Substantially all of the Company’s business is conducted through Inland Residential Operating Partnership, L.P. (the “operating partnership”), of which the Company is the sole general partner. The Company has elected to be taxed as a real estate investment trust for U.S. federal income tax purposes (“REIT”) under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, beginning with the tax year ended December 31, 2015. Because the Company qualifies for taxation as a REIT, it generally will not be subject to U.S. federal income tax on its REIT taxable income, determined without regard to the deduction for dividends paid and excluding net capital gain, to the extent that it annually distributes all of its REIT taxable income to stockholders and complies with other requirements as a REIT. If the Company fails to qualify as a REIT in any taxable year, without the benefit of certain relief provisions, it will be subject to U.S. federal (including any applicable alternative minimum tax) and state income tax on its taxable income at regular corporate rates. Even if the Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on its income, property or net worth, respectively, and to U.S. federal income and excise taxes on its undistributed income. At September 30, 2016, the Company owned one 194,732 square foot 206 unit multi-family community. During the nine months ended September 30, 2016, the property’s daily average occupancy was 93.7% and at September 30, 2016, 198, or 96.1% residential units were leased.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Disclosures discussing all significant accounting policies are set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015, as filed with the Securities and Exchange Commission on March 29, 2016, under the heading “Note 2 - Summary of Significant Accounting Policies.” There has been no change to the Company’s significant accounting policies during the nine months ended September 30, 2016, except as noted below. Distribution and Stockholder Servicing Fee The Company pays a distribution and stockholder servicing fee equal to 1.0% per annum of the purchase price per share (or, once reported, the amount of the Company’s estimated value per share) for each Class T Share sold in its Offering (as defined below). The aggregate amount of underwriting compensation for the Class A Shares and Class T Shares, including the distribution and stockholder servicing fee for the Class T Shares, cannot exceed the Financial Industry Regulatory Authority’s 10% cap on underwriting compensation. The fee is not paid at the time of purchase. The Company accounts for the fee as a charge to equity at the time each Class T Share is sold in its Offering and records a corresponding payable in due to related parties. The distribution and stockholder servicing fee is payable monthly in arrears, as it becomes contractually due. At September 30, 2016, the unpaid fee equals $171,444. General The accompanying consolidated financial statements have been prepared in accordance with U.S. GAAP and require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Certain amounts in the prior period consolidated financial statements have been reclassified to conform with the current year presentation. In April 2015, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2015-03, Simplifying the Presentation of Debt Issuance Costs Recent Accounting Pronouncements In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230). In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers . This standard provides a single comprehensive model to use in accounting for revenue arising from contracts with customers and gains and losses arising from transfers of non-financial assets including sales of property, plant, and equipment, real estate, and intangible assets. ASU No. 2014-09 supersedes most current revenue recognition guidance, including industry-specific guidance. In August 2015, the FASB issued ASU No. 2015-14, which deferred the effective date of ASU No. 2014-09 one year to annual reporting periods beginning after December 15, 2017 for public entities. ASU No. 2015-14 permits public entities to adopt ASU No. be applied either retrospectively or as a cumulative effect adjustment as of the date of adoption. The Company has begun to evaluate each of the revenue streams under the new model. The Company is currently evaluating the application of this ASU and its effect on its financial position and results of operations.

EQUITY

EQUITY	9 Months Ended
	Sep. 30, 2016
Equity [Abstract]
EQUITY	NOTE 3 – EQUITY The Company is authorized to sell up to $1,000,000,000 of shares of common stock which consist of Class A common stock, $.001 par value per share (“Class A Shares”), at a price of $25.00 per share and Class T common stock, $.001 par value per share (“Class T Shares”), at a price of $23.95 per share, in any combination, in an initial “reasonable best efforts” offering (the “Offering”) which commenced on February 17, 2015. The Company is also authorized to issue up to $190,000,000 of Class A and Class T Shares at a per share price of $23.75 and $22.81, respectively, pursuant to the Company’s distribution reinvestment plan (as amended, “DRP”). Excluding DRP proceeds, the Company generated gross proceeds of $15,689,685 from sales of its Class A Shares and $3,052,216 from sales of its Class T Shares during the nine months ended September 30, 2016. As of September 30, 2016, the Company had 925,055 Class A Shares outstanding and 144,005 Class T Shares outstanding. For the nine months ended September 30, 2016, the Company declared cash distributions of $633,357, paid cash distributions of $297,691 and issued stock dividends of 4,812 shares to stockholders. The Company provides the following programs to facilitate additional investment in the Company’s shares and to provide limited liquidity for stockholders. Distribution Reinvestment Plan The Company provides stockholders with the option to purchase additional shares from the Company by automatically reinvesting cash distributions through the DRP, subject to certain share ownership restrictions. For participants in the DRP, cash distributions paid on Class A Shares and Class T Shares, as applicable, are used to purchase Class A Shares and Class T Shares, respectively. Such purchases under the DRP are not subject to selling commissions, dealer manager fees, distribution and stockholder servicing fees or reimbursement of issuer costs in connection with shares of common stock issued through the DRP and are made initially at a price of $23.75 and $22.81 per Class A Share and Class T Share, respectively. The price is subject to change after the earlier of (1) the change of the public offering price in a public “reasonable best efforts” offering of the Company’s Class A Shares from $25.00 per Class A Share or Class T Shares from $23.95 per Class T Share, as applicable, if there is a change, and (2) termination of all “reasonable best efforts” public offerings of the Company’s Class A Shares or Class T Shares, as applicable. Distributions reinvested through the DRP were $256,050 for the nine months ended September 30, 2016. There were no distributions paid during the nine months ended September 30, 2015. Share Repurchase Program Under the share repurchase program (as amended, the “SRP”), the Company is authorized, in its discretion, to purchase shares from stockholders who have held their shares for at least one year, if requested. Subject to funds being available, the Company will limit the number of shares repurchased during any calendar year to 5% of the number of shares of common stock outstanding on December 31st of the previous calendar year. Funding for the SRP comes from proceeds that the Company receives from the DRP. In the case of repurchases made upon the death of a stockholder or qualifying disability, as defined in the SRP, neither the one year holding period, the limit regarding funds available from the DRP nor the 5% limit applies. The SRP will immediately terminate if the Company’s shares become listed for trading on a national securities exchange. In addition, the Company’s board of directors, in its sole direction, may, at any time, amend, suspend or terminate the SRP. There were no repurchases through the SRP for the nine months ended September 30, 2016 and 2015.

ACQUISITIONS

ACQUISITIONS	9 Months Ended
	Sep. 30, 2016
Business Combinations [Abstract]
ACQUISITIONS	NOTE 4 - ACQUISITIONS 2016 Acquisitions During the nine months ended September 30, 2016, the Company did not acquire any real estate properties. Pro Forma Disclosures The following condensed pro forma consolidated financial statements for the three and nine months ended September 30, 2015 include pro forma adjustments related to the acquisition and financing during 2015. The 2015 acquisition is presented assuming the acquisition occurred on January 1, 2014. Three Months Ended September 30, Nine Months Ended September 30, 2015 2015 Pro forma total income $ 942,920 $ 2,631,014 Pro forma net loss $ (1,685,660 ) $ (2,679,865 ) Loss per share (a) $ (1.58 ) $ (2.51 ) (a) Based on number of common shares outstanding as of September 30, 2016

MORTGAGES PAYABLE

MORTGAGES PAYABLE	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
MORTGAGES PAYABLE	NOTE 5 – MORTGAGES PAYABLE As of September 30, 2016, the Company’s mortgage loan is secured by a first mortgage on the property. For the nine months ended September 30, 2016, the Company paid down $18,300,000, and achieved a 60% loan to value, as defined in the mortgage loan agreement. Effective September 30, 2016, the Company exercised its option to extend the maturity date for an additional seven year period to September 30, 2023. The loan extension requires monthly payments of interest only for the next five years and thereafter, requires monthly payments of principal and interest based upon a 30-year amortization until maturity. The interest rate on the loan was modified which lowered the fixed interest rate from 3.95% to 3.64% per annum. The loan modification releases the Sponsor, and substitutes the Company as the guarantor. As the substitute guarantor, the Company agreed to guarantee the payment of (a) all real estate taxes on the property which accrue or become due during the term of the loan, (b) all costs and expenses (as defined in the guaranty agreement) and (c) any and all losses, damages, costs or expenses of the lender, which arise in consequence of certain events specified in the guaranty agreement. The Company is in compliance with all financial covenants related to its mortgage payable. The mortgage payable, unamortized debt issuance costs and the interest rates were as follows: September 30, 2016 December 31, 2015 Mortgages Principal Amount Interest Rate Principal Amount Interest Rate Mortgage payable $ 27,450,000 3.64 % $ 45,750,000 3.95 % Unamortized debt issuance costs (677 ) (103,046 ) Total debt $ 27,449,323 $ 45,646,954

EQUITY-BASED COMPENSATION

EQUITY-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
EQUITY-BASED COMPENSATION	NOTE 6 – EQUITY-BASED COMPENSATION The Company grants non-vested restricted shares that entitle the holder to receive one Class A Share for each restricted share when it vests. Restricted shares were issued to non-employee directors as compensation in accordance with the Company’s Employee and Director Incentive Restricted Share Plan (the “RSP”). Under the RSP, restricted shares generally vest over a one to three year vesting period from the date of the grant based on the specific terms of the grant. The grant-date value of the restricted shares is amortized over the vesting period representing the requisite service period. At vesting, any restrictions on the shares lapse. Compensation expense associated with the director restricted shares was $4,844 and $10,920 for the three and nine months ended September 30, 2016, respectively, and is included in general and administrative expenses in the accompanying consolidated financial statements. As of September 30, 2016, the Company had $19,392 of unrecognized compensation cost related to the unvested restricted share awards. The weighted average remaining period that compensation expense related to non-vested restricted shares will be recognized is 1.66 years. A summary of the status of the restricted shares is presented below: Shares Weighted Average Grant Date Fair Value Aggregate Intrinsic Value Outstanding at January 1, 2016 822 $ 18,750 $ 18,750 Granted 658 15,000 15,000 Vested (55 ) (1,250 ) — Forfeited — — — Outstanding at September 30, 2016 1,425 $ 32,500 $ 33,750

SEGMENT REPORTING

SEGMENT REPORTING	9 Months Ended
	Sep. 30, 2016
Segment Reporting [Abstract]
SEGMENT REPORTING	NOTE 7 – SEGMENT REPORTING The Company has one reportable segment as defined by U.S. GAAP, multi-family real estate, for the three and nine months ended September 30, 2016.

TRANSACTIONS WITH RELATED PARTI

TRANSACTIONS WITH RELATED PARTIES	9 Months Ended
	Sep. 30, 2016
Related Party Transactions [Abstract]
TRANSACTIONS WITH RELATED PARTIES	NOTE 8 – TRANSACTIONS WITH RELATED PARTIES The Sponsor invested $200,000 by purchasing 8,000 shares of common stock which were subsequently converted into 8,000 Class A Shares. On September 9, 2015, the Company sold 87,680.842 Class A Shares to the Sponsor for an aggregate purchase price of $2,000,000, or $22.81 per share. Since inception, the Sponsor has advanced $2,950,000 in cash to the Company, which is included in due to related parties on the accompanying consolidated balance sheets, to partially fund formation, offering and organization costs. The following table summarizes the Company’s related party transactions for the three and nine months ended September 30, 2016 and 2015. Certain compensation and fees payable to the Business Manager for services provided to the Company are limited to maximum amounts. Three Months Ended September 30, Nine Months Ended September 30, Amount Unpaid as of 2016 2015 2016 2015 September 30, 2016 December 31, 2015 General and administrative reimbursements (a) $ 57,023 $ 61,168 $ 314,819 $ 147,548 $ 100,288 $ 95,239 Affiliate share purchase discounts (b) 4,814 8,065 19,356 8,065 — — Total general and administrative expenses $ 61,837 $ 69,233 $ 334,175 $ 155,613 $ 100,288 $ 95,239 Acquisition related costs (c) $ — $ 719,148 $ — $ 719,148 $ 686,250 $ 690,485 Offering costs (d) $ 622,450 $ 25,278 $ 1,897,066 $ 145,958 $ 1,402,963 $ 1,104,314 Business management fee (e) $ 68,665 $ 22,864 $ 205,850 $ 22,864 $ 297,305 $ 91,455 Mortgage financing fee (f) $ — $ 114,375 $ — $ 114,375 $ 114,375 $ 114,375 Sponsor non-interest bearing advances (g) $ — $ 450,000 $ — $ 2,650,000 $ 2,950,000 $ 2,950,000 Real estate management fee $ 40,987 $ — $ 117,715 $ — $ — $ — Property operating expenses 85,357 — 254,347 — 20,418 18,547 Total property operating expenses (h) $ 126,344 $ — $ 372,062 $ — $ 20,418 $ 18,547 (a) The Business Manager and its affiliates are entitled to reimbursement for certain general and administrative expenses incurred relating to the Company’s administration. Such costs are included in general and administrative expenses in the accompanying consolidated statements of operations. Unpaid amounts are included in due to related parties in the accompanying consolidated balance sheets. (b) The Company established a discount stock purchase policy for affiliates and affiliates of the Business Manager that enable them to purchase shares of common stock at $22.81 per share. The Company sold 8,838 shares and 3,683 shares to affiliates during the nine months ended September 30, 2016 and 2015, respectively. (c) Prior to August 8, 2016 under the Business Management Agreement, the Company was required to pay the Business Manager or its affiliates an acquisition fee equal to 1.5% of the “contract purchase price,” as defined in that agreement, of each property and real estate-related asset acquired. The Business Management Agreement was amended to, among other things, delete the obligation to pay acquisition fees, real estate sales commissions and mortgage financing fees payable to the Business Manager by the Company with respect to future transactions . (d) The Company reimburses the Sponsor and its affiliates for costs and other expenses of the Offering. Offering costs are offset against the stockholders’ equity accounts. Unpaid amounts are included in due to related parties in the accompanying consolidated balance sheets. An affiliate of the Business Manager also receives selling commissions equal to 6.0% of the sale price for each Class A Share sold and 2.0% of the sale price for each Class T Share sold and a dealer manager fee equal to 2.75% of the sale price for each share sold, the majority of which is re-allowed (paid) to third party soliciting dealers. The Company does not pay selling commissions or the dealer manager fee in connection with shares issued through the DRP and pays no or reduced selling commissions and dealer manager fees in connection with certain special sales. Unpaid amounts are included in due to related parties in the accompanying consolidated balance sheets. The Company pays a distribution and stockholder servicing fee equal to 1.0% per annum of the purchase price per share (or, once reported, the amount of the Company’s estimated value per share) for each Class T Share sold in the Offering. The fee is not paid at the time of purchase. The Company accounts for the total fee as a charge to equity at the time each Class T Share is sold in the Offering and records a corresponding payable in due to related parties. The distribution and stockholder servicing fee is payable monthly in arrears as it becomes contractually due. At September 30, 2016, the unpaid fee equals $171,444. (e) The Company pays the Business Manager an annual business management fee equal to 0.6% of its “average invested assets.” The fee is payable quarterly in an amount equal to 0.15% of the Company’s average invested assets as of the last day of the immediately preceding quarter. “Average invested assets” means, for any period, the average of the aggregate book value of the Company’s assets, including all intangibles and goodwill, invested, directly or indirectly, in equity interests in, and loans secured by, properties, as well as amounts invested in securities or consolidated and unconsolidated joint ventures or other partnerships, before reserves for amortization and depreciation or bad debts, impairments or other similar non-cash reserves, computed by taking the average of these values at the end of each month during the relevant calendar quarter. Unpaid amounts are included in due to related parties in the accompanying consolidated balance sheets. (f) Prior to August 8, 2016 under the Business Management Agreement, the Company was required to pay the Business Manager or its affiliates a mortgage financing fee equal to 0.25% of the amount available or borrowed under the financing or the assumed debt if the Business Manager or its affiliates provides services in connection with the origination or refinancing of any debt that the Company obtains and uses to finance properties or other assets, or that is assumed, directly or indirectly, in connection with the acquisition of properties or other assets. The Business Management Agreement was amended to, among other things, delete the obligation to pay acquisition fees, real estate sales commissions and mortgage financing fees payable to the Business Manager by the Company with respect to future transactions. (g) This amount represents non-interest bearing advances made by the Sponsor which the Company intends to repay. Unpaid amounts are included in due to related parties in the accompanying consolidated balance sheets. (h) The Company pays Inland Residential Real Estate Services, LLC (the “Real Estate Manager”) a monthly property management fee of up to 4% of the gross income from any property managed directly by the Real Estate Manager or its affiliates. The Real Estate Manager may reduce, in its sole discretion, the amount of the management fee payable in connection with a particular property, subject to these limits. The Company also reimburses the Real Estate Manager and its affiliates for property-level expenses that they pay or incur on the Company’s behalf, including the salaries, bonuses, benefits and severance payments for persons performing services, including without limitation acquisition due diligence services, for the Real Estate Manager and its affiliates (excluding the executive officers of the Real Estate Manager and the Company’s executive officers).

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2016
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 9 – SUBSEQUENT EVENTS On October 27, 2016, the Company entered into an amendment to the Business Management Agreement with the Business Manager to remove the provision of subordinated management performance interests to the Business Manager via Class M Units in the Company’s operating partnership based on the annual “additional total return” generated each year on the Class A Shares and Class T Shares. In addition, the limited partnership agreement of the Company’s operating partnership was amended and restated to completely eliminate Class M Units. As of October 27, 2016, no class M units had been issued to the Business Manager by the Company’s operating partnership. On November 7, 2016, the Company entered into an amendment to the dealer manager agreement with Inland Securities Corporation, the Company’s dealer manager, to allow Inland Securities Corporation to reallow a portion of the dealer manager fee to participating soliciting dealers. On November 7, 2016, the Company’s board of directors approved an extension of the termination date of the Company’s “reasonable best efforts” offering from February 17, 2017 to February 16, 2018. Cash distributions The Company’s board of directors declared cash distributions payable to stockholders of record each day beginning on the close of business October 1, 2016 through March 31, 2017. Distributions declared for 2016 are in an amount equal to $0.003415301 per day per Class A Share and $0.002760929 per day per Class T Share, based on a 366-day period. Distributions declared for 2017 will be in an amount equal to $0.003424658 per day per Class A Share and $0.002768493 per day per Class T Share, based on a 365-day period. Distributions were paid monthly in arrears as follows: Distribution Month Month Distribution Paid Gross Amount of Distribution Paid Distribution Reinvested through DRP Shares Issued Net Cash Distribution September 2016 October 2016 $ 103,354 $ 56,250 2,381 $ 47,104 October 2016 November 2016 $ 115,912 $ 62,428 2,643 $ 53,484 Stock dividends The Company’s board of directors declared a monthly stock dividend of 0.000833333 Class A Shares and 0.000833333 Class T Shares per Class A Share and Class T Share owned, respectively, payable to stockholders of record at the close of business on October 31, 2016, November 30, 2016, December 31, 2016, January 31, 2017, February 28, 2017 and March 31, 2017. In general, these stock dividends are non-taxable distributions to stockholders and are not considered dividends for purposes of meeting our annual distribution requirements. Stock dividends were issued as follows: Dividend Month Month Dividend Shares Issued September 2016 October 2016 892 October 2016 November 2016 984

SUMMARY OF SIGNIFICANT ACCOUN16

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Distribution And Stockholder Servicing Fee	Distribution and Stockholder Servicing Fee The Company pays a distribution and stockholder servicing fee equal to 1.0% per annum of the purchase price per share (or, once reported, the amount of the Company’s estimated value per share) for each Class T Share sold in its Offering (as defined below). The aggregate amount of underwriting compensation for the Class A Shares and Class T Shares, including the distribution and stockholder servicing fee for the Class T Shares, cannot exceed the Financial Industry Regulatory Authority’s 10% cap on underwriting compensation. The fee is not paid at the time of purchase. The Company accounts for the fee as a charge to equity at the time each Class T Share is sold in its Offering and records a corresponding payable in due to related parties. The distribution and stockholder servicing fee is payable monthly in arrears, as it becomes contractually due. At September 30, 2016, the unpaid fee equals $171,444.
General	General The accompanying consolidated financial statements have been prepared in accordance with U.S. GAAP and require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Certain amounts in the prior period consolidated financial statements have been reclassified to conform with the current year presentation. In April 2015, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2015-03, Simplifying the Presentation of Debt Issuance Costs
Recent Accounting Pronouncements	Recent Accounting Pronouncements In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230). In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers . This standard provides a single comprehensive model to use in accounting for revenue arising from contracts with customers and gains and losses arising from transfers of non-financial assets including sales of property, plant, and equipment, real estate, and intangible assets. ASU No. 2014-09 supersedes most current revenue recognition guidance, including industry-specific guidance. In August 2015, the FASB issued ASU No. 2015-14, which deferred the effective date of ASU No. 2014-09 one year to annual reporting periods beginning after December 15, 2017 for public entities. ASU No. 2015-14 permits public entities to adopt ASU No. be applied either retrospectively or as a cumulative effect adjustment as of the date of adoption. The Company has begun to evaluate each of the revenue streams under the new model. The Company is currently evaluating the application of this ASU and its effect on its financial position and results of operations.

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	9 Months Ended
	Sep. 30, 2016
Business Combinations [Abstract]
Schedule of Pro Forma Financial Information for Acquisitions	The following condensed pro forma consolidated financial statements for the three and nine months ended September 30, 2015 include pro forma adjustments related to the acquisition and financing during 2015. The 2015 acquisition is presented assuming the acquisition occurred on January 1, 2014. Three Months Ended September 30, Nine Months Ended September 30, 2015 2015 Pro forma total income $ 942,920 $ 2,631,014 Pro forma net loss $ (1,685,660 ) $ (2,679,865 ) Loss per share (a) $ (1.58 ) $ (2.51 ) (a) Based on number of common shares outstanding as of September 30, 2016

MORTGAGES PAYABLE (Tables)

MORTGAGES PAYABLE (Tables)	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Schedule of Mortgages Payable, Unamortized Debt Issuance Costs and Interest Rates	The mortgage payable, unamortized debt issuance costs and the interest rates were as follows: September 30, 2016 December 31, 2015 Mortgages Principal Amount Interest Rate Principal Amount Interest Rate Mortgage payable $ 27,450,000 3.64 % $ 45,750,000 3.95 % Unamortized debt issuance costs (677 ) (103,046 ) Total debt $ 27,449,323 $ 45,646,954

EQUITY-BASED COMPENSATION (Tabl

EQUITY-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of the Restricted Shares	A summary of the status of the restricted shares is presented below: Shares Weighted Average Grant Date Fair Value Aggregate Intrinsic Value Outstanding at January 1, 2016 822 $ 18,750 $ 18,750 Granted 658 15,000 15,000 Vested (55 ) (1,250 ) — Forfeited — — — Outstanding at September 30, 2016 1,425 $ 32,500 $ 33,750

TRANSACTIONS WITH RELATED PAR20

TRANSACTIONS WITH RELATED PARTIES (Tables)	9 Months Ended
	Sep. 30, 2016
Related Party Transactions [Abstract]
Schedule of Transactions with Related Parties	The following table summarizes the Company’s related party transactions for the three and nine months ended September 30, 2016 and 2015. Certain compensation and fees payable to the Business Manager for services provided to the Company are limited to maximum amounts. Three Months Ended September 30, Nine Months Ended September 30, Amount Unpaid as of 2016 2015 2016 2015 September 30, 2016 December 31, 2015 General and administrative reimbursements (a) $ 57,023 $ 61,168 $ 314,819 $ 147,548 $ 100,288 $ 95,239 Affiliate share purchase discounts (b) 4,814 8,065 19,356 8,065 — — Total general and administrative expenses $ 61,837 $ 69,233 $ 334,175 $ 155,613 $ 100,288 $ 95,239 Acquisition related costs (c) $ — $ 719,148 $ — $ 719,148 $ 686,250 $ 690,485 Offering costs (d) $ 622,450 $ 25,278 $ 1,897,066 $ 145,958 $ 1,402,963 $ 1,104,314 Business management fee (e) $ 68,665 $ 22,864 $ 205,850 $ 22,864 $ 297,305 $ 91,455 Mortgage financing fee (f) $ — $ 114,375 $ — $ 114,375 $ 114,375 $ 114,375 Sponsor non-interest bearing advances (g) $ — $ 450,000 $ — $ 2,650,000 $ 2,950,000 $ 2,950,000 Real estate management fee $ 40,987 $ — $ 117,715 $ — $ — $ — Property operating expenses 85,357 — 254,347 — 20,418 18,547 Total property operating expenses (h) $ 126,344 $ — $ 372,062 $ — $ 20,418 $ 18,547 (a) The Business Manager and its affiliates are entitled to reimbursement for certain general and administrative expenses incurred relating to the Company’s administration. Such costs are included in general and administrative expenses in the accompanying consolidated statements of operations. Unpaid amounts are included in due to related parties in the accompanying consolidated balance sheets. (b) The Company established a discount stock purchase policy for affiliates and affiliates of the Business Manager that enable them to purchase shares of common stock at $22.81 per share. The Company sold 8,838 shares and 3,683 shares to affiliates during the nine months ended September 30, 2016 and 2015, respectively. (c) Prior to August 8, 2016 under the Business Management Agreement, the Company was required to pay the Business Manager or its affiliates an acquisition fee equal to 1.5% of the “contract purchase price,” as defined in that agreement, of each property and real estate-related asset acquired. The Business Management Agreement was amended to, among other things, delete the obligation to pay acquisition fees, real estate sales commissions and mortgage financing fees payable to the Business Manager by the Company with respect to future transactions . (d) The Company reimburses the Sponsor and its affiliates for costs and other expenses of the Offering. Offering costs are offset against the stockholders’ equity accounts. Unpaid amounts are included in due to related parties in the accompanying consolidated balance sheets. An affiliate of the Business Manager also receives selling commissions equal to 6.0% of the sale price for each Class A Share sold and 2.0% of the sale price for each Class T Share sold and a dealer manager fee equal to 2.75% of the sale price for each share sold, the majority of which is re-allowed (paid) to third party soliciting dealers. The Company does not pay selling commissions or the dealer manager fee in connection with shares issued through the DRP and pays no or reduced selling commissions and dealer manager fees in connection with certain special sales. Unpaid amounts are included in due to related parties in the accompanying consolidated balance sheets. The Company pays a distribution and stockholder servicing fee equal to 1.0% per annum of the purchase price per share (or, once reported, the amount of the Company’s estimated value per share) for each Class T Share sold in the Offering. The fee is not paid at the time of purchase. The Company accounts for the total fee as a charge to equity at the time each Class T Share is sold in the Offering and records a corresponding payable in due to related parties. The distribution and stockholder servicing fee is payable monthly in arrears as it becomes contractually due. At September 30, 2016, the unpaid fee equals $171,444. (e) The Company pays the Business Manager an annual business management fee equal to 0.6% of its “average invested assets.” The fee is payable quarterly in an amount equal to 0.15% of the Company’s average invested assets as of the last day of the immediately preceding quarter. “Average invested assets” means, for any period, the average of the aggregate book value of the Company’s assets, including all intangibles and goodwill, invested, directly or indirectly, in equity interests in, and loans secured by, properties, as well as amounts invested in securities or consolidated and unconsolidated joint ventures or other partnerships, before reserves for amortization and depreciation or bad debts, impairments or other similar non-cash reserves, computed by taking the average of these values at the end of each month during the relevant calendar quarter. Unpaid amounts are included in due to related parties in the accompanying consolidated balance sheets. (f) Prior to August 8, 2016 under the Business Management Agreement, the Company was required to pay the Business Manager or its affiliates a mortgage financing fee equal to 0.25% of the amount available or borrowed under the financing or the assumed debt if the Business Manager or its affiliates provides services in connection with the origination or refinancing of any debt that the Company obtains and uses to finance properties or other assets, or that is assumed, directly or indirectly, in connection with the acquisition of properties or other assets. The Business Management Agreement was amended to, among other things, delete the obligation to pay acquisition fees, real estate sales commissions and mortgage financing fees payable to the Business Manager by the Company with respect to future transactions. (g) This amount represents non-interest bearing advances made by the Sponsor which the Company intends to repay. Unpaid amounts are included in due to related parties in the accompanying consolidated balance sheets. (h) The Company pays Inland Residential Real Estate Services, LLC (the “Real Estate Manager”) a monthly property management fee of up to 4% of the gross income from any property managed directly by the Real Estate Manager or its affiliates. The Real Estate Manager may reduce, in its sole discretion, the amount of the management fee payable in connection with a particular property, subject to these limits. The Company also reimburses the Real Estate Manager and its affiliates for property-level expenses that they pay or incur on the Company’s behalf, including the salaries, bonuses, benefits and severance payments for persons performing services, including without limitation acquisition due diligence services, for the Real Estate Manager and its affiliates (excluding the executive officers of the Real Estate Manager and the Company’s executive officers).

SUBSEQUENT EVENTS (Tables)

SUBSEQUENT EVENTS (Tables)	9 Months Ended
	Sep. 30, 2016
Stock Dividend [Member]
Schedule of Dividends Distributions	Dividend Month Month Dividend Shares Issued September 2016 October 2016 892 October 2016 November 2016 984
Cash Distributions [Member]
Schedule of Dividends Distributions	Distribution Month Month Distribution Paid Gross Amount of Distribution Paid Distribution Reinvested through DRP Shares Issued Net Cash Distribution September 2016 October 2016 $ 103,354 $ 56,250 2,381 $ 47,104 October 2016 November 2016 $ 115,912 $ 62,428 2,643 $ 53,484

ORGANIZATION (Narrative) (Detai

ORGANIZATION (Narrative) (Details)	9 Months Ended
	Sep. 30, 2016ft²PropertyUnit
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Number of retail properties owned | Property	1
Square footage of real estate properties owned | ft²	194,732
Property acquisition, total number of units acquired	206
Residential property’s average occupancy rate	93.70%
Number of units leased	198
Real estate property, residential units leased percentage	96.10%

SUMMARY OF SIGNIFICANT ACCOUN23

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	9 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Significant Accounting Policies [Line Items]
Underwriting compensation including the distribution and stockholders' servicing fee, description	The aggregate amount of underwriting compensation for the Class A Shares and Class T Shares, including the distribution and stockholder servicing fee for the Class T Shares, cannot exceed the Financial Industry Regulatory Authority’s 10% cap on underwriting compensation.
Unamortized debt issuance costs	$ 677	$ 103,046
Class T Common Stock [Member]
Significant Accounting Policies [Line Items]
Percentage of distribution and stockholder servicing fee	1.00%
Unpaid fee under distribution and servicing	$ 171,444

EQUITY (Narrative) (Details)

EQUITY (Narrative) (Details) - USD ($)	1 Months Ended	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015	Feb. 17, 2015
Class Of Stock [Line Items]
Total value of common stock company is authorized to sell through initial 'reasonable best efforts' offering					$ 1,000,000,000
Cash distribution, declared		$ 633,357
Cash distribution, paid		$ 297,691
Stock dividends issued, shares		4,812
Distribution reinvested through distribution reinvestment plan	$ 56,250	$ 256,050
Distributions paid		$ 297,691
Limit on number of shares that can be repurchased each calendar year expressed as a percentage of common stock outstanding on December 31st of the previous calendar year		5.00%
Stock repurchase program, amount		$ 0	$ 0
Distribution Reinvestment Plan [Member]
Class Of Stock [Line Items]
Distribution reinvested through distribution reinvestment plan		$ 256,050
Distributions paid			$ 0
Class A Common Stock [Member]
Class Of Stock [Line Items]
Common stock, par value	$ 0.001	$ 0.001		$ 0.001
Gross proceeds from sale of shares		$ 15,689,685
Common stock, shares outstanding	925,055	925,055		274,481
Class A Common Stock [Member] | Reasonable Best Efforts Offering [Member]
Class Of Stock [Line Items]
Common stock, par value	$ 0.001	$ 0.001
Initial price of each common share authorized pursuant to distribution reinvestment plan					$ 25
Class A Common Stock [Member] | Distribution Reinvestment Plan [Member]
Class Of Stock [Line Items]
Initial price of each common share authorized pursuant to distribution reinvestment plan					23.75
Class T Common Stock [Member]
Class Of Stock [Line Items]
Common stock, par value	$ 0.001	$ 0.001		$ 0.001
Gross proceeds from sale of shares		$ 3,052,216
Common stock, shares outstanding	144,005	144,005		15,157
Class T Common Stock [Member] | Reasonable Best Efforts Offering [Member]
Class Of Stock [Line Items]
Common stock, par value	$ 0.001	$ 0.001
Initial price of each common share authorized pursuant to distribution reinvestment plan					$ 23.95
Class T Common Stock [Member] | Distribution Reinvestment Plan [Member]
Class Of Stock [Line Items]
Initial price of each common share authorized pursuant to distribution reinvestment plan	$ 22.81	$ 22.81
Class A and Class T Common Stock [Member]
Class Of Stock [Line Items]
Total value of common stock company is authorized to sell through initial 'reasonable best efforts' offering	$ 190,000,000	$ 190,000,000

ACQUISITIONS (Narrative) (Detai

ACQUISITIONS (Narrative) (Details)	9 Months Ended
	Sep. 30, 2016Unit
Business Combinations [Abstract]
Real estate property acquisition, total number of units acquired	0

ACQUISITIONS (Schedule of Pro F

ACQUISITIONS (Schedule of Pro Forma Financial Information for Acquisitions) (Details) - USD ($)		3 Months Ended	9 Months Ended
		Sep. 30, 2015	Sep. 30, 2015
Business Combinations [Abstract]
Pro forma total income		$ 942,920	$ 2,631,014
Pro forma net loss		$ (1,685,660)	$ (2,679,865)
Loss per share	[1]	$ (1.58)	$ (2.51)
[1]	Based on number of common shares outstanding as of September 30, 2016

MORTGAGES PAYABLE (Narrative) (

MORTGAGES PAYABLE (Narrative) (Details)	9 Months Ended
	Sep. 30, 2016USD ($)
Debt Instrument [Line Items]
Monthly interest payments for initial number of years	5 years
Monthly interest payments for number of years, thereafter	30 years
Interest rate on mortgage loan if maturity date is extended	3.95%
Interest rate on mortgage loan if maturity date is extended, reduced to	3.64%
Maximum [Member]
Debt Instrument [Line Items]
Loan payment until it achieves specific percentage	60.00%
Mortgage Payable [Member]
Debt Instrument [Line Items]
Principal payment of outstanding mortgage payable	$ 18,300,000

MORTGAGES PAYABLE (Details)

MORTGAGES PAYABLE (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Debt Disclosure [Abstract]
Mortgage payable, Principal amount	$ 27,450,000	$ 45,750,000
Unamortized debt issuance costs	(677)	(103,046)
Total debt	$ 27,449,323	$ 45,646,954
Mortgage payable, Interest rate	3.64%	3.95%

EQUITY-BASED COMPENSATION (Narr

EQUITY-BASED COMPENSATION (Narrative) (Details) - Restricted Stock [Member]	3 Months Ended	9 Months Ended
	Sep. 30, 2016USD ($)	Sep. 30, 2016USD ($)shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation cost related to the unvested restricted share awards	$ 19,392	$ 19,392
Weighted average remaining contractual term related to non-vested restricted shares		1 year 7 months 28 days
Director [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense	$ 4,844	$ 10,920
Employee and Director Incentive Restricted Share Plan [Member] | Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period		1 year
Employee and Director Incentive Restricted Share Plan [Member] | Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period		3 years
Class A Shares [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares to be received for each restricted shares | shares		1

EQUITY-BASED COMPENSATION (Summ

EQUITY-BASED COMPENSATION (Summary of the Restricted Shares) (Details) - Restricted Stock [Member]	9 Months Ended
	Sep. 30, 2016USD ($)$ / sharesshares
Shares
Outstanding, Shares | shares	822
Granted, Shares | shares	658
Vested, Shares | shares	(55)
Outstanding, Shares | shares	1,425
Weighted Average Grant Date Fair Value
Grant Date | $ / shares	$ 18,750
Fair Value | $ / shares	15,000
Fair Value | $ / shares	(1,250)
Outstanding, Weighted Average Grant Date Fair Value | $ / shares	$ 32,500
Aggregate Intrinsic Value
Outstanding, Aggregate Intrinsic Value | $	$ 18,750
Granted, Aggregate Intrinsic Value | $	15,000
Outstanding, Aggregate Intrinsic Value | $	$ 33,750

SEGMENT REPORTING (Narrative) (

SEGMENT REPORTING (Narrative) (Details) - Segment	3 Months Ended	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2016
Segment Reporting [Abstract]
Number of reportable segments	1	1

TRANSACTIONS WITH RELATED PAR32

TRANSACTIONS WITH RELATED PARTIES (Narrative) (Details) - USD ($)	Aug. 07, 2016	Sep. 09, 2015	Sep. 30, 2016	Sep. 30, 2015
Related Party Transaction [Line Items]
Advances from sponsor				$ 2,650,000
Class T Common Stock [Member]
Related Party Transaction [Line Items]
Percentage of distribution and stockholder servicing fee			1.00%
Unpaid fee under distribution and servicing			$ 171,444
Sponsor [Member]
Related Party Transaction [Line Items]
Capital invested by Sponsor for common stock shares			$ 200,000
Number of common shares Sponsor purchased, subsequently converted in Class A Shares			8,000
Number of Class A shares issued as result of Sponsor converting common shares			8,000
Cash advances provided by Sponsor since Company inception			$ 2,950,000
Sponsor [Member] | Class A Shares [Member]
Related Party Transaction [Line Items]
Shares sold during period		87,680.842
Advances from sponsor		$ 2,000,000
Equity issuance, price per share		$ 22.81
Business Manager [Member]
Related Party Transaction [Line Items]
Common stock shares sold to affiliates during period			8,838	3,683
Price per share of common stock sold to affiliates during period			$ 22.81
Fee required to pay the Business Manager or its affiliates expressed as a percentage of the 'contract purchase price' as defined, of each property and real estate-related asset acquired	1.50%
Selling commission paid to affiliate of the Business Manager expressed as a percentage of the sales price for each Class A Share sold			6.00%
Selling commission paid to affiliate of the Business Manager expressed as a percentage of the sales price for each Class T Share sold			2.00%
Dealer manager fee paid to affiliate of the Business Manager expressed as a percentage of the sales price for each Class A and Class T share sold			2.75%
Annual business management fee paid to the Business Manager expressed as a percentage of the Company’s “average invested assets”			0.60%
Fee paid to Business Manager or its affiliates expressed as a percentage of the 'average invested assets' as defined			0.15%
Mortgage financing fee required to pay Business Manager or its affiliates expressed as a percentage of the amount available or borrowed under financing or assumed debt	0.25%
Real Estate Manager Or Affiliates [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Property management fee percentage			4.00%

TRANSACTIONS WITH RELATED PAR33

TRANSACTIONS WITH RELATED PARTIES (Schedule of Transactions with Related Parties) (Details) - USD ($)		3 Months Ended		9 Months Ended
		Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Related Party Transaction [Line Items]
Due to related parties		$ 5,571,599		$ 5,571,599		$ 5,064,415
Acquisition Related Costs [Member]
Related Party Transaction [Line Items]
Expenses with related parties	[1]		$ 719,148		$ 719,148
Due to related parties	[1]	686,250		686,250		690,485
General and Administrative Reimbursements [Member]
Related Party Transaction [Line Items]
Due to related parties	[2]	100,288		100,288		95,239
Offering Costs [Member]
Related Party Transaction [Line Items]
Expenses with related parties	[3]	622,450	25,278	1,897,066	145,958
Due to related parties	[3]	1,402,963		1,402,963		1,104,314
Business Management Fee [Member]
Related Party Transaction [Line Items]
Expenses with related parties	[4]	68,665	22,864	205,850	22,864
Due to related parties	[4]	297,305		297,305		91,455
Mortgage Financing Fee [Member]
Related Party Transaction [Line Items]
Expenses with related parties	[5]		114,375		114,375
Due to related parties	[5]	114,375		114,375		114,375
Sponsor Non-interest Bearing Advances [Member]
Related Party Transaction [Line Items]
Expenses with related parties	[6]		450,000		2,650,000
Due to related parties	[6]	2,950,000		2,950,000		2,950,000
Property Operating Expenses [Member]
Related Party Transaction [Line Items]
Due to related parties		20,418		20,418		18,547
Total General and Administrative Expenses [Member]
Related Party Transaction [Line Items]
Due to related parties		100,288		100,288		95,239
Real Estate Manager Or Affiliates [Member]
Related Party Transaction [Line Items]
Due to related parties	[7]	20,418		20,418		$ 18,547
Total General and Administrative Expenses [Member]
Related Party Transaction [Line Items]
General and administrative expenses		61,837	69,233	334,175	155,613
Total General and Administrative Expenses [Member] | General and Administrative Reimbursements [Member]
Related Party Transaction [Line Items]
General and administrative expenses	[2]	57,023	61,168	314,819	147,548
Total General and Administrative Expenses [Member] | Affiliate Share Purchase Discounts [Member]
Related Party Transaction [Line Items]
General and administrative expenses	[8]	4,814	$ 8,065	19,356	$ 8,065
Total Property Operating Expenses [Member]
Related Party Transaction [Line Items]
Operating property expenses	[7]	126,344		372,062
Total Property Operating Expenses [Member] | Real Estate Management Fee [Member]
Related Party Transaction [Line Items]
Operating property expenses		40,987		117,715
Total Property Operating Expenses [Member] | Property Operating Expenses [Member]
Related Party Transaction [Line Items]
Operating property expenses		$ 85,357		$ 254,347
[1]	Prior to August 8, 2016 under the Business Management Agreement, the Company was required to pay the Business Manager or its affiliates an acquisition fee equal to 1.5% of the “contract purchase price,” as defined in that agreement, of each property and real estate-related asset acquired.   The Business Management Agreement was amended to, among other things, delete the obligation to pay acquisition fees, real estate sales commissions and mortgage financing fees payable to the Business Manager by the Company with respect to future transactions. The Business Manager and its affiliates continue to be reimbursed for acquisition and transaction related costs of the Business Manager and its affiliates relating to the Company’s acquisition of properties and real estate assets, regardless of whether the Company acquires the properties or real estate assets, subject to the limits provided in the amended agreement.  When such costs are incurred, they are included in acquisition related costs in the accompanying consolidated statements of operations.  Acquisition fees earned prior to August 8, 2016, which have been previously accrued for and are owed to the Business Manager, are expected to be paid in the future and are included in due to related parties in the accompanying consolidated balance sheets.
[2]	The Business Manager and its affiliates are entitled to reimbursement for certain general and administrative expenses incurred relating to the Company’s administration. Such costs are included in general and administrative expenses in the accompanying consolidated statements of operations. Unpaid amounts are included in due to related parties in the accompanying consolidated balance sheets.
[3]	The Company reimburses the Sponsor and its affiliates for costs and other expenses of the Offering. Offering costs are offset against the stockholders’ equity accounts. Unpaid amounts are included in due to related parties in the accompanying consolidated balance sheets. An affiliate of the Business Manager also receives selling commissions equal to 6.0% of the sale price for each Class A Share sold and 2.0% of the sale price for each Class T Share sold and a dealer manager fee equal to 2.75% of the sale price for each share sold, the majority of which is re-allowed (paid) to third party soliciting dealers. The Company does not pay selling commissions or the dealer manager fee in connection with shares issued through the DRP and pays no or reduced selling commissions and dealer manager fees in connection with certain special sales. Unpaid amounts are included in due to related parties in the accompanying consolidated balance sheets. The Company pays a distribution and stockholder servicing fee equal to 1.0% per annum of the purchase price per share (or, once reported, the amount of the Company’s estimated value per share) for each Class T Share sold in the Offering. The fee is not paid at the time of purchase. The Company accounts for the total fee as a charge to equity at the time each Class T Share is sold in the Offering and records a corresponding payable in due to related parties. The distribution and stockholder servicing fee is payable monthly in arrears as it becomes contractually due. At September 30, 2016, the unpaid fee equals $171,444.
[4]	The Company pays the Business Manager an annual business management fee equal to 0.6% of its “average invested assets.” The fee is payable quarterly in an amount equal to 0.15% of the Company’s average invested assets as of the last day of the immediately preceding quarter. “Average invested assets” means, for any period, the average of the aggregate book value of the Company’s assets, including all intangibles and goodwill, invested, directly or indirectly, in equity interests in, and loans secured by, properties, as well as amounts invested in securities or consolidated and unconsolidated joint ventures or other partnerships, before reserves for amortization and depreciation or bad debts, impairments or other similar non-cash reserves, computed by taking the average of these values at the end of each month during the relevant calendar quarter. Unpaid amounts are included in due to related parties in the accompanying consolidated balance sheets.
[5]	Prior to August 8, 2016 under the Business Management Agreement, the Company was required to pay the Business Manager or its affiliates a mortgage financing fee equal to 0.25% of the amount available or borrowed under the financing or the assumed debt if the Business Manager or its affiliates provides services in connection with the origination or refinancing of any debt that the Company obtains and uses to finance properties or other assets, or that is assumed, directly or indirectly, in connection with the acquisition of properties or other assets. The Business Management Agreement was amended to, among other things, delete the obligation to pay acquisition fees, real estate sales commissions and mortgage financing fees payable to the Business Manager by the Company with respect to future transactions. Mortgage financing fees earned prior to August 8, 2016, which have been previously accrued for and are owed to the Business Manager, are expected to be paid in the future and are included in due to related parties in the accompanying consolidated balance sheets.
[6]	This amount represents non-interest bearing advances made by the Sponsor which the Company intends to repay. Unpaid amounts are included in due to related parties in the accompanying consolidated balance sheets.
[7]	The Company pays Inland Residential Real Estate Services, LLC (the “Real Estate Manager”) a monthly property management fee of up to 4% of the gross income from any property managed directly by the Real Estate Manager or its affiliates. The Real Estate Manager may reduce, in its sole discretion, the amount of the management fee payable in connection with a particular property, subject to these limits. The Company also reimburses the Real Estate Manager and its affiliates for property-level expenses that they pay or incur on the Company’s behalf, including the salaries, bonuses, benefits and severance payments for persons performing services, including without limitation acquisition due diligence services, for the Real Estate Manager and its affiliates (excluding the executive officers of the Real Estate Manager and the Company’s executive officers).
[8]	The Company established a discount stock purchase policy for affiliates and affiliates of the Business Manager that enable them to purchase shares of common stock at $22.81 per share. The Company sold 8,838 shares and 3,683 shares to affiliates during the nine months ended September 30, 2016 and 2015, respectively.

SUBSEQUENT EVENTS (Narrative) (

SUBSEQUENT EVENTS (Narrative) (Details) - $ / shares	Nov. 07, 2016	Mar. 31, 2017	Sep. 30, 2016	Oct. 31, 2016	Dec. 31, 2016
Subsequent Event [Line Items]
Termination date of reasonable best effort offerings			Feb. 17, 2017
Maximum [Member] | Scenario Forecast [Member] | Class A Common Stock [Member] | Stock Dividend [Member]
Subsequent Event [Line Items]
Dividends payable, record date		Mar. 31, 2017
Maximum [Member] | Scenario Forecast [Member] | Class T Common Stock [Member] | Stock Dividend [Member]
Subsequent Event [Line Items]
Dividends payable, record date		Mar. 31, 2017
Cash Distributions [Member] | Scenario Forecast [Member] | Class A Common Stock [Member]
Subsequent Event [Line Items]
Amount per share of distributions		$ 0.003424658			$ 0.003415301
Cash Distributions [Member] | Scenario Forecast [Member] | Class T Common Stock [Member]
Subsequent Event [Line Items]
Amount per share of distributions		$ 0.002768493			$ 0.002760929
Cash Distributions [Member] | Minimum [Member] | Scenario Forecast [Member] | Class A Common Stock [Member]
Subsequent Event [Line Items]
Dividends payable, record date		Oct. 1, 2016
Cash Distributions [Member] | Minimum [Member] | Scenario Forecast [Member] | Class T Common Stock [Member]
Subsequent Event [Line Items]
Dividends payable, record date		Oct. 1, 2016
Cash Distributions [Member] | Maximum [Member] | Scenario Forecast [Member] | Class A Common Stock [Member]
Subsequent Event [Line Items]
Dividends payable, record date		Mar. 31, 2017
Cash Distributions [Member] | Maximum [Member] | Scenario Forecast [Member] | Class T Common Stock [Member]
Subsequent Event [Line Items]
Dividends payable, record date		Mar. 31, 2017
Subsequent Event [Member]
Subsequent Event [Line Items]
Termination date of reasonable best effort offerings	Feb. 16, 2018
Subsequent Event [Member] | Class A Common Stock [Member] | Stock Dividend [Member]
Subsequent Event [Line Items]
Amount per share of distributions				$ 0.000833333
Subsequent Event [Member] | Class T Common Stock [Member] | Stock Dividend [Member]
Subsequent Event [Line Items]
Amount per share of distributions				$ 0.000833333
Subsequent Event [Member] | Minimum [Member] | Class A Common Stock [Member] | Stock Dividend [Member]
Subsequent Event [Line Items]
Dividends payable, record date				Oct. 31, 2016
Subsequent Event [Member] | Minimum [Member] | Class T Common Stock [Member] | Stock Dividend [Member]
Subsequent Event [Line Items]
Dividends payable, record date				Oct. 31, 2016

SUBSEQUENT EVENTS (Schedule of

SUBSEQUENT EVENTS (Schedule of Dividends Distributions) (Details) - USD ($)	1 Months Ended		9 Months Ended
	Oct. 31, 2016	Sep. 30, 2016	Sep. 30, 2016
Subsequent Event [Line Items]
Distribution reinvested through distribution reinvestment plan		$ 56,250	$ 256,050
Shares Issued		892
Net Cash Distribution		$ 47,104
Stock Dividend [Member]
Subsequent Event [Line Items]
Distribution Month		2016-09	2016-09
Month Distribution Paid		2016-10	2016-10
Cash Distributions [Member]
Subsequent Event [Line Items]
Distribution Month		2016-09	2016-09
Month Distribution Paid		2016-10	2016-10
Gross Amount of Distribution Paid		$ 103,354
Shares Issued		2,381
Subsequent Event [Member]
Subsequent Event [Line Items]
Distribution reinvested through distribution reinvestment plan	$ 62,428
Shares Issued	984
Net Cash Distribution	$ 53,484
Subsequent Event [Member] | Stock Dividend [Member]
Subsequent Event [Line Items]
Distribution Month	2016-10
Month Distribution Paid	2016-11
Subsequent Event [Member] | Cash Distributions [Member]
Subsequent Event [Line Items]
Distribution Month	2016-10
Month Distribution Paid	2016-11
Gross Amount of Distribution Paid	$ 115,912
Shares Issued	2,643