Inland Residential Properties Trust 10-K/A 21 Mar 18 2017 FY Annual report (amended) Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2017	Mar. 01, 2018	Jun. 30, 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-K/A
Document Period End Date	Dec. 31, 2017
Amendment Flag	true
Amendment Description	This Amendment No. 1 on Form 10-K/A (“Amendment No. 1”) amends Inland Residential Properties Trust, Inc.’s (the “Company”) Annual Report on Form 10-K for the fiscal year ended December 31, 2017, as filed with the Securities and Exchange Commission (“SEC”) on March 6, 2018 (the “Original Filing”), solely to provide a revised version of KPMG LLP’s (“KPMG”) report that includes a statement inadvertently omitted from the previously filed version that confirms KPMG did not audit the Company’s internal control over financial reporting. As required by Rule 12b-15 under the Securities Exchange Act of 1934, as amended, Amendment No. 1 includes new certifications from the Company’s principal executive officer and principal financial officers dated as of the date of filing of this Amendment No. 1. This Amendment No. 1 also includes a new consent of KPMG. Amendment No. 1 speaks as of the date of the Original Filing, does not reflect events that may have occurred after the date of the Original Filing and does not modify or update in any way the disclosures made in the Original Filing, except as described above. For ease of reference, the entire Form 10-K, including all other exhibits filed therewith, is included with this Amendment No. 1.
Current Fiscal Year End Date	--12-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float			$ 42,232,803
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,017
Class A Common Stock [Member]
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		1,489,851
Class T Common Stock [Member]
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		409,068
Class T-3 Common Stock [Member]
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		259,309

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Real estate:
Land	$ 9,845,410	$ 6,301,838
Building and other improvements	93,980,734	38,889,177
Total real estate	103,826,144	45,191,015
Less accumulated depreciation	(4,391,774)	(1,822,971)
Net real estate	99,434,370	43,368,044
Cash and cash equivalents	7,556,763	9,038,642
Accounts and rent receivable	72,576	17,961
Acquired-in place lease intangibles, net	335,674
Other assets	584,905	458,316
Total assets	107,984,288	52,882,963
Liabilities:
Mortgages and note payable, net	66,396,156	27,447,459
Accounts payable and accrued expenses	895,189	232,736
Distributions payable	213,859	137,207
Due to related parties	5,273,153	5,684,753
Other liabilities	212,105	67,287
Total liabilities	72,990,462	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 $4,867,250 and $8,268,768 as of December 31, 2017 and 2016, respectively)	47,049,832	25,539,970
Distributions and accumulated losses	(12,058,132)	(6,227,832)
Total stockholders’ equity	34,993,826	19,313,521
Total liabilities and stockholders’ equity	107,984,288	52,882,963
Class A Common Stock [Member]
Liabilities:
Distributions payable	1,663,489	903,035
Stockholders’ equity:
Common stock	1,479	1,099
Class T Common Stock [Member]
Liabilities:
Distributions payable	375,516	105,143
Stockholders’ equity:
Common stock	404	$ 284
Class T-3 Common Stock [Member]
Liabilities:
Distributions payable	98,470
Stockholders’ equity:
Common stock	$ 243

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Dec. 31, 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	$ 4,867,250	$ 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	1,479,155	1,098,858
Common stock, shares outstanding	1,479,155	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	404,069	284,283
Common stock, shares outstanding	404,069	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	243,346	0
Common stock, shares outstanding	243,346	0

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income:
Rental income	$ 6,557,908	$ 3,570,084	$ 865,899
Other property income	752,502	355,289	101,572
Total income	7,310,410	3,925,373	967,471
Expenses:
Property operating expenses	2,248,704	1,181,819	253,268
Real estate tax expense	764,884	353,212	87,003
General and administrative expenses	1,397,780	1,196,519	657,293
Acquisition related costs	89,203	29,607	1,247,622
Business management fee	476,842	274,540	91,455
Depreciation and amortization	3,461,439	1,822,246	622,359
Total expenses	8,438,852	4,857,943	2,959,000
Operating loss	(1,128,442)	(932,570)	(1,991,529)
Interest expense	(2,045,389)	(1,379,761)	(501,073)
Interest and other income	34,879	4,912
Net loss	$ (3,138,952)	$ (2,307,419)	$ (2,492,602)
Net loss per common share, basic and diluted	$ (1.76)	$ (2.80)	$ (48.07)
Weighted average number of common shares outstanding, basic and diluted	1,783,029	824,457	51,851

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY (DEFICIT) - USD ($)	Total	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, 2014	$ 14,979	$ 8				$ 199,992	$ (185,021)
Balance, shares at Dec. 31, 2014		8,000
Proceeds from the offering	6,779,935		$ 266	$ 15		6,779,654
Proceeds from the offering, shares			266,283	15,156
Offering costs	(4,597,765)					(4,597,765)
Conversion of common into Class A		$ (8)	$ 8
Conversion of common into Class A, shares		(8,000)	8,000
Discount on shares to related parties	8,065					8,065
Issuance of shares from distribution reinvestment plan	1,457					1,457
Issuance of shares from distribution reinvestment plan, shares			61
Shares repurchased	0
Distributions declared	(37,421)						(37,421)
Stock dividends issued						3,436	(3,436)
Stock dividends issued, shares			137	1
Net loss	(2,492,602)						(2,492,602)
Equity based compensation	3,438					3,438
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	26,152,992		$ 801	$ 266		26,151,925
Proceeds from the offering, shares			800,942	266,034
Offering costs	(3,671,003)					(3,671,003)
Discount on shares to related parties	19,356					19,356
Issuance of shares from distribution reinvestment plan	438,463		$ 17	$ 2		438,444
Issuance of shares from distribution reinvestment plan, shares			16,370	2,179
Shares repurchased	0
Distributions declared	$ (1,008,178)						(1,008,178)
Stock dividends issued			$ 7	$ 1		193,747	(193,755)
Stock dividends issued, shares	7,777		6,864	913
Net loss	$ (2,307,419)						(2,307,419)
Equity based compensation	9,224					9,224
Equity based compensation, shares			201
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	16,602,981		$ 334	$ 106	$ 241	16,602,300
Proceeds from the offering, shares			334,486	106,744	241,167
Offering costs, net	3,401,518					3,401,518
Discount on shares to related parties	24,530					24,530
Issuance of shares from distribution reinvestment plan	1,088,899		$ 35	$ 10	$ 2	1,088,852
Issuance of shares from distribution reinvestment plan, shares			34,794	9,772	1,741
Shares repurchased	(173,558)		$ (6)	$ (1)		(173,551)
Shares repurchased, shares			(6,432)	(1,556)
Distributions declared	$ (2,137,475)						(2,137,475)
Stock dividends issued			$ 17	$ 5		553,851	(553,873)
Stock dividends issued, shares	22,384		17,120	4,826	438
Net loss	$ (3,138,952)						(3,138,952)
Equity based compensation	12,362					12,362
Equity based compensation, shares			329
Balance at Dec. 31, 2017	$ 34,993,826		$ 1,479	$ 404	$ 243	$ 47,049,832	$ (12,058,132)
Balance, shares at Dec. 31, 2017			1,479,155	404,069	243,346

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash flows from operating activities:
Net loss	$ (3,138,952)	$ (2,307,419)	$ (2,492,602)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	3,461,439	1,822,246	622,359
Amortization of debt issuance costs	33,789	102,796	34,233
Amortization of equity based compensation	12,361	9,224	3,438
Discount on shares issued to related parties	24,530	19,356	8,065
Changes in assets and liabilities:
Accounts payable and accrued expenses	293,914	(45,053)	75,759
Accounts and rents receivable	(74,024)	17,802	(35,763)
Due to related parties	27,652	266,454	809,512
Other liabilities	76,879	17,632	49,655
Other assets	(126,778)	6,621	(280,140)
Net cash flows provided by (used in) operating activities	590,810	(90,341)	(1,205,484)
Cash flows from investing activities:
Purchase of real estate	(59,309,923)		(45,901,562)
Capital expenditures	(149,676)	(85,091)
Net cash flows used in investing activities	(59,459,599)	(85,091)	(45,901,562)
Cash flows from financing activities:
Payment of mortgages and note payable	(5,700,000)	(18,300,000)
Proceeds from mortgages and note payable	44,930,000		45,750,000
Proceeds from offering	16,602,981	26,152,992	6,779,935
Payment of offering costs	(2,485,497)	(3,461,553)	(2,989,222)
Reimbursement of offering costs	6,500,000
Distributions paid	(971,924)	(456,246)	(12,226)
Shares repurchased	(173,558)
(Payments to) advances from sponsor	(1,000,000)		2,650,000
Payment of debt issuance costs	(315,092)	(2,291)	(22,904)
Net cash flows provided by financing activities	57,386,910	3,932,902	52,155,583
Net (decrease) increase in cash and cash equivalents	(1,481,879)	3,757,470	5,048,537
Cash and cash equivalents at beginning of the period	9,038,642	5,281,172	232,635
Cash and cash equivalents at end of the period	7,556,763	9,038,642	5,281,172
Supplemental disclosure of cash flow information:
Land	3,543,573		6,301,838
Building and other improvements	49,994,877		36,723,483
Site improvements	3,214,178		867,859
Furniture, fixtures and equipment	1,767,003		1,232,754
Acquired in-place lease intangibles	1,194,134		601,623
Assumed assets and liabilities, net	(403,842)		174,005
Purchase of real estate	59,309,923		45,901,562
Supplemental schedule of non-cash investing and financing activities:
Cash paid for interest	1,917,723	1,281,454	476,881
Distributions payable	213,859	137,207	23,738
Accrued offering costs payable	725,430	541,723	332,272
Stock dividends issued	553,873	193,755	3,436
Common stock issued through distribution reinvestment plan	$ 1,088,899	$ 438,463	$ 1,457

ORGANIZATION

ORGANIZATION	12 Months Ended
	Dec. 31, 2017
Organization Consolidation And Presentation Of Financial Statements [Abstract]
ORGANIZATION	NOTE 1 - ORGANIZATION Inland Residential Properties Trust, Inc. (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 (the “Internal Revenue Code”), beginning with the tax year ended December 31, 2015. At December 31, 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 year ended December 31, 2017, the properties’ weighted average daily occupancy for residential was 94.7% and at December 31, 2017, 599 units, or 96.1% of the residential units were leased. At December 31, 2017, 100% of the retail units were occupied.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES General The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“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 presented. 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. Consolidation The accompanying consolidated financial statements include the accounts of the Company, as well as the operating partnership and the accounts of the Company’s indirect wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The fiscal year-end of the Company is December 31. Information with respect to square footage and occupancy is unaudited. Acquisitions In January 2017, the Financial Accounting Standards Board the (“FASB”) issued guidance that clarifies the definition of a business and assists in the evaluation of whether a transaction will be accounted for as an acquisition of an asset or as a business combination. Under the updated guidance, an acquisition of a property is likely to be treated as an asset acquisition as opposed to a business combination. The Company early adopted the new guidance and modified its accounting policy effective October 1, 2016, to record the entirety of the asset acquisitions of real property and related intangible assets and liabilities at their relative fair values. Additionally, the Company capitalizes the associated transaction costs. Upon acquisition, the Company determines the total purchase price of each property (see Note 4 – “Acquisitions”). The Company allocates the total purchase price of properties based on the fair value of the tangible and intangible assets acquired and liabilities assumed based on Level 3 inputs, such as comparable sales values, discount rates, capitalization rates, revenue and expense growth rates and lease-up assumptions, from a third party appraisal or other market sources. Such tangible assets include land, building improvements, furniture, fixtures and equipment and intangible assets include in-place lease value. Acquired in-place lease costs and other leasing costs are amortized on a straight-line basis over the weighted-average remaining lease term as a component of amortization expense. Prior to October 1, 2016, the Company expensed acquisition expenses as incurred and assets acquired and liabilities assumed were measured at their fair values rather than their relative fair values. Impairment of Investment Properties The Company assesses the carrying values of the respective long-lived assets, whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable. If it is determined that the carrying value is not recoverable because the undiscounted cash flows do not exceed the carrying value, the Company will be required to record an impairment loss to the extent that the carrying value exceeds fair value. The valuation and possible subsequent impairment of investment properties will be a significant estimate that can change based on the Company’s continuous process of analyzing each property and reviewing assumptions about uncertain factors, as well as the economic condition of the property at a particular point in time. REIT Status The Company has qualified and has elected to be taxed as a REIT beginning with the tax year ended December 31, 2015. In order to qualify as a REIT, the Company is required to distribute annually at least 90% of its taxable income, subject to certain adjustments, to its stockholders. The Company must also meet certain asset and income tests, as well as other requirements. The Company monitors the business and transactions that may potentially impact its REIT status. If it 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 and state income tax on its taxable income at regular corporate rates. Income Taxes Prior to 2015, income taxes were accounted for under the asset and liability method. Deferred tax assets and liabilities were recognized for future tax consequences and were attributable to (1) differences between the financial statement carrying amounts and their respective tax bases, and (2) net operating losses. A valuation allowance was established for uncertainties relating to realization of deferred tax assets. As a result of the REIT election at December 31, 2015, the Company reversed a deferred tax asset of $726,017 and associated valuation allowance related to its REIT activities. Cash and Cash Equivalents The Company considers all demand deposits, money market accounts and all short term investments with a maturity of three months or less, at the date of purchase, to be cash equivalents. The Company maintains its cash and cash equivalents at financial institutions. The account balance may periodically exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance coverage and, as a result, there could be a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. The Company believes that the risk will not be significant, as the Company does not anticipate the financial institutions’ non-performance. Valuation of Accounts and Rents Receivable The Company takes into consideration certain factors that require judgments to be made as to the collectability of receivables. Collectability factors taken into consideration are the amounts outstanding and payment history of the tenant, which taken as a whole determines the valuation. Capitalization and Depreciation Policies Real estate acquisitions are recorded at cost less accumulated depreciation. Improvements and betterment costs are capitalized and ordinary repairs and maintenance are expensed as incurred. Expenditures over $2,500, which improve or extend the life of an asset and have a useful life of greater than one year, are capitalized. The threshold for capitalization does not apply to appliances as all appliances are capitalized. Depreciation expense is computed using the straight-line method. Cost capitalization and the estimate of useful lives require judgment and include significant estimates that can and do change. The Company anticipates the estimated useful lives of its assets by class to be generally: Building and other improvements 30 years Site improvements 5-15 years Furniture, fixtures and equipment 3-15 years Debt Issuance Costs Debt issuance costs are amortized on a straight-line basis, which approximates the effective interest method, over the term of the related agreement as a component of interest expense. These costs are reported as a direct deduction to the Company’s outstanding mortgages payable. Fair Value Measurements The Company estimates fair value using available market information and valuation methodologies it believes to be appropriate for these purposes. Considerable judgment and a high degree of subjectivity are involved in developing these estimates and, accordingly, they will not necessarily be indicative of amounts that would be realized upon disposition. The Company defines fair value based on the price that would be received upon sale of an asset or the exit price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company has established a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value. The fair value hierarchy will consist of three broad levels, which are described below: • Level 1 − Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access. • Level 2 − Observable inputs, other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. • Level 3 − Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. Offering and Organization Costs Costs associated with the Offering (see Note 3 – “Equity”) are deferred and charged against the gross proceeds of the Offering upon the sale of shares. Formation and organizational costs were expensed as incurred. 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 its estimated value per share) for each Class T Share and Class T-3 Share sold in its Offering. The aggregate amount of underwriting compensation for Class T Shares and Class T-3 Shares including the distribution and stockholder servicing fee cannot exceed the Financial Industry Regulatory Authority’s 10% cap on underwriting compensation. The fee is on-going and is not paid at the time of purchase and is paid monthly in arrears. Prior to January 1, 2016, the Company adopted original industry accounting guidance which accounted for this fee as a charge to equity on a periodic basis as it became contractually due and payable, in the application of accounting for the distribution and stockholder servicing fee. In accordance with the new guidance, beginning in 2016, the Company accounted for the fee as a charge to equity at the time each Class T Share and Class T-3 Share was sold in its Offering and recorded a corresponding payable in due to related parties. At December 31, 2017 the unpaid fee equal to $551,298 was recorded in due to related parties in the accompanying consolidated balance sheets. Revenue Recognition Residential properties are leased under operating leases with terms of generally one year or less. Rental revenues from residential leases are recognized on the straight-line method over the approximate life of the leases, which is generally one year. The recognition of rental revenues from residential leases when earned has historically not been materially different from rental revenues recognized on a straight-line basis. Under the terms of residential leases, the residents of the Company’s residential communities are obligated to reimburse the Company for certain utility usage, water and electricity, where the Company is the primary obligor to the public utility entity. These utility reimbursements from residents are reflected as other property income in the accompanying consolidated statements of operations. Equity Based Compensation The Company has restricted shares outstanding at December 31, 2017. The Company recognizes expense related to the fair value of equity based compensation awards as general and administrative expense in the accompanying consolidated statements of operations. The Company recognizes expense based on the fair value at the grant date on a straight-line basis over the vesting period representing the requisite service period. See Note 7 - "Equity Based Compensation" for further information. Recent Accounting Pronouncements In November 2016, 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 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 has identified its lease revenues and non-lease revenues under the guidance. Additionally, only incremental direct leasing costs may be capitalized under this new guidance, which is consistent with the Company’s existing policies. 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 (Topic 606) 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. 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 is not separately stipulated in the tenant’s lease. The Company has evaluated 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	12 Months Ended
	Dec. 31, 2017
Equity [Abstract]
EQUITY	NOTE 3 – EQUITY The Company commenced an offering of shares of Class A common stock, $.001 par value per share (“Class A Shares”) and shares of Class T common stock, $.001 par value per share (“Class T Shares”) on February 17, 2015 (the “Offering”) and, effective February 2, 2017, the Company reallocated certain of the remaining shares offered in the Offering to offer shares of Class T-3 common stock, $.001 par value per share (“Class T-3 Shares”). The Company ceased accepting subscription agreements dated after December 31, 2017 and terminated the Offering on January 3, 2018. Excluding proceeds from the Company’s distribution reinvestment plan (as amended, the “DRP”), the Company generated gross proceeds of $8,227,202, $2,556,509 and $5,819,271 from sales of its Class A Shares, Class T Shares and Class T-3 Shares, respectively, during the year ended December 31, 2017. As of December 31, 2017, the Company had 1,479,155 Class A Shares, 404,069 Class T Shares and 243,346 Class T-3 Shares outstanding, respectively. For the year ended December 31, 2017, the Company declared cash distributions of $2,137,475, paid total distributions of $2,060,823 and issued stock dividends of 22,384 shares to stockholders. For the year ended December 31, 2016, the Company declared cash distributions of $1,008,178, paid total distributions of $894,709 and issued stock dividends of 7,777 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. The price per share for shares of common stock purchased under the DRP were made initially at a price of $23.75, $22.81 and $22.81 per Class A Share, Class T Share and Class T-3 Share, respectively, until February 5, 2018 when the Company reported estimated per share net asset values of its common stock. Accordingly, under the DRP, beginning with the February 2018 distribution payment made to stockholders in March 2018 until the Company announces new estimated per share net asset values, distributions may be reinvested for shares of common stock at a price equal to $23.15 per Class A Share, $24.32 per Class T Share and $23.55 per Class T-3 Share. Distributions reinvested through the DRP were $1,088,899, $438,463 and $1,457 for the years ended December 31, 2017, 2016 and 2015, 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 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 $173,558 in the year ended December 31, 2017. There were no repurchases through the SRP for the years ended December 31, 2016 and 2015.

ACQUISITIONS

ACQUISITIONS	12 Months Ended
	Dec. 31, 2017
Business Combinations [Abstract]
ACQUISITIONS	NOTE 4 – 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 $ 36,457,616 417 482,410 $ 59,457,616 (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. During the year ended December 31, 2017, the Company, through its wholly owned subsidiaries, acquired the real estate properties listed above 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 with the proceeds of a ten-year mortgage loan for approximately $21,930,000 and offering proceeds of approximately $14,700,000. The acquisitions were accounted for as asset acquisitions. For the year ended December 31, 2017, the Company incurred $338,818 of total acquisition costs, $249,615 of which were capitalized as the acquisition of net real estate in the accompanying consolidated balance sheets and $89,203 of acquisition, dead deal and transaction related costs that are recorded in acquisition related costs in the accompanying consolidated statements of operations. For properties acquired during the year ended December 31, 2017, the Company recorded total net loss of $1,162,843 and property net loss of $133,262. The following table presents certain additional information regarding the Company’s acquisitions during the year ended December 31, 2017. The amounts recognized for major assets acquired and liabilities assumed as of the acquisition date are as follows: Land $ 3,543,573 Building and other improvements 49,994,877 Site improvements 3,214,178 Furniture, fixtures and equipment 1,767,003 Acquired in-place lease intangibles 1,194,134 Assumed assets and liabilities, net (403,842 ) Total $ 59,309,923 2016 Acquisitions During the year ended December 31, 2016, the Company did not acquire any real estate properties. The Company incurred $29,607 and $1,247,622 during the years ended December 31, 2016 and 2015, respectively, of acquisition, dead deal and transaction related costs. These costs include third party due diligence costs such as appraisals, environmental studies, and legal fees as well as acquisition fees and time and travel expense reimbursements to the Sponsor and its affiliates.

ACQUIRED INTANGIBLE ASSETS

ACQUIRED INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 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: December 31, 2017 December 31, 2016 Intangible assets: Acquired in-place lease value $ 592,511 $ — Accumulated amortization (256,837 ) — Acquired lease intangibles, net $ 335,674 $ — 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. As of December 31, 2017, the weighted average amortization period for acquired in-place lease intangibles is 1.3 years. Amortization pertaining to acquired in- place lease value is summarized below: Amortization recorded as amortization expense: 2017 2016 2015 Acquired in-place lease value $ 256,837 $ — $ — Estimated amortization of the respective intangible lease assets and liabilities as of December 31, 2017 for each of the five succeeding years and thereafter is as follows: Acquired In-Place Leases 2018 $ 179,847 2019 85,035 2020 48,976 2021 21,816 2022 — Thereafter — Total $ 335,674

MORTGAGES AND NOTE PAYABLE, NET

MORTGAGES AND NOTE PAYABLE, NET	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
MORTGAGES AND NOTE PAYABLE, NET	NOTE 6 – MORTGAGES AND NOTE PAYABLE, NET As of December 31, 2017 and 2016, the Company had the following mortgages payable: December 31, 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 Mortgages Payable: The Retreat at Market Square September 30, 2023 3.64% $ 27,450,000 $ 27,450,000 3.64% Commons at Town Center May 3, 2024 3.69% 13,800,000 $ — 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, 2019 5.40% 3,500,000 5.40% $ — Total debt before debt issuance costs $ 66,680,000 3.82% $ 27,450,000 3.64% Unamortized debt issuance costs (283,844 ) (2,541 ) Total debt $ 66,396,156 $ 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 $66,680,000 and $27,450,000 as of December 31, 2017 and December 31, 2016, respectively, and its estimated fair value was $65,281,610 and $26,957,385 as of December 31, 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 December 31, 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 December 31, 2017, the Company is in compliance with all financial covenants related to the . As of December 31, 2017, scheduled principal payments and maturities on the Company’s mortgages and note payable were as follows: December 31, 2017 Scheduled Principal Payments and Maturities by Year: Scheduled Principal Payments Maturities of Mortgages Maturity of Note Payable Total 2018 $ — $ — $ — $ — 2019 — — 3,500,000 3,500,000 2020 — — — — 2021 124,063 — — 124,063 2022 505,081 — — 505,081 Thereafter 348,125 62,202,731 — 62,550,856 Total $ 977,269 $ 62,202,731 $ 3,500,000 $ 66,680,000 The weighted average years to maturity for the Company’s debt is 6.89 years.

EQUITY BASED COMPENSATION

EQUITY BASED COMPENSATION	12 Months Ended
	Dec. 31, 2017
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
EQUITY BASED COMPENSATION	NOTE 7 – 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 $12,362, $9,224 and $3,438 in 2017, 2016 and 2015, respectively. As of December 31, 2017 and 2016, the Company had $12,894 and $10,255, respectively, of unrecognized compensation expense 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 1.46 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, 2015 822 $ 18,750 $ 18,750 Granted 658 15,000 15,000 Vested (201 ) (4,583 ) (4,583 ) Forfeited (475 ) (10,833 ) (10,833 ) Outstanding at December 31, 2016 804 $ 18,334 $ 18,334 Granted 658 15,000 15,000 Vested (329 ) (7,500 ) (7,500 ) Forfeited — — — Outstanding at December 31, 2017 1,133 25,834 25,834

INCOME TAX AND DISTRIBUTIONS

INCOME TAX AND DISTRIBUTIONS	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
INCOME TAX AND DISTRIBUTIONS	NOTE 8 – INCOME TAX AND DISTRIBUTIONS The Company has qualified and has elected to be taxed as a REIT under the Internal Revenue Code for U.S. federal income tax purposes commencing with the tax year ending December 31, 2015. As a result, the Company generally will not be subject to U.S. federal income tax on taxable income that is distributed to stockholders. A REIT is subject to a number of organizational and operational requirements, including a requirement that it annually distributes at least 90% of its REIT taxable income, subject to certain adjustments and excluding any net capital gain, to its stockholders. Subsequently, if the Company fails to qualify as a REIT in any taxable year, without the benefit of certain relief provisions, the Company will be subject to U.S. federal income tax on its taxable income at the corporate tax rate. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income, property or net worth and U.S. federal income and excise taxes on its undistributed income. The Company had no uncertain tax positions as of December 31, 2017, 2016 and 2015. The Company expects no significant increases in uncertain tax positions due to changes in tax positions within one year of December 31, 2017. The Company has no interest or penalties relating to income taxes recognized in the consolidated statements of operations for the years ended December 31, 2017, 2016 and 2015. As of December 31, 2017, the tax returns for the calendar years 2017 through 2014 remain subject to examination by U.S. and various state and local tax jurisdictions. As a result of the REIT election at December 31, 2015, the Company reversed a deferred tax asset of $726,017 and associated valuation allowance related to its REIT activities. Generally, as a REIT, the Company will not pay U.S. federal income tax at the REIT level (including its qualified For the years ended December 31, 2017, 2016 and 2015, the Company paid and declared the following cash distributions and issued the following stock dividends: Class A Class T Class T-3 Distributions Declared Distributions Paid Distributions Declared Distributions Paid Distributions Declared Distributions Paid Stock Dividends (Shares) 2017 $ 1,663,489 $ 1,621,172 $ 375,516 $ 364,264 $ 98,470 $ 75,387 22,384 2016 $ 903,035 $ 812,121 $ 105,143 $ 82,588 $ — $ — 7,777 2015 $ 36,567 $ 13,673 $ 854 $ 10 $ — $ — 138 For income tax purposes only, 100% of the cash distributions to the Class A stockholders, Class T stockholders and Class T-3 stockholders will be treated as nondividend distributions (which are treated for income tax purposes as a return of capital to the extent of a stockholder’s basis in its shares and thereafter as capital gain) and none will be treated as ordinary dividends or capital gain. All stock dividends issued will be treated as non-taxable distributions to the recipient stockholder.

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE	12 Months Ended
	Dec. 31, 2017
Earnings Per Share [Abstract]
EARNINGS (LOSS) PER SHARE	NOTE 9 – 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 years ended December 31, 2017, 2016 and 2015, 919, 419 and 486 shares were excluded from the computation of diluted EPS, respectively, because they would have been antidilutive. The Company does not apply the two-class method for calculating EPS as its share classes only differ on the timing of its payment of selling commissions, dealer manager fees and distribution and stockholder servicing fees.

SEGMENT REPORTING

SEGMENT REPORTING	12 Months Ended
	Dec. 31, 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 years ended December 31, 2017, 2016 and 2015.

TRANSACTIONS WITH RELATED PARTI

TRANSACTIONS WITH RELATED PARTIES	12 Months Ended
	Dec. 31, 2017
Related Party Transactions [Abstract]
TRANSACTIONS WITH RELATED PARTIES	NOTE 11 – 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. The following table summarizes the Company’s related party transactions for the years ended December 31, 2017, 2016 and 2015. Year ended December 31, Unpaid amounts as of 2017 2016 2015 December 31, 2017 December 31, 2016 General and administrative reimbursements (a) $ 421,349 $ 421,673 $ 198,095 $ 98,863 $ 80,386 Affiliate share purchase discounts (b) 24,530 19,356 8,065 — — Total general and administrative costs 445,879 441,029 206,160 98,863 80,386 Acquisition related costs (c) 218,858 11,402 711,657 686,250 686,250 Offering costs (d) 1,701,166 2,588,020 611,128 1,609,242 1,476,746 Reimbursement of offering costs (e) 6,071,748 — — 428,252 — Business management fee (f) 476,842 274,520 91,455 342,837 365,995 Mortgage financing fee (g) — — 114,375 114,375 114,375 Sponsor non-interest bearing advances (h) — — 2,650,000 1,950,000 2,950,000 — Property management fee 286,357 157,757 37,699 — — Property operating expenses 690,526 350,960 58,039 43,334 11,001 Total property operating expenses (i) 976,883 508,717 95,738 43,334 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 years ended December 31, 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. 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. For the year ended December 31, 2017, of the $218,858 in related party acquisition costs and fees, $164,067 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. The Business Manager will not require the repayment of $686,250 until at least one-year after the filing date of this report. (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. 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 the 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 December 31, 2017 and 2016, the unpaid fee equal to $551,298 and $335,327, respectively, was recorded in due to related parties in the accompanying consolidated balance sheets. The Sponsor will not require the repayment of $1,011,419 until at least one-year after the filing date of this report. (e) Other organization and offering expenses exceeded the maximum expense cap as defined in the Offering. Total offering costs were $10,937,973, of which $7,074,566 were other organization and offering expenses subject to the maximum expense cap. These expenses include registration and filing fees, legal and accounting fees, printing and mailing expenses, bank fees and other administrative expenses. Total proceeds raised in the Offering through January 2018 were $50,140,908, resulting in cap excess of $6,071,748. The Business Manager reimbursed the Company an estimated amount of $6,500,000 during the year ended December 31, 2017. This amount includes an overpayment of $428,252 which is included in due to related parties in the accompanying consolidated balance sheets. (f) 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. (g) 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. The Business Manager will not require the repayment (h) 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. The Sponsor will not require the repayment of $1,950,000 until at least one-year after the filing date of this report. (i) 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	12 Months Ended
	Dec. 31, 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 December 31, 2017 for the years indicated, assuming no expiring leases are renewed, are as follows: Minimum Lease Payments 2018 $ 257,350 2019 254,650 2020 172,750 2021 78,119 2022 — Thereafter — Total $ 762,869

QUARTERLY SUPPLEMENTAL FINANCIA

QUARTERLY SUPPLEMENTAL FINANCIAL INFORMATION (UNAUDITED)	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
QUARTERLY SUPPLEMENTAL FINANCIAL INFORMATION (UNAUDITED)	NOTE 13 – QUARTERLY SUPPLEMENTAL FINANCIAL INFORMATION (UNAUDITED) The following represents the results of operations, for each quarterly period, during 2017 and 2016. 2017 Dec 31 Sept 30 Jun 30 Mar 31 Total income $ 2,581,944 $ 2,285,507 $ 1,423,204 $ 1,019,755 Net loss $ (1,042,955 ) $ (1,032,097 ) $ (704,794 ) $ (359,106 ) Net loss per common share, basic and diluted (1) $ (0.51 ) $ (0.55 ) $ (0.42 ) $ (0.24 ) Weighted average number of common shares outstanding, basic and diluted (1) 2,050,260 1,885,318 1,696,801 1,492,485 2016 Dec 31 Sept 30 Jun 30 Mar 31 Total income $ 995,686 $ 992,668 $ 1,005,772 $ 931,247 Net loss $ (490,644 ) $ (367,912 ) $ (606,864 ) $ (841,999 ) Net loss per common share, basic and diluted (1) $ (0.40 ) $ (0.39 ) $ (0.88 ) $ (1.98 ) Weighted average number of common shares outstanding, basic and diluted (1) 1,238,219 942,839 687,355 425,942 (1) Quarterly net loss per common share amounts may not total the annual amounts due to rounding and the changes in the number of weighted common shares outstanding.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2017
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 14 – SUBSEQUENT EVENTS Note Payable The Company paid in full the outstanding balance of its note payable and accrued interest in January 2018. 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 December 1, 2017 through the close of business June 30, 2018. Through February 28, 2018, 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. From March 1 through March 31, 2018, distributions were declared in a daily amount equal to $0.003424658 per Class A Share, $0.002758488 per Class T Share and $0.003323017 per Class T-3 Share, based on a 365-day period. From April 1 through June 30, 2018, distributions were declared in a daily amount equal to $0.003424658 per Class A Share, $0.002758356 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 December 2017 January 2018 $ 213,859 $ 109,690 4,673 $ 104,169 January 2018 February 2018 $ 219,464 $ 111,350 4,747 $ 108,114 February 2018 March 2018 $ 174,220 $ 89,610 3,830 $ 84,610

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2017
Real Estate And Accumulated Depreciation Disclosure [Abstract]
Real Estate and Accumulated Depreciation	Schedule III Real Estate and Accumulated Depreciation December 31, 2017 Initial cost (A) Gross amount carried at end of period (B) Property Name Encum- brance Land Buildings and Improvements Cost Capitalized Subsequent to Acquisitions Land(C) Buildings Improve-ments (C) Total (C) Accumulated Depreciation (D) Date structed Date Acquired Depreciable Lives The Retreat at Market Square $ 27,450,000 $ 6,301,838 $ 38,824,096 $ 90,272 $ 6,301,838 $ 38,914,368 $ 45,216,206 $ (3,291,618 ) 2014 2015 5-30 Frederick, MD Commons at Town Center $ 17,300,000 $ 1,492,382 $ 21,010,632 $ 52,155 $ 1,492,382 $ 21,062,787 $ 22,555,169 $ (508,464 ) 2010 2017 5-30 Vernon Hills, IL Verandas at Mitylene $ 21,930,000 $ 2,051,190 $ 33,965,426 $ 38,153 $ 2,051,190 $ 34,003,579 $ 36,054,769 $ (591,692 ) 2007 2017 5-30 Montgomery, AL Total $ 66,680,000 $ 9,845,410 $ 93,800,154 $ 180,580 $ 9,845,410 $ 93,980,734 $ 103,826,144 $ (4,391,774 ) Notes: (A) The initial cost to the Company represents the original purchase price of the property. (B) The aggregate cost of real estate owned at December 31, 2017, 2016 and 2015 for U.S. federal income tax purposes was $106,875,120, $47,020,129 and $46,975,000, respectively (unaudited). (C) Reconciliation of real estate owned: 2017 2016 2015 Balance at January 1, $ 45,191,015 $ 45,125,934 $ — Acquisitions 58,519,630 — 45,125,934 Improvements 115,499 65,081 — Balance at December 31, $ 103,826,144 $ 45,191,015 $ 45,125,934 (D) Reconciliation of accumulated depreciation: Balance at January 1, $ 1,822,971 $ 364,520 $ — Depreciation expense 2,568,803 1,458,451 364,520 Balance at December 31, $ 4,391,774 $ 1,822,971 $ 364,520

SUMMARY OF SIGNIFICANT ACCOUN22

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
General	General The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“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 presented. 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.
Consolidation	Consolidation The accompanying consolidated financial statements include the accounts of the Company, as well as the operating partnership and the accounts of the Company’s indirect wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The fiscal year-end of the Company is December 31. Information with respect to square footage and occupancy is unaudited.
Acquisitions	Acquisitions In January 2017, the Financial Accounting Standards Board the (“FASB”) issued guidance that clarifies the definition of a business and assists in the evaluation of whether a transaction will be accounted for as an acquisition of an asset or as a business combination. Under the updated guidance, an acquisition of a property is likely to be treated as an asset acquisition as opposed to a business combination. The Company early adopted the new guidance and modified its accounting policy effective October 1, 2016, to record the entirety of the asset acquisitions of real property and related intangible assets and liabilities at their relative fair values. Additionally, the Company capitalizes the associated transaction costs. Upon acquisition, the Company determines the total purchase price of each property (see Note 4 – “Acquisitions”). The Company allocates the total purchase price of properties based on the fair value of the tangible and intangible assets acquired and liabilities assumed based on Level 3 inputs, such as comparable sales values, discount rates, capitalization rates, revenue and expense growth rates and lease-up assumptions, from a third party appraisal or other market sources. Such tangible assets include land, building improvements, furniture, fixtures and equipment and intangible assets include in-place lease value. Acquired in-place lease costs and other leasing costs are amortized on a straight-line basis over the weighted-average remaining lease term as a component of amortization expense. Prior to October 1, 2016, the Company expensed acquisition expenses as incurred and assets acquired and liabilities assumed were measured at their fair values rather than their relative fair values.
Impairment of Investment Properties	Impairment of Investment Properties The Company assesses the carrying values of the respective long-lived assets, whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable. If it is determined that the carrying value is not recoverable because the undiscounted cash flows do not exceed the carrying value, the Company will be required to record an impairment loss to the extent that the carrying value exceeds fair value. The valuation and possible subsequent impairment of investment properties will be a significant estimate that can change based on the Company’s continuous process of analyzing each property and reviewing assumptions about uncertain factors, as well as the economic condition of the property at a particular point in time.
REIT Status	REIT Status The Company has qualified and has elected to be taxed as a REIT beginning with the tax year ended December 31, 2015. In order to qualify as a REIT, the Company is required to distribute annually at least 90% of its taxable income, subject to certain adjustments, to its stockholders. The Company must also meet certain asset and income tests, as well as other requirements. The Company monitors the business and transactions that may potentially impact its REIT status. If it 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 and state income tax on its taxable income at regular corporate rates.
Income Taxes	Income Taxes Prior to 2015, income taxes were accounted for under the asset and liability method. Deferred tax assets and liabilities were recognized for future tax consequences and were attributable to (1) differences between the financial statement carrying amounts and their respective tax bases, and (2) net operating losses. A valuation allowance was established for uncertainties relating to realization of deferred tax assets. As a result of the REIT election at December 31, 2015, the Company reversed a deferred tax asset of $726,017 and associated valuation allowance related to its REIT activities.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all demand deposits, money market accounts and all short term investments with a maturity of three months or less, at the date of purchase, to be cash equivalents. The Company maintains its cash and cash equivalents at financial institutions. The account balance may periodically exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance coverage and, as a result, there could be a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. The Company believes that the risk will not be significant, as the Company does not anticipate the financial institutions’ non-performance.
Valuation of Accounts and Rents Receivable	Valuation of Accounts and Rents Receivable The Company takes into consideration certain factors that require judgments to be made as to the collectability of receivables. Collectability factors taken into consideration are the amounts outstanding and payment history of the tenant, which taken as a whole determines the valuation.
Capitalization and Depreciation Policies	Capitalization and Depreciation Policies Real estate acquisitions are recorded at cost less accumulated depreciation. Improvements and betterment costs are capitalized and ordinary repairs and maintenance are expensed as incurred. Expenditures over $2,500, which improve or extend the life of an asset and have a useful life of greater than one year, are capitalized. The threshold for capitalization does not apply to appliances as all appliances are capitalized. Depreciation expense is computed using the straight-line method. Cost capitalization and the estimate of useful lives require judgment and include significant estimates that can and do change. The Company anticipates the estimated useful lives of its assets by class to be generally: Building and other improvements 30 years Site improvements 5-15 years Furniture, fixtures and equipment 3-15 years
Debt Issuance Costs	Debt Issuance Costs Debt issuance costs are amortized on a straight-line basis, which approximates the effective interest method, over the term of the related agreement as a component of interest expense. These costs are reported as a direct deduction to the Company’s outstanding mortgages payable.
Fair Value Measurements	Fair Value Measurements The Company estimates fair value using available market information and valuation methodologies it believes to be appropriate for these purposes. Considerable judgment and a high degree of subjectivity are involved in developing these estimates and, accordingly, they will not necessarily be indicative of amounts that would be realized upon disposition. The Company defines fair value based on the price that would be received upon sale of an asset or the exit price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company has established a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value. The fair value hierarchy will consist of three broad levels, which are described below: • Level 1 − Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access. • Level 2 − Observable inputs, other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. • Level 3 − Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.
Offering and Organization Costs	Offering and Organization Costs Costs associated with the Offering (see Note 3 – “Equity”) are deferred and charged against the gross proceeds of the Offering upon the sale of shares. Formation and organizational costs were expensed as incurred.
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 its estimated value per share) for each Class T Share and Class T-3 Share sold in its Offering. The aggregate amount of underwriting compensation for Class T Shares and Class T-3 Shares including the distribution and stockholder servicing fee cannot exceed the Financial Industry Regulatory Authority’s 10% cap on underwriting compensation. The fee is on-going and is not paid at the time of purchase and is paid monthly in arrears. Prior to January 1, 2016, the Company adopted original industry accounting guidance which accounted for this fee as a charge to equity on a periodic basis as it became contractually due and payable, in the application of accounting for the distribution and stockholder servicing fee. In accordance with the new guidance, beginning in 2016, the Company accounted for the fee as a charge to equity at the time each Class T Share and Class T-3 Share was sold in its Offering and recorded a corresponding payable in due to related parties. At December 31, 2017 the unpaid fee equal to $551,298 was recorded in due to related parties in the accompanying consolidated balance sheets.
Revenue Recognition	Revenue Recognition Residential properties are leased under operating leases with terms of generally one year or less. Rental revenues from residential leases are recognized on the straight-line method over the approximate life of the leases, which is generally one year. The recognition of rental revenues from residential leases when earned has historically not been materially different from rental revenues recognized on a straight-line basis. Under the terms of residential leases, the residents of the Company’s residential communities are obligated to reimburse the Company for certain utility usage, water and electricity, where the Company is the primary obligor to the public utility entity. These utility reimbursements from residents are reflected as other property income in the accompanying consolidated statements of operations.
Equity Based Compensation	Equity Based Compensation The Company has restricted shares outstanding at December 31, 2017. The Company recognizes expense related to the fair value of equity based compensation awards as general and administrative expense in the accompanying consolidated statements of operations. The Company recognizes expense based on the fair value at the grant date on a straight-line basis over the vesting period representing the requisite service period. See Note 7 - "Equity Based Compensation" for further information.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2016, 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 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 has identified its lease revenues and non-lease revenues under the guidance. Additionally, only incremental direct leasing costs may be capitalized under this new guidance, which is consistent with the Company’s existing policies. 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 (Topic 606) 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. 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 is not separately stipulated in the tenant’s lease. The Company has evaluated 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

SUMMARY OF SIGNIFICANT ACCOUN23

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Schedule of Estimated Useful Lives of Assets	The Company anticipates the estimated useful lives of its assets by class to be generally: Building and other improvements 30 years Site improvements 5-15 years Furniture, fixtures and equipment 3-15 years

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	12 Months Ended
	Dec. 31, 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 $ 36,457,616 417 482,410 $ 59,457,616 (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 year ended December 31, 2017. The amounts recognized for major assets acquired and liabilities assumed as of the acquisition date are as follows: Land $ 3,543,573 Building and other improvements 49,994,877 Site improvements 3,214,178 Furniture, fixtures and equipment 1,767,003 Acquired in-place lease intangibles 1,194,134 Assumed assets and liabilities, net (403,842 ) Total $ 59,309,923

ACQUIRED INTANGIBLE ASSETS (Tab

ACQUIRED INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 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: December 31, 2017 December 31, 2016 Intangible assets: Acquired in-place lease value $ 592,511 $ — Accumulated amortization (256,837 ) — Acquired lease intangibles, net $ 335,674 $ —
Amortization Pertaining to Acquired in- Place Lease Value	Amortization pertaining to acquired in- place lease value is summarized below: Amortization recorded as amortization expense: 2017 2016 2015 Acquired in-place lease value $ 256,837 $ — $ —
Estimated Amortization of the Respective Intangible Lease Assets and Liabilities	Estimated amortization of the respective intangible lease assets and liabilities as of December 31, 2017 for each of the five succeeding years and thereafter is as follows: Acquired In-Place Leases 2018 $ 179,847 2019 85,035 2020 48,976 2021 21,816 2022 — Thereafter — Total $ 335,674

MORTGAGES AND NOTE PAYABLE, N26

MORTGAGES AND NOTE PAYABLE, NET (Tables)	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Schedule of Mortgages Payable	As of December 31, 2017 and 2016, the Company had the following mortgages payable: December 31, 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 Mortgages Payable: The Retreat at Market Square September 30, 2023 3.64% $ 27,450,000 $ 27,450,000 3.64% Commons at Town Center May 3, 2024 3.69% 13,800,000 $ — 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, 2019 5.40% 3,500,000 5.40% $ — Total debt before debt issuance costs $ 66,680,000 3.82% $ 27,450,000 3.64% Unamortized debt issuance costs (283,844 ) (2,541 ) Total debt $ 66,396,156 $ 27,447,459
Scheduled Principal Payments and Maturities on Mortgages and Note Payable	As of December 31, 2017, scheduled principal payments and maturities on the Company’s mortgages and note payable were as follows: December 31, 2017 Scheduled Principal Payments and Maturities by Year: Scheduled Principal Payments Maturities of Mortgages Maturity of Note Payable Total 2018 $ — $ — $ — $ — 2019 — — 3,500,000 3,500,000 2020 — — — — 2021 124,063 — — 124,063 2022 505,081 — — 505,081 Thereafter 348,125 62,202,731 — 62,550,856 Total $ 977,269 $ 62,202,731 $ 3,500,000 $ 66,680,000

EQUITY BASED COMPENSATION (Tabl

EQUITY BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 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, 2015 822 $ 18,750 $ 18,750 Granted 658 15,000 15,000 Vested (201 ) (4,583 ) (4,583 ) Forfeited (475 ) (10,833 ) (10,833 ) Outstanding at December 31, 2016 804 $ 18,334 $ 18,334 Granted 658 15,000 15,000 Vested (329 ) (7,500 ) (7,500 ) Forfeited — — — Outstanding at December 31, 2017 1,133 25,834 25,834

INCOME TAX AND DISTRIBUTIONS (T

INCOME TAX AND DISTRIBUTIONS (Tables)	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Schedule of Dividends Distributions	For the years ended December 31, 2017, 2016 and 2015, the Company paid and declared the following cash distributions and issued the following stock dividends: Class A Class T Class T-3 Distributions Declared Distributions Paid Distributions Declared Distributions Paid Distributions Declared Distributions Paid Stock Dividends (Shares) 2017 $ 1,663,489 $ 1,621,172 $ 375,516 $ 364,264 $ 98,470 $ 75,387 22,384 2016 $ 903,035 $ 812,121 $ 105,143 $ 82,588 $ — $ — 7,777 2015 $ 36,567 $ 13,673 $ 854 $ 10 $ — $ — 138

TRANSACTIONS WITH RELATED PAR29

TRANSACTIONS WITH RELATED PARTIES (Tables)	12 Months Ended
	Dec. 31, 2017
Related Party Transactions [Abstract]
Schedule of Transactions with Related Parties	The following table summarizes the Company’s related party transactions for the years ended December 31, 2017, 2016 and 2015. Year ended December 31, Unpaid amounts as of 2017 2016 2015 December 31, 2017 December 31, 2016 General and administrative reimbursements (a) $ 421,349 $ 421,673 $ 198,095 $ 98,863 $ 80,386 Affiliate share purchase discounts (b) 24,530 19,356 8,065 — — Total general and administrative costs 445,879 441,029 206,160 98,863 80,386 Acquisition related costs (c) 218,858 11,402 711,657 686,250 686,250 Offering costs (d) 1,701,166 2,588,020 611,128 1,609,242 1,476,746 Reimbursement of offering costs (e) 6,071,748 — — 428,252 — Business management fee (f) 476,842 274,520 91,455 342,837 365,995 Mortgage financing fee (g) — — 114,375 114,375 114,375 Sponsor non-interest bearing advances (h) — — 2,650,000 1,950,000 2,950,000 — Property management fee 286,357 157,757 37,699 — — Property operating expenses 690,526 350,960 58,039 43,334 11,001 Total property operating expenses (i) 976,883 508,717 95,738 43,334 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 years ended December 31, 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. 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. For the year ended December 31, 2017, of the $218,858 in related party acquisition costs and fees, $164,067 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. The Business Manager will not require the repayment of $686,250 until at least one-year after the filing date of this report. (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. 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 the 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 December 31, 2017 and 2016, the unpaid fee equal to $551,298 and $335,327, respectively, was recorded in due to related parties in the accompanying consolidated balance sheets. The Sponsor will not require the repayment of $1,011,419 until at least one-year after the filing date of this report. (e) Other organization and offering expenses exceeded the maximum expense cap as defined in the Offering. Total offering costs were $10,937,973, of which $7,074,566 were other organization and offering expenses subject to the maximum expense cap. These expenses include registration and filing fees, legal and accounting fees, printing and mailing expenses, bank fees and other administrative expenses. Total proceeds raised in the Offering through January 2018 were $50,140,908, resulting in cap excess of $6,071,748. The Business Manager reimbursed the Company an estimated amount of $6,500,000 during the year ended December 31, 2017. This amount includes an overpayment of $428,252 which is included in due to related parties in the accompanying consolidated balance sheets. (f) 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. (g) 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. The Business Manager will not require the repayment (h) 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. The Sponsor will not require the repayment of $1,950,000 until at least one-year after the filing date of this report. (i) 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)	12 Months Ended
	Dec. 31, 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 December 31, 2017 for the years indicated, assuming no expiring leases are renewed, are as follows: Minimum Lease Payments 2018 $ 257,350 2019 254,650 2020 172,750 2021 78,119 2022 — Thereafter — Total $ 762,869

QUARTERLY SUPPLEMENTAL FINANC31

QUARTERLY SUPPLEMENTAL FINANCIAL INFORMATION (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Supplemental Financial Information	The following represents the results of operations, for each quarterly period, during 2017 and 2016. 2017 Dec 31 Sept 30 Jun 30 Mar 31 Total income $ 2,581,944 $ 2,285,507 $ 1,423,204 $ 1,019,755 Net loss $ (1,042,955 ) $ (1,032,097 ) $ (704,794 ) $ (359,106 ) Net loss per common share, basic and diluted (1) $ (0.51 ) $ (0.55 ) $ (0.42 ) $ (0.24 ) Weighted average number of common shares outstanding, basic and diluted (1) 2,050,260 1,885,318 1,696,801 1,492,485 2016 Dec 31 Sept 30 Jun 30 Mar 31 Total income $ 995,686 $ 992,668 $ 1,005,772 $ 931,247 Net loss $ (490,644 ) $ (367,912 ) $ (606,864 ) $ (841,999 ) Net loss per common share, basic and diluted (1) $ (0.40 ) $ (0.39 ) $ (0.88 ) $ (1.98 ) Weighted average number of common shares outstanding, basic and diluted (1) 1,238,219 942,839 687,355 425,942 (1) Quarterly net loss per common share amounts may not total the annual amounts due to rounding and the changes in the number of weighted common shares outstanding.

SUBSEQUENT EVENTS (Tables)

SUBSEQUENT EVENTS (Tables)	12 Months Ended
	Dec. 31, 2017
Schedule of Dividends Distributions	For the years ended December 31, 2017, 2016 and 2015, the Company paid and declared the following cash distributions and issued the following stock dividends: Class A Class T Class T-3 Distributions Declared Distributions Paid Distributions Declared Distributions Paid Distributions Declared Distributions Paid Stock Dividends (Shares) 2017 $ 1,663,489 $ 1,621,172 $ 375,516 $ 364,264 $ 98,470 $ 75,387 22,384 2016 $ 903,035 $ 812,121 $ 105,143 $ 82,588 $ — $ — 7,777 2015 $ 36,567 $ 13,673 $ 854 $ 10 $ — $ — 138
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 December 2017 January 2018 $ 213,859 $ 109,690 4,673 $ 104,169 January 2018 February 2018 $ 219,464 $ 111,350 4,747 $ 108,114 February 2018 March 2018 $ 174,220 $ 89,610 3,830 $ 84,610

ORGANIZATION (Narrative) (Detai

ORGANIZATION (Narrative) (Details)	12 Months Ended
	Dec. 31, 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	94.70%
Number of units leased | Unit	599
Real estate property, residential units leased percentage	96.10%
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

SUMMARY OF SIGNIFICANT ACCOUN34

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Significant Accounting Policies [Line Items]
Deferred tax asset, gross			$ 726,017
Deferred tax asset valuation allowance			$ 726,017
Capital improvements expenditures	$ 149,676	$ 85,091
Class T Common Stock and Class T-3 Common Stock [Member]
Significant Accounting Policies [Line Items]
Percentage of distribution and stockholder servicing fee	1.00%
Cap on underwriting compensation allowed by Financial Industry Regulatory Authority	10.00%
Unpaid fee under distribution and servicing	$ 551,298
Asset [Member]
Significant Accounting Policies [Line Items]
Capital improvements expenditures	$ 2,500
Minimum [Member]
Significant Accounting Policies [Line Items]
REIT annual taxable income distribution requirement percentage	90.00%
Minimum [Member] | Asset [Member]
Significant Accounting Policies [Line Items]
Property and equipment, Estimated useful life	1 year

SUMMARY OF SIGNIFICANT ACCOUN35

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of Estimated Useful Lives of Assets) (Details)	12 Months Ended
	Dec. 31, 2017
Building and Other Improvements [Member]
Significant Accounting Policies [Line Items]
Property and equipment, Estimated useful life	30 years
Minimum [Member] | Site Improvements [Member]
Significant Accounting Policies [Line Items]
Property and equipment, Estimated useful life	5 years
Minimum [Member] | Furniture, Fixtures and Equipment [Member]
Significant Accounting Policies [Line Items]
Property and equipment, Estimated useful life	3 years
Maximum [Member] | Site Improvements [Member]
Significant Accounting Policies [Line Items]
Property and equipment, Estimated useful life	15 years
Maximum [Member] | Furniture, Fixtures and Equipment [Member]
Significant Accounting Policies [Line Items]
Property and equipment, Estimated useful life	15 years

EQUITY (Narrative) (Details)

EQUITY (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Mar. 31, 2018	Feb. 17, 2015
Class Of Stock [Line Items]
Cash distribution, declared	$ 2,137,475	$ 1,008,178
Total cash distribution, paid	$ 2,060,823	$ 894,709
Stock dividends issued, shares	22,384	7,777
Distribution reinvested through distribution reinvestment plan	$ 1,088,899	$ 438,463	$ 1,457
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	$ 173,558	0	0
Distribution Reinvestment Plan [Member]
Class Of Stock [Line Items]
Distribution reinvested through distribution reinvestment plan	$ 1,088,899	$ 438,463	$ 1,457
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	$ 8,227,202
Common stock, shares outstanding	1,479,155	1,098,858
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 A Common Stock [Member] | Distribution Reinvestment Plan [Member] | Scenario Forecast [Member]
Class Of Stock [Line Items]
Initial price of each common share authorized pursuant to distribution reinvestment plan				$ 23.15
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	$ 2,556,509
Common stock, shares outstanding	404,069	284,283
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
Class T Common Stock [Member] | Distribution Reinvestment Plan [Member] | Scenario Forecast [Member]
Class Of Stock [Line Items]
Initial price of each common share authorized pursuant to distribution reinvestment plan				24.32
Class T-3 Common Stock [Member]
Class Of Stock [Line Items]
Common stock, par value	$ 0.001	$ 0.001
Gross proceeds from sale of shares	$ 5,819,271
Common stock, shares outstanding	243,346	0
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
Class T-3 Common Stock [Member] | Distribution Reinvestment Plan [Member] | Scenario Forecast [Member]
Class Of Stock [Line Items]
Initial price of each common share authorized pursuant to distribution reinvestment plan				$ 23.55

ACQUISITIONS (Schedule of Acqui

ACQUISITIONS (Schedule of Acquisitions) (Details)		Jul. 27, 2017USD ($)ft²Unit	May 03, 2017USD ($)ft²Unit	Dec. 31, 2017USD ($)ft²Unit	Dec. 31, 2016Unit
Business Acquisition [Line Items]
Property acquisition, total number of residential units acquired					0
Commons at Town Center [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			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		332
Property acquisition, square footage | ft²		376,968
Property acquisition, purchase price | $	[2]	$ 36,457,616
Commons at Town Center and Verandas at Mitylene [Member]
Business Acquisition [Line Items]
Property acquisition, total number of residential units acquired				417
Property acquisition, square footage | ft²				482,410
Property acquisition, purchase price | $	[2]			$ 59,457,616
[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 Acq38

ACQUISITIONS (Schedule of Acquisitions) (Parenthetical) (Details)	May 03, 2017ft²Unit	Dec. 31, 2016Unit
Business Acquisition [Line Items]
Property acquisition, total number of residential units acquired		0
Extended First Floor Retail Space [Member]
Business Acquisition [Line Items]
Property acquisition, total number of residential units acquired	5
Property acquisition, square footage | ft²	10,609

ACQUISITIONS (Narrative) (Detai

ACQUISITIONS (Narrative) (Details)

Jul. 27, 2017Unit

May 03, 2017Unit

Dec. 31, 2017USD ($)

Sep. 30, 2017USD ($)

Jun. 30, 2017USD ($)

Mar. 31, 2017USD ($)

Dec. 31, 2016USD ($)

Sep. 30, 2016USD ($)

Jun. 30, 2016USD ($)

Mar. 31, 2016USD ($)

Dec. 31, 2017USD ($)Unit

Dec. 31, 2016USD ($)Unit

Dec. 31, 2015USD ($)

Business Acquisition [Line Items]

Proceeds from mortgage and note payable

$ 44,930,000

$ 45,750,000

Term of loan

6 years 10 months 20 days

Proceeds from offering

$ 16,602,981

$ 26,152,992

6,779,935

Total acquisition costs and fees

$ 338,818

338,818

Capitalized acquisition related costs and fees

249,615

249,615

Acquisition related costs

89,203

29,607

1,247,622

Net loss

$ (1,042,955)

$ (1,032,097)

$ (704,794)

$ (359,106)

$ (490,644)

$ (367,912)

$ (606,864)

$ (841,999)

(3,138,952)

$ (2,307,419)

$ (2,492,602)

Real estate property acquisition, total number of units acquired | Unit

0

Commons at Town Center [Member]

Business Acquisition [Line Items]

Real estate property acquisition, total number of units acquired | Unit

85

Verandas at Mitylene [Member]

Business Acquisition [Line Items]

Real estate property acquisition, total number of units acquired | Unit

332

Commons at Town Center and Verandas at Mitylene [Member]

Business Acquisition [Line Items]

Net loss

(1,162,843)

Net loss from property acquired

$ (133,262)

Real estate property acquisition, total number of units acquired | Unit

417

Seven-Year Mortgage Loan [Member] | Commons at Town Center [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 Center [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

$ 21,930,000

Term of loan

10 years

Proceeds from offering

$ 14,700,000

ACQUISITIONS (Schedule of Major

ACQUISITIONS (Schedule of Major Assets Acquired and Liabilities Assumed) (Details)	Dec. 31, 2017USD ($)
Business Combinations [Abstract]
Property acquisition, land	$ 3,543,573
Property acquisition, building and other improvements	49,994,877
Property acquisition, site improvements	3,214,178
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	$ 59,309,923

ACQUIRED INTANGIBLE ASSETS (Sum

ACQUIRED INTANGIBLE ASSETS (Summary of Company's Identified Intangible Assets and Liabilities) (Details)	Dec. 31, 2017USD ($)
Intangible assets:
Acquired in-place lease value	$ 592,511
Accumulated amortization	(256,837)
Acquired lease intangibles, net	$ 335,674

ACQUIRED INTANGIBLE ASSETS (Nar

ACQUIRED INTANGIBLE ASSETS (Narrative) (Details)	12 Months Ended
	Dec. 31, 2017
Goodwill And Intangible Assets Disclosure [Abstract]
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.
Weighted average amortization period for acquired in-place lease intangibles	1 year 3 months 18 days

ACQUIRED INTANGIBLE ASSETS (Amo

ACQUIRED INTANGIBLE ASSETS (Amortization Pertaining to Acquired in- Place Lease Value) (Details)	12 Months Ended
	Dec. 31, 2017USD ($)
Amortization recorded as amortization expense:
Acquired in-place lease value	$ 256,837

ACQUIRED INTANGIBLE ASSETS (Est

ACQUIRED INTANGIBLE ASSETS (Estimated Amortization of the Respective Intangible Lease Assets and Liabilities) (Details)	Dec. 31, 2017USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
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	$ 335,674

MORTGAGES AND NOTE PAYABLE, N45

MORTGAGES AND NOTE PAYABLE, NET (Schedule of Mortgages Payable) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Total debt before debt issuance costs	$ 66,680,000	$ 27,450,000
Unamortized debt issuance costs	(283,844)	(2,541)
Total debt	$ 66,396,156	$ 27,447,459
Weighted Average Interest Rate	3.82%	3.64%
Mortgages Payable [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 Payable [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 Payable [Member] | Commons at Town Center [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 Payable [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 Center [Member]
Debt Instrument [Line Items]
Total debt before debt issuance costs	$ 3,500,000
Maturity Date	Jan. 3, 2019
Interest Rate per Annum	5.40%
Weighted Average Interest Rate	5.40%

MORTGAGES AND NOTE PAYABLE, N46

MORTGAGES AND NOTE PAYABLE, NET (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Carrying value of debt excluding unamortized debt issuance costs	$ 66,680,000	$ 27,450,000
Debt instrument, estimated fair value	$ 65,281,610	$ 26,957,385
Term of loan	6 years 10 months 20 days
Note Payable [Member]
Debt Instrument [Line Items]
Debt instrument, fees or other consideration	$ 0

MORTGAGES AND NOTE PAYABLE, N47

MORTGAGES AND NOTE PAYABLE, NET (Scheduled Principal Payments and Maturities on Mortgages and Note Payable) (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
2,019	$ 3,500,000
2,021	124,063
2,022	505,081
Thereafter	62,550,856
Total	66,680,000	$ 27,450,000
Scheduled Principal Payments [Member]
Debt Instrument [Line Items]
2,021	124,063
2,022	505,081
Thereafter	348,125
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]
2,019	3,500,000
Total	$ 3,500,000

EQUITY BASED COMPENSATION (Narr

EQUITY BASED COMPENSATION (Narrative) (Details) - Restricted Stock [Member] - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense related to the unvested restricted share awards	$ 12,894	$ 10,255
Weighted average remaining contractual term related to non-vested restricted shares	1 year 5 months 15 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	$ 12,362	$ 9,224	$ 3,438
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] - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Shares
Outstanding, Shares	804	822
Granted, Shares	658	658
Vested, Shares	(329)	(201)
Forfeited, Shares		(475)
Outstanding, Shares	1,133	804
Weighted Average Grant Date Fair Value
Outstanding, Weighted Average Grant Date Fair Value	$ 18,334	$ 18,750
Granted, Weighted Average Grant Date Fair Value	15,000	15,000
Vested, Weighted Average Grant Date Fair Value	(7,500)	(4,583)
Forfeited, Weighted Average Grant Date Fair Value		(10,833)
Outstanding, Weighted Average Grant Date Fair Value	$ 25,834	$ 18,334
Aggregate Intrinsic Value
Outstanding, Aggregate Intrinsic Value	$ 18,334	$ 18,750
Granted, Aggregate Intrinsic Value	15,000	15,000
Vested, Aggregate Intrinsic Value	(7,500)	(4,583)
Forfeited, Aggregate Intrinsic Value		(10,833)
Outstanding, Aggregate Intrinsic Value	$ 25,834	$ 18,334

INCOME TAX AND DISTRIBUTIONS (N

INCOME TAX AND DISTRIBUTIONS (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Tax Contingency [Line Items]
Uncertain tax positions	$ 0	$ 0	$ 0
Interest or penalties relating to income taxes recognized in the consolidated statements of operations	$ 0	$ 0	0
Deferred tax asset, gross			726,017
Deferred tax asset valuation allowance			$ 726,017
Class A Common Stock [Member]
Income Tax Contingency [Line Items]
Percentage of cash distributions to stockholders to be treated as non-dividend distributions	100.00%
Class T Common Stock [Member]
Income Tax Contingency [Line Items]
Percentage of cash distributions to stockholders to be treated as non-dividend distributions	100.00%
Class T-3 Common Stock [Member]
Income Tax Contingency [Line Items]
Percentage of cash distributions to stockholders to be treated as non-dividend distributions	100.00%
Latest Tax Year [Member]
Income Tax Contingency [Line Items]
Open tax year	2,017
Earliest Tax Year [Member]
Income Tax Contingency [Line Items]
Open tax year	2,014
Minimum [Member]
Income Tax Contingency [Line Items]
Percentage of REIT taxable income.	90.00%

INCOME TAX AND DISTRIBUTIONS (S

INCOME TAX AND DISTRIBUTIONS (Schedule of Dividends Distributions) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Tax Contingency [Line Items]
Distributions Declared	$ 213,859	$ 137,207
Distributions Paid	$ 971,924	$ 456,246	$ 12,226
Stock Dividends (Shares)	22,384	7,777	138
Class A Common Stock [Member]
Income Tax Contingency [Line Items]
Distributions Declared	$ 1,663,489	$ 903,035	$ 36,567
Distributions Paid	1,621,172	812,121	13,673
Class T Common Stock [Member]
Income Tax Contingency [Line Items]
Distributions Declared	375,516	105,143	854
Distributions Paid	364,264	$ 82,588	$ 10
Class T-3 Common Stock [Member]
Income Tax Contingency [Line Items]
Distributions Declared	98,470
Distributions Paid	$ 75,387

EARNINGS (LOSS) PER SHARE - (Na

EARNINGS (LOSS) PER SHARE - (Narrative) (Details) - shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Earnings Per Share [Abstract]
Antidilutive shares excluded from computation of diluted EPS	919	419	486

SEGMENT REPORTING (Narrative) (

SEGMENT REPORTING (Narrative) (Details) - Segment	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting [Abstract]
Number of reportable segments	1	1	1

TRANSACTIONS WITH RELATED PAR54

TRANSACTIONS WITH RELATED PARTIES (Narrative) (Details) - USD ($)		Aug. 07, 2016	Sep. 09, 2015	Jan. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Capitalized related party acquisition costs and fees					$ 249,615
Acquisition related costs					89,203	$ 29,607	$ 1,247,622
Due to related parties					5,273,153	5,684,753
Total offering costs					10,937,973
Other organization and offering expenses subject to maximum expense cap					7,074,566
Subsequent Event [Member]
Related Party Transaction [Line Items]
Gross proceeds from sale of shares				$ 50,140,908
Offering Costs [Member]
Related Party Transaction [Line Items]
Related party acquisition costs and fees	[1]				1,701,166	2,588,020	611,128
Due to related parties	[1]				1,609,242	1,476,746
Reimbursement of Offering Costs [Member]
Related Party Transaction [Line Items]
Related party acquisition costs and fees	[2]				6,071,748
Due to related parties	[2]				428,252
Mortgage Financing Fee [Member]
Related Party Transaction [Line Items]
Related party acquisition costs and fees	[3]						114,375
Due to related parties	[3]				114,375	114,375
Sponsor Non-interest Bearing Advances [Member]
Related Party Transaction [Line Items]
Related party acquisition costs and fees	[4]						2,650,000
Due to related parties	[4]				1,950,000	2,950,000
Acquisition Related Costs [Member]
Related Party Transaction [Line Items]
Related party acquisition costs and fees	[5]				218,858	11,402	$ 711,657
Due to related parties	[5]				686,250	686,250
Class A Shares [Member]
Related Party Transaction [Line Items]
Gross proceeds from sale of shares					$ 8,227,202
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%
Unpaid fee under distribution and servicing					$ 551,298
Class T Common Stock [Member]
Related Party Transaction [Line Items]
Unpaid fee under distribution and servicing					551,298	$ 335,327
Gross proceeds from sale of shares					2,556,509
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
Sponsor [Member] | Offering Costs [Member]
Related Party Transaction [Line Items]
Due to related parties					$ 1,011,419
Sponsor [Member] | Sponsor Non-interest Bearing Advances [Member]
Related Party Transaction [Line Items]
Due to related parties					$ 1,950,000
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					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					$ 218,858
Capitalized related party acquisition costs and fees					164,067
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%
Estimated reimbursement amount					$ 6,500,000
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%
Business Manager [Member] | Mortgage Financing Fee [Member]
Related Party Transaction [Line Items]
Due to related parties					$ 114,375
Business Manager [Member] | Acquisition Related Costs [Member]
Related Party Transaction [Line Items]
Due to related parties					$ 686,250
Real Estate Manager Or Affiliates [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Property management fee percentage					4.00%
[1]	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. 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 the 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 December 31, 2017 and 2016, the unpaid fee equal to $551,298 and $335,327, respectively, was recorded in due to related parties in the accompanying consolidated balance sheets. The Sponsor will not require the repayment of $1,011,419 until at least one-year after the filing date of this report.
[2]	Other organization and offering expenses exceeded the maximum expense cap as defined in the Offering. Total offering costs were $10,937,973, of which $7,074,566 were other organization and offering expenses subject to the maximum expense cap.  These expenses include registration and filing fees, legal and accounting fees, printing and mailing expenses, bank fees and other administrative expenses.   Total proceeds raised in the Offering through January 2018 were $50,140,908, resulting in cap excess of $6,071,748.  The Business Manager reimbursed the Company an estimated amount of $6,500,000 during the year ended December 31, 2017.  This amount includes an overpayment of $428,252 which is included in due to related parties in the accompanying consolidated balance sheets.
[3]	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. The Business Manager will not require the repayment of $114,375 until at least one-year after the filing date of this report.
[4]	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. The Sponsor will not require the repayment of $1,950,000 until at least one-year after the filing date of this report.
[5]	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 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. For the year ended December 31, 2017, of the $218,858 in related party acquisition costs and fees, $164,067 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. The Business Manager will not require the repayment of $686,250 until at least one-year after the filing date of this report.

TRANSACTIONS WITH RELATED PAR55

TRANSACTIONS WITH RELATED PARTIES (Schedule of Transactions with Related Parties) (Details) - USD ($)		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Due to related parties		$ 5,273,153	$ 5,684,753
Acquisition Related Costs [Member]
Related Party Transaction [Line Items]
Expenses with related parties	[1]	218,858	11,402	$ 711,657
Due to related parties	[1]	686,250	686,250
General and Administrative Reimbursements [Member]
Related Party Transaction [Line Items]
Due to related parties	[2]	98,863	80,386
Offering Costs [Member]
Related Party Transaction [Line Items]
Expenses with related parties	[3]	1,701,166	2,588,020	611,128
Due to related parties	[3]	1,609,242	1,476,746
Reimbursement of Offering Costs [Member]
Related Party Transaction [Line Items]
Expenses with related parties	[4]	6,071,748
Due to related parties	[4]	428,252
Business Management Fee [Member]
Related Party Transaction [Line Items]
Expenses with related parties	[5]	476,842	274,520	91,455
Due to related parties	[5]	342,837	365,995
Mortgage Financing Fee [Member]
Related Party Transaction [Line Items]
Expenses with related parties	[6]			114,375
Due to related parties	[6]	114,375	114,375
Sponsor Non-interest Bearing Advances [Member]
Related Party Transaction [Line Items]
Expenses with related parties	[7]			2,650,000
Due to related parties	[7]	1,950,000	2,950,000
Property Operating Expenses [Member]
Related Party Transaction [Line Items]
Due to related parties		43,334	11,001
Total General And Administrative Costs [Member]
Related Party Transaction [Line Items]
Due to related parties		98,863	80,386
Real Estate Manager Or Affiliates [Member]
Related Party Transaction [Line Items]
Due to related parties	[8]	43,334	11,001
Total General and Administrative Costs [Member]
Related Party Transaction [Line Items]
General and administrative expenses		445,879	441,029	206,160
Total General and Administrative Costs [Member] | General and Administrative Reimbursements [Member]
Related Party Transaction [Line Items]
General and administrative expenses	[2]	421,349	421,673	198,095
Total General and Administrative Costs [Member] | Affiliate Share Purchase Discounts [Member]
Related Party Transaction [Line Items]
General and administrative expenses	[9]	24,530	19,356	8,065
Total Property Operating Expenses [Member]
Related Party Transaction [Line Items]
Operating property expenses	[8]	976,883	508,717	95,738
Total Property Operating Expenses [Member] | Property Management Fee [Member]
Related Party Transaction [Line Items]
Operating property expenses		286,357	157,757	37,699
Total Property Operating Expenses [Member] | Property Operating Expenses [Member]
Related Party Transaction [Line Items]
Operating property expenses		$ 690,526	$ 350,960	$ 58,039
[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 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. For the year ended December 31, 2017, of the $218,858 in related party acquisition costs and fees, $164,067 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. The Business Manager will not require the repayment of $686,250 until at least one-year after the filing date of this report.
[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. 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 the 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 December 31, 2017 and 2016, the unpaid fee equal to $551,298 and $335,327, respectively, was recorded in due to related parties in the accompanying consolidated balance sheets. The Sponsor will not require the repayment of $1,011,419 until at least one-year after the filing date of this report.
[4]	Other organization and offering expenses exceeded the maximum expense cap as defined in the Offering. Total offering costs were $10,937,973, of which $7,074,566 were other organization and offering expenses subject to the maximum expense cap.  These expenses include registration and filing fees, legal and accounting fees, printing and mailing expenses, bank fees and other administrative expenses.   Total proceeds raised in the Offering through January 2018 were $50,140,908, resulting in cap excess of $6,071,748.  The Business Manager reimbursed the Company an estimated amount of $6,500,000 during the year ended December 31, 2017.  This amount includes an overpayment of $428,252 which is included in due to related parties in the accompanying consolidated balance sheets.
[5]	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.
[6]	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. The Business Manager will not require the repayment of $114,375 until at least one-year after the filing date of this report.
[7]	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. The Sponsor will not require the repayment of $1,950,000 until at least one-year after the filing date of this report.
[8]	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).
[9]	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 years ended December 31, 2017 and 2016, respectively.

OPERATING LEASES - (Narrative)

OPERATING LEASES - (Narrative) (Details)	12 Months Ended
	Dec. 31, 2017
Residential Lease Terms [Member] | Maximum [Member]
Operating Leased Assets [Line Items]
Lease term	12 months
Retail Lease Terms [Member] | Minimum [Member]
Operating Leased Assets [Line Items]
Lease term	1 year
Retail Lease Terms [Member] | Maximum [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)	Dec. 31, 2017USD ($)
Leases Operating [Abstract]
2,018	$ 257,350
2,019	254,650
2,020	172,750
2,021	78,119
Total	$ 762,869

QUARTERLY SUPPLEMENTAL FINANC58

QUARTERLY SUPPLEMENTAL FINANCIAL INFORMATION (UNAUDITED) (Schedule of Quarterly Supplemental Financial Information) (Details) - USD ($)	3 Months Ended																12 Months Ended
	Dec. 31, 2017		Sep. 30, 2017		Jun. 30, 2017		Mar. 31, 2017		Dec. 31, 2016		Sep. 30, 2016		Jun. 30, 2016		Mar. 31, 2016		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Total income	$ 2,581,944		$ 2,285,507		$ 1,423,204		$ 1,019,755		$ 995,686		$ 992,668		$ 1,005,772		$ 931,247		$ 7,310,410	$ 3,925,373	$ 967,471
Net loss	$ (1,042,955)		$ (1,032,097)		$ (704,794)		$ (359,106)		$ (490,644)		$ (367,912)		$ (606,864)		$ (841,999)		$ (3,138,952)	$ (2,307,419)	$ (2,492,602)
Net loss per common share, basic and diluted	$ (0.51)	[1]	$ (0.55)	[1]	$ (0.42)	[1]	$ (0.24)	[1]	$ (0.40)	[1]	$ (0.39)	[1]	$ (0.88)	[1]	$ (1.98)	[1]	$ (1.76)	$ (2.80)	$ (48.07)
Weighted average number of common shares outstanding, basic and diluted	2,050,260	[1]	1,885,318	[1]	1,696,801	[1]	1,492,485	[1]	1,238,219	[1]	942,839	[1]	687,355	[1]	425,942	[1]	1,783,029	824,457	51,851
[1]	Quarterly net loss per common share amounts may not total the annual amounts due to rounding and the changes in the number of weighted common shares outstanding.

SUBSEQUENT EVENTS (Narrative) (

SUBSEQUENT EVENTS (Narrative) (Details) - Cash Distributions [Member] - $ / shares	1 Months Ended		3 Months Ended	12 Months Ended
	Mar. 31, 2018	Feb. 28, 2018	Jun. 30, 2018	Dec. 31, 2017
Scenario Forecast [Member] | Class A Common Stock [Member]
Subsequent Event [Line Items]
Amount per share of distributions	$ 0.003424658		$ 0.003424658
Scenario Forecast [Member] | Class T Common Stock [Member]
Subsequent Event [Line Items]
Amount per share of distributions	0.002758488		0.002758356
Scenario Forecast [Member] | Class T-3 Common Stock [Member]
Subsequent Event [Line Items]
Amount per share of distributions	$ 0.003323017		$ 0.003306849
Minimum [Member] | Class A Common Stock [Member]
Subsequent Event [Line Items]
Dividends payable, record date				Dec. 1, 2017
Minimum [Member] | Class T Common Stock [Member]
Subsequent Event [Line Items]
Dividends payable, record date				Dec. 1, 2017
Minimum [Member] | Class T-3 Common Stock [Member]
Subsequent Event [Line Items]
Dividends payable, record date				Dec. 1, 2017
Minimum [Member] | Scenario Forecast [Member] | Class A Common Stock [Member]
Subsequent Event [Line Items]
Dividends payable, record date	Mar. 1, 2018		Apr. 1, 2018
Minimum [Member] | Scenario Forecast [Member] | Class T Common Stock [Member]
Subsequent Event [Line Items]
Dividends payable, record date	Mar. 1, 2018		Apr. 1, 2018
Minimum [Member] | Scenario Forecast [Member] | Class T-3 Common Stock [Member]
Subsequent Event [Line Items]
Dividends payable, record date	Mar. 1, 2018		Apr. 1, 2018
Maximum [Member] | Class A Common Stock [Member]
Subsequent Event [Line Items]
Dividends payable, record date				Jun. 30, 2018
Maximum [Member] | Class T Common Stock [Member]
Subsequent Event [Line Items]
Dividends payable, record date				Jun. 30, 2018
Maximum [Member] | Class T-3 Common Stock [Member]
Subsequent Event [Line Items]
Dividends payable, record date				Jun. 30, 2018
Maximum [Member] | Scenario Forecast [Member] | Class A Common Stock [Member]
Subsequent Event [Line Items]
Dividends payable, record date	Mar. 31, 2018		Jun. 30, 2018
Maximum [Member] | Scenario Forecast [Member] | Class T Common Stock [Member]
Subsequent Event [Line Items]
Dividends payable, record date	Mar. 31, 2018		Jun. 30, 2018
Maximum [Member] | Scenario Forecast [Member] | Class T-3 Common Stock [Member]
Subsequent Event [Line Items]
Dividends payable, record date	Mar. 31, 2018		Jun. 30, 2018
Subsequent Event [Member] | Class A Common Stock [Member]
Subsequent Event [Line Items]
Amount per share of distributions		$ 0.003424658
Subsequent Event [Member] | Class T Common Stock [Member]
Subsequent Event [Line Items]
Amount per share of distributions		0.002768493
Subsequent Event [Member] | Class T-3 Common Stock [Member]
Subsequent Event [Line Items]
Amount per share of distributions		$ 0.003306849
Subsequent Event [Member] | Maximum [Member] | Class A Common Stock [Member]
Subsequent Event [Line Items]
Dividends payable, record date		Feb. 28, 2018
Subsequent Event [Member] | Maximum [Member] | Class T Common Stock [Member]
Subsequent Event [Line Items]
Dividends payable, record date		Feb. 28, 2018
Subsequent Event [Member] | Maximum [Member] | Class T-3 Common Stock [Member]
Subsequent Event [Line Items]
Dividends payable, record date		Feb. 28, 2018

SUBSEQUENT EVENTS (Schedule of

SUBSEQUENT EVENTS (Schedule of Dividends Distributions) (Details) - USD ($)	1 Months Ended			12 Months Ended
	Mar. 31, 2018	Feb. 28, 2018	Jan. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Subsequent Event [Line Items]
Distribution reinvested through distribution reinvestment plan				$ 1,088,899	$ 438,463	$ 1,457
Distributions Paid Month One [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Distribution reinvested through distribution reinvestment plan			$ 109,690
Shares Issued			4,673
Net Cash Distribution			$ 104,169
Distributions Paid Month One [Member] | Cash Distributions [Member]
Subsequent Event [Line Items]
Distribution Month				2017-12
Month Distribution Paid				2018-01
Distributions Paid Month One [Member] | Cash Distributions [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Gross Amount of Distribution Paid			$ 213,859
Distributions Paid Month Two [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Distribution reinvested through distribution reinvestment plan		$ 111,350
Shares Issued		4,747
Net Cash Distribution		$ 108,114
Distributions Paid Month Two [Member] | Cash Distributions [Member]
Subsequent Event [Line Items]
Distribution Month				2018-01
Month Distribution Paid				2018-02
Distributions Paid Month Two [Member] | Cash Distributions [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Gross Amount of Distribution Paid		$ 219,464
Distributions Paid Month Three [Member] | Scenario Forecast [Member]
Subsequent Event [Line Items]
Distribution reinvested through distribution reinvestment plan	$ 89,610
Shares Issued	3,830
Net Cash Distribution	$ 84,610
Distributions Paid Month Three [Member] | Cash Distributions [Member]
Subsequent Event [Line Items]
Distribution Month				2018-02
Month Distribution Paid				2018-03
Distributions Paid Month Three [Member] | Cash Distributions [Member] | Scenario Forecast [Member]
Subsequent Event [Line Items]
Gross Amount of Distribution Paid	$ 174,220

Schedule III - (Real Estate and

Schedule III - (Real Estate and Accumulated Depreciation) (Details) - USD ($)		12 Months Ended
		Dec. 31, 2017		Dec. 31, 2016	Dec. 31, 2015
Real Estate And Accumulated Depreciation [Line Items]
Encumbrance		$ 66,680,000
Initial cost, Land	[1]	9,845,410
Initial cost, Buildings and Improvements	[1]	93,800,154
Cost Capitalized Subsequent to Acquisitions		180,580
Gross amount carried at end of period, Land	[2],[3]	9,845,410
Gross amount carried at end of period, Buildings and Improvements	[2],[3]	93,980,734
Gross amount carried at end of period, Total		103,826,144	[2],[3]	$ 45,191,015	$ 45,125,934
Accumulated Depreciation		(4,391,774)	[4]	$ (1,822,971)	$ (364,520)
The Retreat at Market Square [Member] | Frederick, MD [Member]
Real Estate And Accumulated Depreciation [Line Items]
Encumbrance		27,450,000
Initial cost, Land	[1]	6,301,838
Initial cost, Buildings and Improvements	[1]	38,824,096
Cost Capitalized Subsequent to Acquisitions		90,272
Gross amount carried at end of period, Land	[2],[3]	6,301,838
Gross amount carried at end of period, Buildings and Improvements	[2],[3]	38,914,368
Gross amount carried at end of period, Total	[2],[3]	45,216,206
Accumulated Depreciation	[4]	$ (3,291,618)
Date Constructed		2,014
Date Acquired		2,015
The Retreat at Market Square [Member] | Frederick, MD [Member] | Minimum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		5 years
The Retreat at Market Square [Member] | Frederick, MD [Member] | Maximum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		30 years
Commons at Town Center [Member] | Vernon Hills, IL [Member]
Real Estate And Accumulated Depreciation [Line Items]
Encumbrance		$ 17,300,000
Initial cost, Land	[1]	1,492,382
Initial cost, Buildings and Improvements	[1]	21,010,632
Cost Capitalized Subsequent to Acquisitions		52,155
Gross amount carried at end of period, Land	[2],[3]	1,492,382
Gross amount carried at end of period, Buildings and Improvements	[2],[3]	21,062,787
Gross amount carried at end of period, Total	[2],[3]	22,555,169
Accumulated Depreciation	[4]	$ (508,464)
Date Constructed		2,010
Date Acquired		2,017
Commons at Town Center [Member] | Vernon Hills, IL [Member] | Minimum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		5 years
Commons at Town Center [Member] | Vernon Hills, IL [Member] | Maximum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		30 years
Verandas at Mitylene [Member] | Montgomery, AL [Member]
Real Estate And Accumulated Depreciation [Line Items]
Encumbrance		$ 21,930,000
Initial cost, Land	[1]	2,051,190
Initial cost, Buildings and Improvements	[1]	33,965,426
Cost Capitalized Subsequent to Acquisitions		38,153
Gross amount carried at end of period, Land	[2],[3]	2,051,190
Gross amount carried at end of period, Buildings and Improvements	[2],[3]	34,003,579
Gross amount carried at end of period, Total	[2],[3]	36,054,769
Accumulated Depreciation	[4]	$ (591,692)
Date Constructed		2,007
Date Acquired		2,017
Verandas at Mitylene [Member] | Montgomery, AL [Member] | Minimum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		5 years
Verandas at Mitylene [Member] | Montgomery, AL [Member] | Maximum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		30 years
[1]	(A) The initial cost to the Company represents the original purchase price of the property.
[2]	(B) The aggregate cost of real estate owned at December 31, 2017, 2016 and 2015 for U.S. federal income tax purposes was $106,875,120, $47,020,129 and $46,975,000, respectively (unaudited).
[3]	(C) Reconciliation of real estate owned: 2017 2016 2015 Balance at January 1, $45,191,015 $45,125,934 $— Acquisitions 58,519,630 — 45,125,934 Improvements 115,499 65,081 — Balance at December 31, $103,826,144 $45,191,015 $45,125,934
[4]	(D) Reconciliation of accumulated depreciation: Balance at January 1, $1,822,971 $364,520 $— Depreciation expense 2,568,803 1,458,451 364,520 Balance at December 31, $4,391,774 $1,822,971 $364,520

Schedule III - (Real Estate a62

Schedule III - (Real Estate and Accumulated Depreciation) (Parenthetical) (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Real Estate And Accumulated Depreciation Disclosure [Abstract]
Aggregate cost of real estate for U.S. federal income tax purpose	$ 106,875,120	$ 47,020,129	$ 46,975,000

Schedule III - (Summary of Reco

Schedule III - (Summary of Reconciliation of Real Estate Owned) (Parenthetical) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017		Dec. 31, 2016	Dec. 31, 2015
Real Estate And Accumulated Depreciation Disclosure [Abstract]
Real estate owned, beginning balance	$ 45,191,015		$ 45,125,934
Acquisitions	58,519,630			$ 45,125,934
Improvements	115,499		65,081
Real estate owned, ending balance	$ 103,826,144	[1],[2]	$ 45,191,015	$ 45,125,934
[1]	(B) The aggregate cost of real estate owned at December 31, 2017, 2016 and 2015 for U.S. federal income tax purposes was $106,875,120, $47,020,129 and $46,975,000, respectively (unaudited).
[2]	(C) Reconciliation of real estate owned: 2017 2016 2015 Balance at January 1, $45,191,015 $45,125,934 $— Acquisitions 58,519,630 — 45,125,934 Improvements 115,499 65,081 — Balance at December 31, $103,826,144 $45,191,015 $45,125,934

Schedule III - (Summary of Re64

Schedule III - (Summary of Reconciliation of Accumulated Depreciation) (Parenthetical) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017		Dec. 31, 2016	Dec. 31, 2015
Real Estate And Accumulated Depreciation Disclosure [Abstract]
Accumulated depreciation, beginning balance	$ 1,822,971		$ 364,520
Depreciation expense	2,568,803		1,458,451	$ 364,520
Accumulated depreciation, ending balance	$ 4,391,774	[1]	$ 1,822,971	$ 364,520
[1]	(D) Reconciliation of accumulated depreciation: Balance at January 1, $1,822,971 $364,520 $— Depreciation expense 2,568,803 1,458,451 364,520 Balance at December 31, $4,391,774 $1,822,971 $364,520