Inland Residential Properties Trust 10-Q 7 Nov 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Oct. 31, 2017
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, 2017
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	2,017
Class A Common Stock [Member]
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		1,440,253
Class T Common Stock [Member]
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		401,754
Class T-3 Common Stock [Member]
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		179,287

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Real estate:
Land	$ 9,845,410	$ 6,301,838
Building and other improvements	93,889,256	38,889,177
Total real estate	103,734,666	45,191,015
Less: accumulated depreciation	(3,476,700)	(1,822,971)
Net real estate	100,257,966	43,368,044
Cash and cash equivalents	3,125,185	9,038,642
Accounts and rents receivable	43,481	17,961
Acquired in place lease intangibles, net	730,999
Other assets	453,652	458,316
Total assets	104,611,283	52,882,963
Liabilities:
Mortgages and note payable, net	69,903,047	27,447,459
Accounts payable and accrued expenses	944,218	232,736
Distributions payable	190,834	137,207
Due to related parties	6,275,230	5,684,753
Other liabilities	171,559	67,287
Total liabilities	77,484,888	33,569,442
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $.001 par value, 50,000,000 shares authorized, none outstanding
Additional paid in capital (net of offering costs of $10,538,615 and $8,268,768 as of September 30, 2017 and December 31, 2016, respectively)	37,519,623	25,539,970
Distributions and accumulated losses	(10,395,195)	(6,227,832)
Total stockholders’ equity	27,126,395	19,313,521
Total liabilities and stockholders’ equity	104,611,283	52,882,963
Class A Common Stock [Member]
Stockholders’ equity:
Common stock	1,420	1,099
Class T Common Stock [Member]
Stockholders’ equity:
Common stock	399	$ 284
Class T-3 Common Stock [Member]
Stockholders’ equity:
Common stock	$ 148

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
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	$ 10,538,615	$ 8,268,768
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	1,420,776	1,098,858
Common stock, shares outstanding	1,420,776	1,098,858
Class T Common Stock [Member]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	40,000,000	40,000,000
Common stock, shares issued	399,285	284,283
Common stock, shares outstanding	399,285	284,283
Class T-3 Common Stock [Member]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	40,000,000	40,000,000
Common stock, shares issued	147,805	0
Common stock, shares outstanding	147,805	0

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Income:
Rental income	$ 2,055,873	$ 905,464	$ 4,254,327	$ 2,665,759
Other property income	229,634	87,204	474,139	263,928
Total income	2,285,507	992,668	4,728,466	2,929,687
Expenses:
Property operating expenses	722,891	299,274	1,419,557	900,845
Real estate tax expense	244,451	90,283	498,450	264,836
General and administrative expenses	350,982	201,349	1,045,499	802,033
Business management fee	158,154	68,665	318,609	205,850
Acquisition related costs	16,484		87,963
Depreciation and amortization	1,153,501	378,531	2,132,208	1,451,356
Total expenses	2,646,463	1,038,102	5,502,286	3,624,920
Operating loss	(360,956)	(45,434)	(773,820)	(695,233)
Interest expense	(677,534)	(322,478)	(1,353,084)	(1,121,542)
Interest and other income	6,393		30,907
Net loss	$ (1,032,097)	$ (367,912)	$ (2,095,997)	$ (1,816,775)
Net loss per common share, basic and diluted	$ (0.55)	$ (0.39)	$ (1.24)	$ (2.65)
Weighted average number of common shares outstanding, basic and diluted	1,885,318	942,839	1,692,974	685,934

CONSOLIDATED STATEMENT OF EQUIT

CONSOLIDATED STATEMENT OF EQUITY - 9 months ended Sep. 30, 2017 - USD ($)	Total	Class A Common Stock [Member]	Class T Common Stock [Member]	Common Stock [Member]Class A Common Stock [Member]	Common Stock [Member]Class T Common Stock [Member]	Common Stock [Member]Class T-3 Common Stock [Member]	Additional Paid In Capital [Member]	Distributions and Accumulated Losses [Member]
Balance at Dec. 31, 2016	$ 19,313,521			$ 1,099	$ 284		$ 25,539,970	$ (6,227,832)
Balance, shares at Dec. 31, 2016				1,098,858	284,283
Proceeds from the offering	12,966,455			$ 282	$ 103	$ 147	12,965,923
Proceeds from the offering, shares				282,677	103,570	146,623
Offering costs	(2,269,847)						(2,269,847)
Discount on shares to related parties	24,530						24,530
Issuance of shares from distribution reinvestment plan	777,150			$ 25	$ 7	$ 1	777,117
Issuance of shares from distribution reinvestment plan, shares				25,255	7,030	744
Shares repurchased	(80,815)	$ (71,649)	$ (9,166)	$ (3)			(80,812)
Shares repurchased, shares				(3,317)	(424)
Distributions declared	$ (1,517,491)							(1,517,491)
Stock dividends issued				$ 17	$ 5		553,853	(553,875)
Stock dividends issued, shares	22,384			17,120	4,826	438
Net loss	$ (2,095,997)							(2,095,997)
Equity based compensation	8,889						8,889
Equity based compensation, shares				183
Balance at Sep. 30, 2017	$ 27,126,395			$ 1,420	$ 399	$ 148	$ 37,519,623	$ (10,395,195)
Balance, shares at Sep. 30, 2017				1,420,776	399,285	147,805

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash flows from operating activities:
Net loss	$ (2,095,997)	$ (1,816,775)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	2,132,208	1,451,356
Amortization of debt issuance costs	18,888	102,698
Amortization of equity based compensation	8,889	10,920
Discount on shares issued to related parties	24,530	19,356
Changes in assets and liabilities:
Accounts payable and accrued expenses	295,328	(74,984)
Accounts and rents receivable	(44,929)	15,082
Due to related parties	410,670	227,083
Other liabilities	36,332	6,637
Other assets	93,182	66,086
Net cash flows provided by operating activities	879,101	7,459
Cash flows from investing activities:
Purchase of real estate	(59,288,960)
Capital expenditures	(60,328)	(101,318)
Net cash flows used in investing activities	(59,349,288)	(101,318)
Cash flows from financing activities:
Payment of mortgage and note payable	(2,200,000)	(18,300,000)
Proceeds from mortgages and note payable	44,930,000
Proceeds from offering	12,966,455	18,741,902
Payment of debt issuance costs	(293,300)	(329)
Distributions paid	(686,715)	(297,691)
Shares repurchased	(80,815)
Payment of offering costs	(2,078,895)	(2,482,210)
Net cash flows provided by (used in) financing activities	52,556,730	(2,338,328)
Net decrease in cash and cash equivalents	(5,913,457)	(2,432,187)
Cash and cash equivalents, at beginning of the period	9,038,642	5,281,172
Cash and cash equivalents, at end of period	3,125,185	2,848,985
Supplemental disclosure of cash flow information:
Land	3,543,573
Building and other improvements	53,188,092
Furniture, fixtures and equipment	1,767,003
Acquired in place lease intangibles	1,194,134
Assumed assets and liabilities, net	(403,842)
Purchase of real estate	59,288,960
Supplemental schedule of non-cash investing and financing activities:
Cash paid for interest	1,406,141	1,028,884
Distributions payable	190,834	103,354
Accrued offering costs payable	732,675	461,312
Stock dividends issued	553,875	119,788
Common stock issued through distribution reinvestment plan	$ 777,150	$ 256,050

ORGANIZATION

ORGANIZATION	9 Months Ended
	Sep. 30, 2017
Organization Consolidation And Presentation Of Financial Statements [Abstract]
ORGANIZATION	NOTE 1 - ORGANIZATION The Company was formed on December 19, 2013 to primarily 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 (as amended, 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 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. At September 30, 2017, the Company owned real estate consisting of three multi-family communities totaling 623 units. The properties consist of 677,142 square feet of residential and 10,609 square feet of retail gross leasable area. During the nine months ended September 30, 2017, the properties’ weighted average daily occupancy for residential was 92.1% and at September 30, 2017, 590 units, or 94.7% of the total residential units were leased. At September 30, 2017, 100% of the retail units were occupied.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2017
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, 2016, as filed with the Securities and Exchange Commission on March 17, 2017, 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, 2017. 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. In the opinion of management, all adjustments necessary for a fair statement, in all material respects, of the financial position and results of operations for the periods are presented. Actual results could differ from those estimates. The results of operations for the interim periods are not necessarily indicative of the results for the entire year. Recent Accounting Pronouncements In November 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The new standard establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. Leases The Company anticipates that it will be required to bifurcate certain lease revenues between lease and non-lease components. Additionally, only incremental direct leasing costs may be capitalized under this new guidance, which is consistent with the Company’s existing policies. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company expects to adopt the guidance on a modified retrospective basis and upon adoption of the Leases guidance, non-lease components of new, extended or modified leases, including common area maintenance reimbursements, will be accounted for under the Revenue from Contracts with Customers guidance as described below. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective, although it will not affect the accounting for rental related revenues. The new standard is effective for the Company on January 1, 2018. Early adoption is permitted but not prior to the original effective date of January 1, 2017. The standard permits the use of either the retrospective or cumulative effect transition method. Once ASU No. 2016-02 becomes effective, the new revenue standard will apply to certain executory costs and other non-lease components even though the revenue for such activities are not separately stipulated in the tenant’s lease. The Company is currently evaluating the specific revenue streams that could be most significantly impacted by this ASU and expects that the revenue recognition from these activities and other miscellaneous income will be generally consistent with current recognition methods, and therefore does not expect material changes to the consolidated financial statements as a result of adoption. Common area reimbursements to be impacted by ASU No. 2014-09 will not be addressed until the Company's adoption of ASU No. 2016-02, considering its revisions to accounting for common area maintenance described above

EQUITY

EQUITY	9 Months Ended
	Sep. 30, 2017
Equity [Abstract]
EQUITY	NOTE 3 – EQUITY The Company is authorized to sell up to $1,000,000,000 of shares of common stock consisting of Class A common stock, $.001 par value per share (“Class A Shares”), at a price of $25.00 per share, Class T common stock, $.001 par value per share (“Class T Shares”), at a price of $23.95 per share, and Class T-3 common stock, $.001 par value per share (“Class T-3 Shares” and, together with the Class A Shares and the Class T Shares, the “Shares”), at a price of $24.14 per share, in any combination, in an initial “reasonable best efforts” offering (the “Offering”). The Company is also authorized to issue up to $190,000,000 of Class A, Class T and Class T-3 Shares at a per share price of $23.75, $22.81 and $22.81, respectively, pursuant to the Company’s distribution reinvestment plan (as amended, the “DRP”). The Company commenced its Offering of Class A Shares and Class T Shares on February 17, 2015 and, effective February 2, 2017, the Company reallocated certain of the remaining shares offered in the Offering to offer Class T-3 Shares. Excluding DRP proceeds, the Company generated gross proceeds of $6,946,458, $2,480,508 and $3,539,489 from sales of its Class A Shares, Class T Shares and Class T-3 Shares, respectively, during the nine months ended September 30, 2017. As of September 30, 2017, the Company had 1,420,776, 399,285 and 147,805 Class A Shares, Class T Shares and Class T-3 Shares outstanding, respectively. For the nine months ended September 30, 2017, the Company declared cash distributions of $1,517,491, paid total distributions of $1,463,865 and issued stock dividends of 22,384 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, Class T Shares and Class T-3 Shares, as applicable, are used to purchase Class A Shares, Class T Shares and Class T-3 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, $22.81 and $22.81 per Class A Share, Class T Share and Class T-3 Distributions reinvested through the DRP were $777,150 and $256,050 for the nine months ended September 30, 2017 and 2016, respectively. 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 purchased their shares from the Company or received their shares through a non-cash transfer and who have held their shares for at least one year, if requested. Subject to funds being available, the Company limits the number of shares repurchased during any calendar year to no more than 5% of the number of shares of common stock outstanding on December 31st of the previous calendar year. Funding for the SRP is limited to the proceeds that the Company receives from the DRP during the same period. 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. Repurchases through the SRP were $71,649 for Class A Shares and $9,166 for Class T Shares in the nine months ended September 30, 2017. There were no repurchases through the SRP in the nine months ended September 30, 2016.

ACQUISITIONS

ACQUISITIONS	9 Months Ended
	Sep. 30, 2017
Business Combinations [Abstract]
ACQUISITIONS	NOTE 4 – ACQUISITIONS During the nine months ended September 30, 2017, the Company, through its wholly owned subsidiaries, acquired t he properties listed below from unaffiliated third parties. The Commons at Town Center was financed by entering into a seven-year mortgage loan for $13,800,000 and an eight-month note payable for $9,200,000. Verandas at Mitylene was funded 2017 Acquisitions Date Acquired Property Name Location Total Number of Residential Units Square Footage Purchase Price (b) 2nd Quarter 5/3/2017 Commons at Town Center Vernon Hills, IL 85 105,442 (a) $ 23,000,000 3rd Quarter 7/27/2017 Verandas at Mitylene Montgomery, AL 332 376,968 $ 36,550,000 (a) Total does not include five units comprising 10,609 square feet of extended first floor retail space. (b) Contractual purchase price excluding closing credits. The acquisitions were accounted for as asset acquisitions. For the nine months ended September 30, 2017, the Company incurred $318,780 of total acquisition costs, $230,817 of which were capitalized as the acquisition of net real estate in the accompanying consolidated balance sheets and $87,963 of acquisition, dead deal and transaction related costs that are recorded in acquisition related costs in the accompanying consolidated statements of operations. The following table presents certain additional information regarding the Company’s acquisitions during the nine months ended September 30, 2017. The amounts recognized for major assets acquired and liabilities assumed as of the acquisition date are as follows: For the Nine Months Ended September 30, 2017 Land $ 3,543,573 Building and other improvements 53,188,092 Furniture, fixtures and equipment 1,767,003 Acquired in place lease intangibles 1,194,134 Assumed assets and liabilities, net (403,842 ) Total $ 59,288,960

ACQUIRED INTANGIBLE ASSETS

ACQUIRED INTANGIBLE ASSETS	9 Months Ended
	Sep. 30, 2017
Goodwill And Intangible Assets Disclosure [Abstract]
ACQUIRED INTANGIBLE ASSETS	NOTE 5 – ACQUIRED INTANGIBLE ASSETS The following table summarizes the Company’s identified intangible assets and liabilities as of September 30, 2017 and December 31, 2016: September 30, 2017 December 31, 2016 Intangible assets: Acquired in place lease value $ 1,194,134 $ — Accumulated amortization (463,135 ) — Acquired lease intangibles, net $ 730,999 $ — As of September 30, 2017, the weighted average amortization period for acquired in place lease intangibles is 1.3 years. The portion of the purchase price allocated to acquired in place lease value is amortized on a straight-line basis over the acquired leases’ weighted average remaining term. Amortization pertaining to acquired in place lease value is summarized below: Three Months Ended September 30, Nine Months Ended September 30, Amortization recorded as amortization expense: 2017 2016 2017 2016 Acquired in place lease value $ 351,094 $ — $ 463,135 $ — Estimated amortization of the respective intangible lease assets and liabilities as of September 30, 2017 for each of the five succeeding years and thereafter is as follows: Acquired In-Place Leases 2017 (remainder of year) $ 395,325 2018 179,847 2019 85,035 2020 48,976 2021 21,816 Thereafter — Total $ 730,999

MORTGAGES AND NOTE PAYABLE, NET

MORTGAGES AND NOTE PAYABLE, NET	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
MORTGAGES AND NOTE PAYABLE, NET	NOTE 6 – MORTGAGES AND NOTE PAYABLE, NET As of September 30, 2017 and December 31, 2016, the Company had the following mortgages and note payable: September 30, 2017 December 31, 2016 Type of Debt Maturity Date Interest Rate per Annum Principal Amount Weighted Average Interest Rate Principal Amount Weighted Average Interest Rate Mortgage -The Retreat at Market Square September 30, 2023 3.64 % $ 27,450,000 $ 27,450,000 3.64 % Mortgage - Commons at Town Center May 3, 2024 3.69 % 13,800,000 — Mortgage - Verandas at Mitylene August 1, 2027 3.88 % 21,930,000 — Total Mortgages $ 63,180,000 3.73 % $ 27,450,000 3.64 % Note Payable - Commons at Town Center January 3, 2018 5.40 % 7,000,000 5.40 % — — Total debt before debt issuance costs $ 70,180,000 3.90 % $ 27,450,000 3.64 % Unamortized debt issuance costs (276,953 ) (2,541 ) Total debt $ 69,903,047 $ 27,447,459 The Company estimates the fair value of its total debt by discounting the future cash flows of each instrument at rates currently offered for similar debt instruments of comparable maturities by the Company’s lenders using Level 3 inputs. The carrying value of the Company’s debt excluding unamortized debt issuance costs was $70,180,000 and $27,450,000 as of September 30, 2017 and December 31, 2016, respectively, and its estimated fair value was $69,197,574 and $26,957,385 as of September 30, 2017 and December 31, 2016, respectively. Mortgages The mortgage loans require compliance with certain covenants such as debt service ratios, investment restrictions and distribution limitations. As of September 30, 2017, the Company is in compliance with all financial covenants related to its mortgage loans. Note Payable The note payable has customary affirmative, negative and financial covenants, agreements, representations, warranties and borrowing conditions including various customary events of default. The Sponsor has agreed to guarantee the obligations or liabilities of the Company’s subsidiary to lender under the note payable. The Company has not paid, and will not pay, any fees or other consideration to the Sponsor for this guarantee. As of September 30, 2017, the Company is in compliance with all financial covenants related to the . For the three month period ending September 30, 2017, the Company paid $2,200,000 to reduce the principal balance on the . As of September 30, 2017, scheduled principal payments and maturities on the Company’s mortgages and note payable were as follows: September 30, 2017 Scheduled Principal Payments and Maturities by Year: Scheduled Principal Payments Maturities of Mortgages Maturity of Note Payable Total 2017 (remainder of the year) $ — $ — $ — $ — 2018 — — 7,000,000 7,000,000 2019 — — — — 2020 — — — — 2021 124,063 — — 124,063 Thereafter 853,206 62,202,731 — 63,055,937 Total $ 977,269 $ 62,202,731 $ 7,000,000 $ 70,180,000 The weighted average years to maturity for the Company’s debt is 6.75 years.

DISTRIBUTIONS

DISTRIBUTIONS	9 Months Ended
	Sep. 30, 2017
Distributions [Abstract]
DISTRIBUTIONS	NOTE 7 – DISTRIBUTIONS The Company currently pays distributions based on daily record dates, payable in arrears the following month, equal to a daily amount of $0.003424658 per Class A Share, $0.002768493 per Class T Share and $0.003306849 per Class T-3 Share, based upon a 365-day year. The Company issued 22,384 in stock dividends during the nine months ended September 30, 2017. The table below presents the distributions paid and declared for the three and nine months ended September 30, 2017 and 2016. Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 Distributions paid $ 554,733 $ 382,440 $ 1,463,865 $ 553,741 Distributions declared $ 569,307 $ 290,835 $ 1,517,491 $ 633,357

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE	9 Months Ended
	Sep. 30, 2017
Earnings Per Share [Abstract]
EARNINGS (LOSS) PER SHARE	NOTE 8 – EARNINGS (LOSS) PER SHARE Basic earnings (loss) per share (“EPS”) are computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period (the “common shares”). Diluted EPS is computed by dividing net income (loss) by the common shares plus common share equivalents. The Company excludes antidilutive restricted shares from the calculation of weighted-average shares for diluted EPS. As a result of a net loss for the three and nine months ended September 30, 2017, 479 and 843 shares, respectively, were excluded from the computation of diluted EPS, because they would have been antidilutive. As a result of a net loss for the three and nine months ended September 30, 2016, 468 and 340 shares, respectively, were excluded from the computation of diluted EPS, because they would have been antidilutive.

EQUITY-BASED COMPENSATION

EQUITY-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2017
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
EQUITY-BASED COMPENSATION	NOTE 9 – EQUITY-BASED COMPENSATION In accordance with the Company’s Employee and Director Incentive Restricted Share Plan (the “RSP”), restricted shares are issued to non-employee directors as compensation. 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. The number of shares that may be issued under the RSP is limited to 5% of outstanding shares. Compensation expense associated with the director restricted shares is included in general and administrative expenses in the accompanying consolidated financial statements. Compensation expense under the RSP was $3,750 and $8,889 for the three and nine months ended September 30, 2017, respectively. Compensation under the RSP was $4,844 and $10,920 for the three and nine months ended September 30, 2016, respectively. As of September 30, 2017, the Company had $16,366 of unrecognized compensation cost related to the unvested restricted share awards. The weighted average remaining period that compensation expense related to unvested restricted shares will be recognized is 1.60 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 December 31, 2016 804 $ 18,334 $ 18,334 Granted 658 15,000 15,000 Vested (183 ) (4,167 ) (4,167 ) Forfeited — — — Outstanding at September 30, 2017 1,279 $ 29,167 $ 29,167

SEGMENT REPORTING

SEGMENT REPORTING	9 Months Ended
	Sep. 30, 2017
Segment Reporting [Abstract]
SEGMENT REPORTING	NOTE 10 – SEGMENT REPORTING The Company has one reportable segment, multi-family real estate, as defined by U.S. GAAP for the three and nine months ended September 30, 2017 and 2016.

TRANSACTIONS WITH RELATED PARTI

TRANSACTIONS WITH RELATED PARTIES	9 Months Ended
	Sep. 30, 2017
Related Party Transactions [Abstract]
TRANSACTIONS WITH RELATED PARTIES	NOTE 11 – TRANSACTIONS WITH RELATED PARTIES The following table summarizes the Company’s related party transactions for the three and nine months ended September 30, 2017 and 2016. Three Months Ended September 30, Nine Months Ended September 30, Amount Unpaid as of 2017 2016 2017 2016 September 30, 2017 December 31, 2016 General and administrative reimbursements (a) $ 113,404 $ 57,023 $ 323,436 $ 314,819 $ 112,709 $ 80,386 Affiliate share purchase discounts (b) — 4,814 24,530 19,356 — — Total general and administrative costs $ 113,404 $ 61,837 $ 347,966 $ 334,175 $ 112,709 $ 80,386 Acquisition related costs (c) $ 41,714 $ — $ 200,061 $ — $ 698,835 $ 686,250 Offering costs (d) $ 341,566 $ 622,450 $ 1,451,749 $ 1,897,066 $ 1,656,554 $ 1,476,746 Business management fee (e) $ 158,154 $ 68,665 $ 318,609 $ 205,850 $ 684,604 $ 365,995 Mortgage financing fee (f) $ — $ — $ — $ — $ 114,375 $ 114,375 Sponsor non-interest bearing advances (g) $ — $ — $ — $ — $ 2,950,000 $ 2,950,000 Property management fee $ 83,654 $ 40,987 $ 184,208 $ 117,715 $ — $ — Property operating expenses 218,509 85,357 348,223 254,347 58,153 11,001 Total property operating expenses (h) $ 302,163 $ 126,344 $ 532,431 $ 372,062 $ 58,153 $ 11,001 (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 11,201 and 8,838 shares to affiliates during the nine months ended September 30, 2017 and 2016, 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 transactions occurring on or after August 8, 2016 . (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, 2.0% of the sale price for each Class T Share sold and 3.0% of the sale price for each Class T-3 Share sold and a dealer manager fee equal to 2.75% of the sale price for each Class A and Class T Share sold and 2.5% of the sale price for each Class T-3 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. Other organization and offering expenses, excluding selling commissions and dealer manager fees, will not exceed 2.0% of the gross offering proceeds. To the extent that all other organization and offering expenses exceed the maximum expense cap, the excess expenses will be paid by the Business Manager with no recourse to the Company. These expenses include registration and filing fees, legal and accounting fees, printing and mailing expenses, bank fees and other administrative expenses. 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 and Class T-3 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 or Class T-3 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, 2017 and December 31, 2016, the unpaid fee equal to $509,356 and $335,327, respectively, was recorded in due to related parties in the accompanying consolidated balance sheets. (e) The Company pays the Business Manager an annual business management fee equal to 0.6% of its “average invested assets,” 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 provided services in connection with the origination or refinancing of any debt that the Company obtained and used to finance properties or other assets, or that was assumed, directly or indirectly, in connection with the acquisition of properties or other assets. Pursuant to the amended Business Management Agreement, (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).

OPERATING LEASES

OPERATING LEASES	9 Months Ended
	Sep. 30, 2017
Leases Operating [Abstract]
OPERATING LEASES	NOTE 12 – OPERATING LEASES The Company’s residential lease terms are generally for twelve months or less. The retail lease terms range from 1 to 4 years. Minimum lease payments to be received under retail operating leases as of September 30, 2017 for the years indicated, assuming no expiring leases are renewed, are as follows: Minimum Lease Payments 2017 (remainder of year) $ 67,713 2018 257,350 2019 254,650 2020 172,750 2021 78,119 Thereafter — Total $ 830,582

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2017
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 13 – SUBSEQUENT EVENTS Note Payable Subsequent to September 30, 2017, the Company paid $2,000,000 to reduce the principal balance on the note payable Cash distributions The Company’s board of directors declared cash distributions payable to stockholders of record of Class A, Class T and Class T-3 Shares each day beginning on the close of business October 1, 2017 through the close of business February 28, 2018. Through that date distributions were declared in a daily amount equal to $0.003424658 per Class A Share, $0.002768493 per Class T Share and $0.003306849 per Class T-3 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 2017 October 2017 $ 190,907 $ 101,608 4,325 $ 89,299 October 2017 November 2017 $ 204,163 $ 106,270 4,525 $ 97,893

SUMMARY OF SIGNIFICANT ACCOUN20

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
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. In the opinion of management, all adjustments necessary for a fair statement, in all material respects, of the financial position and results of operations for the periods are presented. Actual results could differ from those estimates. The results of operations for the interim periods are not necessarily indicative of the results for the entire year.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The new standard establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. Leases The Company anticipates that it will be required to bifurcate certain lease revenues between lease and non-lease components. Additionally, only incremental direct leasing costs may be capitalized under this new guidance, which is consistent with the Company’s existing policies. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company expects to adopt the guidance on a modified retrospective basis and upon adoption of the Leases guidance, non-lease components of new, extended or modified leases, including common area maintenance reimbursements, will be accounted for under the Revenue from Contracts with Customers guidance as described below. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective, although it will not affect the accounting for rental related revenues. The new standard is effective for the Company on January 1, 2018. Early adoption is permitted but not prior to the original effective date of January 1, 2017. The standard permits the use of either the retrospective or cumulative effect transition method. Once ASU No. 2016-02 becomes effective, the new revenue standard will apply to certain executory costs and other non-lease components even though the revenue for such activities are not separately stipulated in the tenant’s lease. The Company is currently evaluating the specific revenue streams that could be most significantly impacted by this ASU and expects that the revenue recognition from these activities and other miscellaneous income will be generally consistent with current recognition methods, and therefore does not expect material changes to the consolidated financial statements as a result of adoption. Common area reimbursements to be impacted by ASU No. 2014-09 will not be addressed until the Company's adoption of ASU No. 2016-02, considering its revisions to accounting for common area maintenance described above

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	9 Months Ended
	Sep. 30, 2017
Business Combinations [Abstract]
Schedule of Acquisitions	2017 Acquisitions Date Acquired Property Name Location Total Number of Residential Units Square Footage Purchase Price (b) 2nd Quarter 5/3/2017 Commons at Town Center Vernon Hills, IL 85 105,442 (a) $ 23,000,000 3rd Quarter 7/27/2017 Verandas at Mitylene Montgomery, AL 332 376,968 $ 36,550,000 (a) Total does not include five units comprising 10,609 square feet of extended first floor retail space. (b) Contractual purchase price excluding closing credits.
Schedule of Major Assets Acquired and Liabilities Assumed	The following table presents certain additional information regarding the Company’s acquisitions during the nine months ended September 30, 2017. The amounts recognized for major assets acquired and liabilities assumed as of the acquisition date are as follows: For the Nine Months Ended September 30, 2017 Land $ 3,543,573 Building and other improvements 53,188,092 Furniture, fixtures and equipment 1,767,003 Acquired in place lease intangibles 1,194,134 Assumed assets and liabilities, net (403,842 ) Total $ 59,288,960

ACQUIRED INTANGIBLE ASSETS (Tab

ACQUIRED INTANGIBLE ASSETS (Tables)	9 Months Ended
	Sep. 30, 2017
Goodwill And Intangible Assets Disclosure [Abstract]
Summary of Company's Identified Intangible Assets and Liabilities	The following table summarizes the Company’s identified intangible assets and liabilities as of September 30, 2017 and December 31, 2016: September 30, 2017 December 31, 2016 Intangible assets: Acquired in place lease value $ 1,194,134 $ — Accumulated amortization (463,135 ) — Acquired lease intangibles, net $ 730,999 $ —
Amortization Pertaining to Acquired in Place Lease Value	Amortization pertaining to acquired in place lease value is summarized below: Three Months Ended September 30, Nine Months Ended September 30, Amortization recorded as amortization expense: 2017 2016 2017 2016 Acquired in place lease value $ 351,094 $ — $ 463,135 $ —
Estimated Amortization of the Respective Intangible Lease Assets and Liabilities	Estimated amortization of the respective intangible lease assets and liabilities as of September 30, 2017 for each of the five succeeding years and thereafter is as follows: Acquired In-Place Leases 2017 (remainder of year) $ 395,325 2018 179,847 2019 85,035 2020 48,976 2021 21,816 Thereafter — Total $ 730,999

MORTGAGES AND NOTE PAYABLE, N23

MORTGAGES AND NOTE PAYABLE, NET (Tables)	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Schedule of Mortgages and Note Payable	As of September 30, 2017 and December 31, 2016, the Company had the following mortgages and note payable: September 30, 2017 December 31, 2016 Type of Debt Maturity Date Interest Rate per Annum Principal Amount Weighted Average Interest Rate Principal Amount Weighted Average Interest Rate Mortgage -The Retreat at Market Square September 30, 2023 3.64 % $ 27,450,000 $ 27,450,000 3.64 % Mortgage - Commons at Town Center May 3, 2024 3.69 % 13,800,000 — Mortgage - Verandas at Mitylene August 1, 2027 3.88 % 21,930,000 — Total Mortgages $ 63,180,000 3.73 % $ 27,450,000 3.64 % Note Payable - Commons at Town Center January 3, 2018 5.40 % 7,000,000 5.40 % — — Total debt before debt issuance costs $ 70,180,000 3.90 % $ 27,450,000 3.64 % Unamortized debt issuance costs (276,953 ) (2,541 ) Total debt $ 69,903,047 $ 27,447,459
Scheduled Principal Payments and Maturities on Mortgages and Note Payable	As of September 30, 2017, scheduled principal payments and maturities on the Company’s mortgages and note payable were as follows: September 30, 2017 Scheduled Principal Payments and Maturities by Year: Scheduled Principal Payments Maturities of Mortgages Maturity of Note Payable Total 2017 (remainder of the year) $ — $ — $ — $ — 2018 — — 7,000,000 7,000,000 2019 — — — — 2020 — — — — 2021 124,063 — — 124,063 Thereafter 853,206 62,202,731 — 63,055,937 Total $ 977,269 $ 62,202,731 $ 7,000,000 $ 70,180,000

DISTRIBUTIONS (Tables)

DISTRIBUTIONS (Tables)	9 Months Ended
	Sep. 30, 2017
Distributions [Abstract]
Schedule of Dividends Distributions	The table below presents the distributions paid and declared for the three and nine months ended September 30, 2017 and 2016. Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 Distributions paid $ 554,733 $ 382,440 $ 1,463,865 $ 553,741 Distributions declared $ 569,307 $ 290,835 $ 1,517,491 $ 633,357

EQUITY-BASED COMPENSATION (Tabl

EQUITY-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2017
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 December 31, 2016 804 $ 18,334 $ 18,334 Granted 658 15,000 15,000 Vested (183 ) (4,167 ) (4,167 ) Forfeited — — — Outstanding at September 30, 2017 1,279 $ 29,167 $ 29,167

TRANSACTIONS WITH RELATED PAR26

TRANSACTIONS WITH RELATED PARTIES (Tables)	9 Months Ended
	Sep. 30, 2017
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, 2017 and 2016. Three Months Ended September 30, Nine Months Ended September 30, Amount Unpaid as of 2017 2016 2017 2016 September 30, 2017 December 31, 2016 General and administrative reimbursements (a) $ 113,404 $ 57,023 $ 323,436 $ 314,819 $ 112,709 $ 80,386 Affiliate share purchase discounts (b) — 4,814 24,530 19,356 — — Total general and administrative costs $ 113,404 $ 61,837 $ 347,966 $ 334,175 $ 112,709 $ 80,386 Acquisition related costs (c) $ 41,714 $ — $ 200,061 $ — $ 698,835 $ 686,250 Offering costs (d) $ 341,566 $ 622,450 $ 1,451,749 $ 1,897,066 $ 1,656,554 $ 1,476,746 Business management fee (e) $ 158,154 $ 68,665 $ 318,609 $ 205,850 $ 684,604 $ 365,995 Mortgage financing fee (f) $ — $ — $ — $ — $ 114,375 $ 114,375 Sponsor non-interest bearing advances (g) $ — $ — $ — $ — $ 2,950,000 $ 2,950,000 Property management fee $ 83,654 $ 40,987 $ 184,208 $ 117,715 $ — $ — Property operating expenses 218,509 85,357 348,223 254,347 58,153 11,001 Total property operating expenses (h) $ 302,163 $ 126,344 $ 532,431 $ 372,062 $ 58,153 $ 11,001 (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 11,201 and 8,838 shares to affiliates during the nine months ended September 30, 2017 and 2016, 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 transactions occurring on or after August 8, 2016 . (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, 2.0% of the sale price for each Class T Share sold and 3.0% of the sale price for each Class T-3 Share sold and a dealer manager fee equal to 2.75% of the sale price for each Class A and Class T Share sold and 2.5% of the sale price for each Class T-3 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. Other organization and offering expenses, excluding selling commissions and dealer manager fees, will not exceed 2.0% of the gross offering proceeds. To the extent that all other organization and offering expenses exceed the maximum expense cap, the excess expenses will be paid by the Business Manager with no recourse to the Company. These expenses include registration and filing fees, legal and accounting fees, printing and mailing expenses, bank fees and other administrative expenses. 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 and Class T-3 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 or Class T-3 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, 2017 and December 31, 2016, the unpaid fee equal to $509,356 and $335,327, respectively, was recorded in due to related parties in the accompanying consolidated balance sheets. (e) The Company pays the Business Manager an annual business management fee equal to 0.6% of its “average invested assets,” 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 provided services in connection with the origination or refinancing of any debt that the Company obtained and used to finance properties or other assets, or that was assumed, directly or indirectly, in connection with the acquisition of properties or other assets. Pursuant to the amended Business Management Agreement, (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).

OPERATING LEASES (Tables)

OPERATING LEASES (Tables)	9 Months Ended
	Sep. 30, 2017
Leases Operating [Abstract]
Schedule of Minimum to be Lease Payments Received Under Operating Leases	The retail lease terms range from 1 to 4 years. Minimum lease payments to be received under retail operating leases as of September 30, 2017 for the years indicated, assuming no expiring leases are renewed, are as follows: Minimum Lease Payments 2017 (remainder of year) $ 67,713 2018 257,350 2019 254,650 2020 172,750 2021 78,119 Thereafter — Total $ 830,582

SUBSEQUENT EVENTS (Tables)

SUBSEQUENT EVENTS (Tables)	9 Months Ended
	Sep. 30, 2017
Schedule of Dividends Distributions	The table below presents the distributions paid and declared for the three and nine months ended September 30, 2017 and 2016. Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 Distributions paid $ 554,733 $ 382,440 $ 1,463,865 $ 553,741 Distributions declared $ 569,307 $ 290,835 $ 1,517,491 $ 633,357
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 2017 October 2017 $ 190,907 $ 101,608 4,325 $ 89,299 October 2017 November 2017 $ 204,163 $ 106,270 4,525 $ 97,893

ORGANIZATION (Narrative) (Detai

ORGANIZATION (Narrative) (Details)	9 Months Ended
	Sep. 30, 2017ft²PropertyUnit
Real Estate Properties [Line Items]
Number of retail properties owned | Property	3
Property acquisition, total number of units acquired | Unit	623
Residential property's weighted average occupancy rate	92.10%
Number of units leased | Unit	590
Real estate property, total residential units leased percentage	94.70%
Real estate property, retail units occupied percentage	100.00%
Residential [Member]
Real Estate Properties [Line Items]
Square footage of real estate properties owned | ft²	677,142
Retail Gross Leasable [Member]
Real Estate Properties [Line Items]
Square footage of real estate properties owned | ft²	10,609

EQUITY (Narrative) (Details)

EQUITY (Narrative) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Feb. 02, 2017	Dec. 31, 2016	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			$ 1,517,491
Total cash distribution, paid	$ 554,733	$ 382,440	$ 1,463,865	$ 553,741
Stock dividends issued, shares			22,384
Distribution reinvested through distribution reinvestment plan			$ 777,150
Stock repurchase program, amount			$ 80,815	0
Maximum [Member]
Class Of Stock [Line Items]
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%
Distribution Reinvestment Plan [Member]
Class Of Stock [Line Items]
Distribution reinvested through distribution reinvestment plan			$ 777,150	$ 256,050
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			$ 6,946,458
Common stock, shares outstanding	1,420,776		1,420,776			1,098,858
Stock repurchase program, amount			$ 71,649
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		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			$ 2,480,508
Common stock, shares outstanding	399,285		399,285			284,283
Stock repurchase program, amount			$ 9,166
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 T-3 Common Stock [Member]
Class Of Stock [Line Items]
Common stock, par value	$ 0.001		$ 0.001			$ 0.001
Gross proceeds from sale of shares			$ 3,539,489
Common stock, shares outstanding	147,805		147,805			0
Class T-3 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					$ 24.14
Class T-3 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, Class T and Class T-3 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) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2017	Sep. 30, 2016
Business Acquisition [Line Items]
Proceeds from mortgage and note payable		$ 44,930,000
Term of loan		6 years 9 months
Proceeds from offering		$ 12,966,455	$ 18,741,902
Total acquisition costs and fees	$ 318,780	318,780
Capitalized acquisition related costs and fees	230,817	230,817
Acquisition related costs	$ 16,484	87,963
Seven-Year Mortgage Loan [Member] | Commons at Town Centre [Member]
Business Acquisition [Line Items]
Proceeds from mortgage and note payable		$ 13,800,000
Term of loan		7 years
Eight-Month Note Payable [Member] | Commons at Town Centre [Member]
Business Acquisition [Line Items]
Proceeds from mortgage and note payable		$ 9,200,000
Term of loan		8 months
Ten-Year Mortgage Loan [Member] | Verandas at Mitylene [Member]
Business Acquisition [Line Items]
Proceeds from mortgage and note payable		$ 21,900,000
Term of loan		10 years
Proceeds from offering		$ 14,700,000

ACQUISITIONS (Schedule of Acqui

ACQUISITIONS (Schedule of Acquisitions) (Details)		Jul. 27, 2017USD ($)ft²Unit	May 03, 2017USD ($)ft²Unit
Commons at Town Centre [Member]
Business Acquisition [Line Items]
Property acquisition, date acquired			May 3, 2017
Property acquisition, location			Vernon Hills, IL
Property acquisition, total number of residential units acquired | Unit			85
Property acquisition, square footage | ft²	[1]		105,442
Property acquisition, purchase price | $	[2]		$ 23,000,000
Verandas at Mitylene [Member]
Business Acquisition [Line Items]
Property acquisition, date acquired		Jul. 27, 2017
Property acquisition, location		Montgomery, AL
Property acquisition, total number of residential units acquired | Unit		332
Property acquisition, square footage | ft²		376,968
Property acquisition, purchase price | $	[2]	$ 36,550,000
[1]	Total does not include five units comprising 10,609 square feet of extended first floor retail space.
[2]	Contractual purchase price excluding closing credits.

ACQUISITIONS (Schedule of Acq33

ACQUISITIONS (Schedule of Acquisitions) (Parenthetical) (Details) - Extended First Floor Retail Space [Member]	May 03, 2017ft²Unit
Business Acquisition [Line Items]
Property acquisition, total number of residential units acquired | Unit	5
Property acquisition, square footage | ft²	10,609

ACQUISITIONS (Schedule of Major

ACQUISITIONS (Schedule of Major Assets Acquired and Liabilities Assumed) (Details)	Sep. 30, 2017USD ($)
Business Acquisition [Line Items]
Property acquisition, land	$ 3,543,573
Property acquisition, building and other improvements	53,188,092
Property acquisition, furniture, fixtures and equipment	1,767,003
Property acquisition, acquired in place lease intangibles	1,194,134
Property acquisition, assumed assets and liabilities, net	(403,842)
Property acquisition, total	$ 59,288,960

ACQUIRED INTANGIBLE ASSETS (Sum

ACQUIRED INTANGIBLE ASSETS (Summary of Company's Identified Intangible Assets and Liabilities) (Details)	Sep. 30, 2017USD ($)
Intangible assets:
Acquired in place lease value	$ 1,194,134
Accumulated amortization	(463,135)
Acquired lease intangibles, net	$ 730,999

ACQUIRED INTANGIBLE ASSETS (Nar

ACQUIRED INTANGIBLE ASSETS (Narrative) (Details)	9 Months Ended
	Sep. 30, 2017
Goodwill And Intangible Assets Disclosure [Abstract]
Weighted average amortization period for acquired in place lease intangibles	1 year 3 months 19 days
Intangible assets, amortization method	The portion of the purchase price allocated to acquired in place lease value is amortized on a straight-line basis over the acquired leases’ weighted average remaining term.

ACQUIRED INTANGIBLE ASSETS (Amo

ACQUIRED INTANGIBLE ASSETS (Amortization Pertaining to Acquired in Place Lease Value) (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2017
Amortization recorded as amortization expense:
Acquired in place lease value	$ 351,094	$ 463,135

ACQUIRED INTANGIBLE ASSETS (Est

ACQUIRED INTANGIBLE ASSETS (Estimated Amortization of the Respective Intangible Lease Assets and Liabilities) (Details)	Sep. 30, 2017USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
Acquired In-Place Leases, 2017 (remainder of year)	$ 395,325
Acquired In-Place Leases, 2018	179,847
Acquired In-Place Leases, 2019	85,035
Acquired In-Place Leases, 2020	48,976
Acquired In-Place Leases, 2021	21,816
Acquired lease intangibles, net	$ 730,999

MORTGAGES AND NOTE PAYABLE, N39

MORTGAGES AND NOTE PAYABLE, NET (Schedule of Mortgages and Note Payable) (Details) - USD ($)	9 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Total debt before debt issuance costs	$ 70,180,000	$ 27,450,000
Unamortized debt issuance costs	(276,953)	(2,541)
Total debt	$ 69,903,047	$ 27,447,459
Weighted Average Interest Rate	3.90%	3.64%
Mortgages [Member]
Debt Instrument [Line Items]
Total debt before debt issuance costs	$ 63,180,000	$ 27,450,000
Weighted Average Interest Rate	3.73%	3.64%
Mortgages [Member] | The Retreat at Market Square [Member]
Debt Instrument [Line Items]
Total debt before debt issuance costs	$ 27,450,000	$ 27,450,000
Maturity Date	Sep. 30, 2023
Interest Rate per Annum	3.64%
Weighted Average Interest Rate		3.64%
Mortgages [Member] | Commons at Town Centre [Member]
Debt Instrument [Line Items]
Total debt before debt issuance costs	$ 13,800,000
Maturity Date	May 3, 2024
Interest Rate per Annum	3.69%
Mortgages [Member] | Verandas at Mitylene [Member]
Debt Instrument [Line Items]
Total debt before debt issuance costs	$ 21,930,000
Maturity Date	Aug. 1, 2027
Interest Rate per Annum	3.88%
Note Payable [Member] | Commons at Town Centre [Member]
Debt Instrument [Line Items]
Total debt before debt issuance costs	$ 7,000,000
Maturity Date	Jan. 3, 2018
Interest Rate per Annum	5.40%
Weighted Average Interest Rate	5.40%

MORTGAGES AND NOTE PAYABLE, N40

MORTGAGES AND NOTE PAYABLE, NET (Narrative) (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Debt Instrument [Line Items]
Carrying value of debt excluding unamortized debt issuance costs	$ 70,180,000	$ 70,180,000		$ 27,450,000
Debt instrument, estimated fair value	69,197,574	69,197,574		$ 26,957,385
Payment of note payable	2,200,000	$ 2,200,000	$ 18,300,000
Term of loan		6 years 9 months
Note Payable [Member]
Debt Instrument [Line Items]
Debt instrument, fees or other consideration	$ 0	$ 0

MORTGAGES AND NOTE PAYABLE, N41

MORTGAGES AND NOTE PAYABLE, NET (Scheduled Principal Payments and Maturities on Mortgages and Note Payable) (Details) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
2,018	$ 7,000,000
2,021	124,063
Thereafter	63,055,937
Total	70,180,000	$ 27,450,000
Scheduled Principal Payments [Member]
Debt Instrument [Line Items]
2,021	124,063
Thereafter	853,206
Total	977,269
Maturities of Mortgages [Member]
Debt Instrument [Line Items]
Thereafter	62,202,731
Total	62,202,731
Note Payable [Member]
Debt Instrument [Line Items]
2,018	7,000,000
Total	$ 7,000,000

DISTRIBUTIONS (Narrative) (Deta

DISTRIBUTIONS (Narrative) (Details)	9 Months Ended
	Sep. 30, 2017$ / sharesshares
Distributions [Line Items]
Stock dividends issued, shares | shares	22,384
Class A Common Stock [Member]
Distributions [Line Items]
Amount per share of distributions	$ 0.003424658
Class T Common Stock [Member]
Distributions [Line Items]
Amount per share of distributions	0.002768493
Class T-3 Common Stock [Member]
Distributions [Line Items]
Amount per share of distributions	$ 0.003306849

DISTRIBUTIONS (Schedule of Divi

DISTRIBUTIONS (Schedule of Dividends Distributions) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Distributions [Abstract]
Distributions paid	$ 554,733	$ 382,440	$ 1,463,865	$ 553,741
Distributions declared	$ 569,307	$ 290,835	$ 1,517,491	$ 633,357

EARNINGS (LOSS) PER SHARE - (Na

EARNINGS (LOSS) PER SHARE - (Narrative) (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Earnings Per Share [Abstract]
Antidilutive shares excluded from computation of diluted EPS	479	468	843	340

EQUITY-BASED COMPENSATION (Narr

EQUITY-BASED COMPENSATION (Narrative) (Details) - Restricted Stock [Member] - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation cost related to the unvested restricted share awards	$ 16,366		$ 16,366
Weighted average remaining contractual term related to unvested restricted shares			1 year 7 months 7 days
Employee and Director Incentive Restricted Share Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of outstanding shares that may be issued under RSP			5.00%
Share-based compensation expense	$ 3,750	$ 4,844	$ 8,889	$ 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

EQUITY-BASED COMPENSATION (Summ

EQUITY-BASED COMPENSATION (Summary of the Restricted Shares) (Details) - Restricted Stock [Member]	9 Months Ended
	Sep. 30, 2017USD ($)$ / sharesshares
Shares
Outstanding, Shares | shares	804
Granted, Shares | shares	658
Vested, Shares | shares	(183)
Outstanding, Shares | shares	1,279
Weighted Average Grant Date Fair Value
Outstanding, Weighted Average Grant Date Fair Value | $ / shares	$ 18,334
Granted, Weighted Average Grant Date Fair Value | $ / shares	15,000
Vested, Weighted Average Grant Date Fair Value | $ / shares	(4,167)
Outstanding, Weighted Average Grant Date Fair Value | $ / shares	$ 29,167
Aggregate Intrinsic Value
Outstanding, Aggregate Intrinsic Value | $	$ 18,334
Granted, Aggregate Intrinsic Value | $	15,000
Vested, Aggregate Intrinsic Value | $	(4,167)
Outstanding, Aggregate Intrinsic Value | $	$ 29,167

SEGMENT REPORTING (Narrative) (

SEGMENT REPORTING (Narrative) (Details) - Segment	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Segment Reporting [Abstract]
Number of reportable segments	1	1	1	1

TRANSACTIONS WITH RELATED PAR48

TRANSACTIONS WITH RELATED PARTIES (Schedule of Transactions with Related Parties) (Details) - USD ($)		3 Months Ended		9 Months Ended
		Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Related Party Transaction [Line Items]
Due to related parties		$ 6,275,230		$ 6,275,230		$ 5,684,753
Acquisition Related Costs [Member]
Related Party Transaction [Line Items]
Expenses with related parties	[1]	41,714		200,061
Due to related parties	[1]	698,835		698,835		686,250
General and Administrative Reimbursements [Member]
Related Party Transaction [Line Items]
Due to related parties	[2]	112,709		112,709		80,386
Offering Costs [Member]
Related Party Transaction [Line Items]
Expenses with related parties	[3]	341,566	$ 622,450	1,451,749	$ 1,897,066
Due to related parties	[3]	1,656,554		1,656,554		1,476,746
Business Management Fee [Member]
Related Party Transaction [Line Items]
Expenses with related parties	[4]	158,154	68,665	318,609	205,850
Due to related parties	[4]	684,604		684,604		365,995
Mortgage Financing Fee [Member]
Related Party Transaction [Line Items]
Due to related parties	[5]	114,375		114,375		114,375
Sponsor Non-interest Bearing Advances [Member]
Related Party Transaction [Line Items]
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		58,153		58,153		11,001
Total General And Administrative Costs [Member]
Related Party Transaction [Line Items]
Due to related parties		112,709		112,709		80,386
Real Estate Manager Or Affiliates [Member]
Related Party Transaction [Line Items]
Due to related parties	[7]	58,153		58,153		$ 11,001
Total General and Administrative Costs [Member]
Related Party Transaction [Line Items]
General and administrative expenses		113,404	61,837	347,966	334,175
Total General and Administrative Costs [Member] | General and Administrative Reimbursements [Member]
Related Party Transaction [Line Items]
General and administrative expenses	[2]	113,404	57,023	323,436	314,819
Total General and Administrative Costs [Member] | Affiliate Share Purchase Discounts [Member]
Related Party Transaction [Line Items]
General and administrative expenses	[8]		4,814	24,530	19,356
Total Property Operating Expenses [Member]
Related Party Transaction [Line Items]
Operating property expenses	[7]	302,163	126,344	532,431	372,062
Total Property Operating Expenses [Member] | Property Management Fee [Member]
Related Party Transaction [Line Items]
Operating property expenses		83,654	40,987	184,208	117,715
Total Property Operating Expenses [Member] | Property Operating Expenses [Member]
Related Party Transaction [Line Items]
Operating property expenses		$ 218,509	$ 85,357	$ 348,223	$ 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 transactions occurring on or after August 8, 2016. The Business Manager and its affiliates continue to be reimbursed for acquisition 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.  Of the $200,061 related party acquisition costs and fees, $145,270 were capitalized in the accompanying consolidated balance sheets and $54,791 of such costs 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, 2.0% of the sale price for each Class T Share sold and 3.0% of the sale price for each Class T-3 Share sold and a dealer manager fee equal to 2.75% of the sale price for each Class A and Class T Share sold and 2.5% of the sale price for each Class T-3 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. Other organization and offering expenses, excluding selling commissions and dealer manager fees, will not exceed 2.0% of the gross offering proceeds. To the extent that all other organization and offering expenses exceed the maximum expense cap, the excess expenses will be paid by the Business Manager with no recourse to the Company. These expenses include registration and filing fees, legal and accounting fees, printing and mailing expenses, bank fees and other administrative expenses. 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 and Class T-3 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 or Class T-3 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, 2017 and December 31, 2016, the unpaid fee equal to $509,356 and $335,327, respectively, was recorded in due to related parties in the accompanying consolidated balance sheets.
[4]	The Company pays the Business Manager an annual business management fee equal to 0.6% of its “average invested assets,” 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 provided services in connection with the origination or refinancing of any debt that the Company obtained and used to finance properties or other assets, or that was assumed, directly or indirectly, in connection with the acquisition of properties or other assets. Pursuant to the amended Business Management Agreement, mortgage financing fees were eliminated with respect to transactions occurring on or after August 8, 2016. 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 11,201 and 8,838 shares to affiliates during the nine months ended September 30, 2017 and 2016, respectively.

TRANSACTIONS WITH RELATED PAR49

TRANSACTIONS WITH RELATED PARTIES (Narrative) (Details) - USD ($)	Aug. 07, 2016	Sep. 30, 2017	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Related Party Transaction [Line Items]
Capitalized related party acquisition costs and fees		$ 230,817	$ 230,817
Acquisition related costs		16,484	$ 87,963
Maximum percentage of organization and offering expenses, excluding selling commissions and dealer manager fees on gross offering proceeds			2.00%
Class T Common Stock and Class T-3 Common Stock [Member]
Related Party Transaction [Line Items]
Percentage of distribution and stockholder servicing fee			1.00%
Class T Common Stock [Member]
Related Party Transaction [Line Items]
Unpaid fee under distribution and servicing		509,356	$ 509,356		$ 335,327
Business Manager [Member]
Related Party Transaction [Line Items]
Common stock shares sold to affiliates during period			11,201	8,838
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%
Related party acquisition costs and fees			$ 200,061
Capitalized related party acquisition costs and fees		$ 145,270	145,270
Acquisition related costs			$ 54,791
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%
Selling commission paid to affiliate of the Business Manager expressed as a percentage of the sales price for each Class T-3 Share sold			3.00%
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%
Dealer manager fee paid to affiliate of the Business Manager expressed as a percentage of the sales price for each Class T-3 share sold			2.50%
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%

OPERATING LEASES - (Narrative)

OPERATING LEASES - (Narrative) (Details)	9 Months Ended
	Sep. 30, 2017
Minimum [Member] | Retail Lease Terms [Member]
Operating Leased Assets [Line Items]
Lease term	1 year
Maximum [Member] | Residential Lease Terms [Member]
Operating Leased Assets [Line Items]
Lease term	12 months
Maximum [Member] | Retail Lease Terms [Member]
Operating Leased Assets [Line Items]
Lease term	4 years

OPERATING LEASES - (Schedule of

OPERATING LEASES - (Schedule of Minimum to be Lease Payments Received Under Operating Leases) - (Details)	Sep. 30, 2017USD ($)
Leases Operating [Abstract]
2017 (remainder of year)	$ 67,713
2,018	257,350
2,019	254,650
2,020	172,750
2,021	78,119
Total	$ 830,582

SUBSEQUENT EVENTS (Narrative) (

SUBSEQUENT EVENTS (Narrative) (Details) - USD ($)	Nov. 07, 2017	Sep. 30, 2017	Sep. 30, 2017	Sep. 30, 2016
Subsequent Event [Line Items]
Payment to reduce the principal balance on the note payable		$ 2,200,000	$ 2,200,000	$ 18,300,000
Class A Common Stock [Member]
Subsequent Event [Line Items]
Amount per share of distributions		$ 0.003424658	$ 0.003424658
Class T Common Stock [Member]
Subsequent Event [Line Items]
Amount per share of distributions		0.002768493	0.002768493
Class T-3 Common Stock [Member]
Subsequent Event [Line Items]
Amount per share of distributions		0.003306849	0.003306849
Cash Distributions [Member] | Class A Common Stock [Member]
Subsequent Event [Line Items]
Amount per share of distributions		0.003424658	0.003424658
Cash Distributions [Member] | Class T Common Stock [Member]
Subsequent Event [Line Items]
Amount per share of distributions		0.002768493	0.002768493
Cash Distributions [Member] | Class T-3 Common Stock [Member]
Subsequent Event [Line Items]
Amount per share of distributions		$ 0.003306849	$ 0.003306849
Cash Distributions [Member] | Minimum [Member] | Class A Common Stock [Member]
Subsequent Event [Line Items]
Dividends payable, record date			Oct. 1, 2017
Cash Distributions [Member] | Minimum [Member] | Class T Common Stock [Member]
Subsequent Event [Line Items]
Dividends payable, record date			Oct. 1, 2017
Cash Distributions [Member] | Minimum [Member] | Class T-3 Common Stock [Member]
Subsequent Event [Line Items]
Dividends payable, record date			Oct. 1, 2017
Cash Distributions [Member] | Maximum [Member] | Class A Common Stock [Member]
Subsequent Event [Line Items]
Dividends payable, record date			Feb. 28, 2018
Cash Distributions [Member] | Maximum [Member] | Class T Common Stock [Member]
Subsequent Event [Line Items]
Dividends payable, record date			Feb. 28, 2018
Cash Distributions [Member] | Maximum [Member] | Class T-3 Common Stock [Member]
Subsequent Event [Line Items]
Dividends payable, record date			Feb. 28, 2018
Subsequent Event [Member]
Subsequent Event [Line Items]
Payment to reduce the principal balance on the note payable	$ 2,000,000

SUBSEQUENT EVENTS (Schedule of

SUBSEQUENT EVENTS (Schedule of Dividends Distributions) (Details) - USD ($)	1 Months Ended		9 Months Ended
	Nov. 30, 2017	Oct. 31, 2017	Sep. 30, 2017
Subsequent Event [Line Items]
Distribution reinvested through distribution reinvestment plan			$ 777,150
Distributions Paid Month One [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Distribution reinvested through distribution reinvestment plan		$ 101,608
Shares Issued		4,325
Net Cash Distribution		$ 89,299
Distributions Paid Month Two [Member] | Scenario Forecast [Member]
Subsequent Event [Line Items]
Distribution reinvested through distribution reinvestment plan	$ 106,270
Shares Issued	4,525
Net Cash Distribution	$ 97,893
Cash Distributions [Member] | Distributions Paid Month One [Member]
Subsequent Event [Line Items]
Distribution Month			2017-09
Month Distribution Paid			2017-10
Cash Distributions [Member] | Distributions Paid Month One [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Gross Amount of Distribution Paid		$ 190,907
Cash Distributions [Member] | Distributions Paid Month Two [Member]
Subsequent Event [Line Items]
Distribution Month			2017-10
Month Distribution Paid			2017-11
Cash Distributions [Member] | Distributions Paid Month Two [Member] | Scenario Forecast [Member]
Subsequent Event [Line Items]
Gross Amount of Distribution Paid	$ 204,163