Inland Residential Properties Trust 10-Q 7 Aug 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Aug. 02, 2018
Document And Entity Information [Line Items]
Entity Registrant Name	Inland Residential Properties Trust, Inc.
Entity Central Index Key	1,595,627
Document Type	10-Q
Document Period End Date	Jun. 30, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2,018
Class A Common Stock [Member]
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		1,489,222
Class T Common Stock [Member]
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		408,816
Class T-3 Common Stock [Member]
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		261,967

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Real estate:
Land	$ 9,845,410	$ 9,845,410
Building and other improvements	94,078,849	93,980,734
Total real estate	103,924,259	103,826,144
Less: accumulated depreciation	(6,234,848)	(4,391,774)
Net real estate	97,689,411	99,434,370
Cash and cash equivalents	4,546,190	7,556,763
Accounts and rents receivable, net	57,150	72,576
Acquired in place lease intangibles, net	198,345	335,674
Other assets	278,987	584,905
Total assets	102,770,083	107,984,288
Liabilities:
Mortgages and note payable, net	62,914,280	66,396,156
Accounts payable and accrued expenses	909,857	895,189
Distributions payable	212,435	213,859
Due to related parties	5,480,370	5,273,153
Other liabilities	216,038	212,105
Total liabilities	69,732,980	72,990,462
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 $4,902,004 and $4,867,250 as of June 30, 2018 and December 31, 2017, respectively)	47,714,913	47,049,832
Distributions and accumulated losses	(14,679,965)	(12,058,132)
Total stockholders’ equity	33,037,103	34,993,826
Total liabilities and stockholders’ equity	102,770,083	107,984,288
Class A Common Stock [Member]
Stockholders’ equity:
Common stock	1,485	1,479
Class T Common Stock [Member]
Stockholders’ equity:
Common stock	409	404
Class T-3 Common Stock [Member]
Stockholders’ equity:
Common stock	$ 261	$ 243

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
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	$ 4,902,004	$ 4,867,250
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	1,486,010	1,479,155
Common stock, shares outstanding	1,486,010	1,479,155
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	408,507	404,069
Common stock, shares outstanding	408,507	404,069
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	260,903	243,346
Common stock, shares outstanding	260,903	243,346

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Income:
Total income	$ 2,614,125	$ 1,423,204	$ 5,214,000	$ 2,442,959
Expenses:
General and administrative expenses	325,518	390,663	806,118	694,517
Acquisition related costs		30,266		71,479
Depreciation and amortization	952,763	609,311	2,003,376	978,707
Total expenses	2,546,391	1,718,815	5,347,571	2,855,823
Operating income (loss)	67,734	(295,611)	(133,571)	(412,864)
Interest expense	(607,066)	(423,299)	(1,218,700)	(675,550)
Interest and other income	5,390	14,116	12,339	24,514
Net loss	$ (533,942)	$ (704,794)	$ (1,339,932)	$ (1,063,900)
Net loss per common share, basic and diluted	$ (0.25)	$ (0.42)	$ (0.62)	$ (0.67)
Weighted average number of common shares outstanding, basic and diluted	2,156,997	1,696,801	2,154,835	1,595,207
Rental Income [Member]
Income:
Total income	$ 2,309,367	$ 1,294,942	$ 4,621,701	$ 2,198,454
Other Property Income [Member]
Income:
Total income	304,758	128,262	592,299	244,505
Property Operating Expenses [Member]
Expenses:
Expenses	833,079	432,756	1,663,972	696,666
Real Estate Tax Expense [Member]
Expenses:
Expenses	276,468	164,056	557,127	253,999
Business Management Fee [Member]
Expenses:
Expenses	$ 158,563	$ 91,763	$ 316,978	$ 160,455

CONSOLIDATED STATEMENT OF EQUIT

CONSOLIDATED STATEMENT OF EQUITY - 6 months ended Jun. 30, 2018 - USD ($)	Total	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, 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
Proceeds from the offering	405,000		$ 2	$ 15	404,983
Proceeds from the offering, shares			2,296	14,499
Offering costs	(34,754)				(34,754)
Issuance of shares from distribution reinvestment plan	648,707	$ 19	$ 5	$ 3	648,680
Issuance of shares from distribution reinvestment plan, shares		19,359	5,271	3,058
Shares repurchased	(359,861)	$ (13)	$ (2)		(359,846)
Shares repurchased, shares		(12,906)	(3,129)
Distributions declared	(1,281,901)					(1,281,901)
Net loss	(1,339,932)					(1,339,932)
Equity based compensation	6,018				6,018
Equity based compensation, shares		402
Balance at Jun. 30, 2018	$ 33,037,103	$ 1,485	$ 409	$ 261	$ 47,714,913	$ (14,679,965)
Balance, shares at Jun. 30, 2018		1,486,010	408,507	260,903

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash flows from operating activities:
Net loss	$ (1,339,932)	$ (1,063,900)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	2,003,376	978,707
Amortization of debt issuance costs	18,124	5,950
Amortization of equity based compensation	6,018	5,139
Discount on shares issued to related parties		24,530
Changes in assets and liabilities:
Accounts payable and accrued expenses	320,713	238,845
Accounts and rents receivable	15,426	(28,076)
Due to related parties	310,959	219,235
Other liabilities	3,933	133,126
Other assets	128,504	(8,551)
Net cash flows provided by operating activities	1,467,121	505,005
Cash flows from investing activities:
Purchase of real estate		(22,936,173)
Capital expenditures	(121,088)	(20,166)
Net cash flows used in investing activities	(121,088)	(22,956,339)
Cash flows from financing activities:
Payment of note payable	(3,500,000)
Proceeds from mortgage and note payable		23,000,000
Proceeds from offering	405,000	9,632,568
Payment of debt issuance costs		(57,726)
Distributions paid	(634,616)	(430,053)
Shares repurchased	(359,861)
Payment of offering costs	(267,129)	(1,563,568)
Net cash flows provided by (used in) financing activities	(4,356,606)	30,581,221
Net (decrease) increase in cash and cash equivalents	(3,010,573)	8,129,887
Cash and cash equivalents, at beginning of the period	7,556,763	9,038,642
Cash and cash equivalents, at end of period	4,546,190	17,168,529
Supplemental disclosure of cash flow information:
Land		1,492,382
Building and other improvements		20,643,086
Furniture, fixtures and equipment		339,645
Acquired in place lease intangibles		645,035
Assumed assets and liabilities, net		(183,975)
Purchase of real estate		22,936,173
Supplemental schedule of non-cash investing and financing activities:
Cash paid for interest	1,223,960	675,606
Distributions payable	212,435	176,259
Accrued offering costs payable	490,105	756,106
Stock dividends issued		553,986
Common stock issued through distribution reinvestment plan	$ 648,707	$ 479,079

ORGANIZATION

ORGANIZATION	6 Months Ended
	Jun. 30, 2018
Organization Consolidation And Presentation Of Financial Statements [Abstract]
ORGANIZATION	NOTE 1 - ORGANIZATION The Company was formed on December 19, 2013 to primarily acquire and manage a portfolio of multi-family properties located primarily in the top 100 United States metropolitan statistical areas, which generally contain populations greater than 500,000 people. The Company entered into a business management agreement (as amended, the “Business Management Agreement”) with Inland Residential Business Manager & Advisor, Inc. (the “Business Manager”), an indirect wholly owned subsidiary of Inland Real Estate Investment Corporation (the “Sponsor”), to be the Business Manager to the Company. Substantially all of the Company’s business is conducted through Inland Residential Operating Partnership, L.P., 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 under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, beginning with the tax year ended December 31, 2015. At June 30, 2018, 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 six months ended June 30, 2018, the properties’ weighted average daily occupancy for residential was 94.2% and at June 30, 2018, 605 units, or 97.1% of the total residential units were leased. At June 30, 2018, 100% of the retail units were occupied.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Disclosures discussing all significant accounting policies are set forth in the Company’s Annual Report on Form 10-K/A for the year ended December 31, 2017, as filed with the Securities and Exchange Commission on March 21, 2018, under the heading “Note 2 - Summary of Significant Accounting Policies.” There has been no change to the Company’s significant accounting policies during the six months ended June 30, 2018 except as noted below. General The accompanying consolidated financial statements have been prepared in accordance with U.S. GAAP and require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. In the opinion of management, all adjustments necessary for a fair statement, in all material respects, of the financial position and results of operations for the periods are presented. Actual results could differ from those estimates. The results of operations for the interim periods are not necessarily indicative of the results for the entire year. Recently Adopted Accounting Pronouncements In November 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. On January 1, 2018, the Company adopted Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers Leases (Topic 842) Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) Targeted Improvements, Leases (Topic 842)

EQUITY

EQUITY	6 Months Ended
	Jun. 30, 2018
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 the distribution reinvestment plan (as amended, the “DRP”), the Company issued 1,401,711 Class A Shares, 390,230 Class T Shares and 255,666 Class T-3 Shares generating gross proceeds of approximately $50 million from the Offering. As of June 30, 2018, the Company had 1,486,010, 408,507 and 260,903 Class A Shares, Class T Shares and Class T-3 Shares outstanding, respectively. On February 2, 2018, the Company’s board of directors determined an estimated per share net asset value (“Estimated Per Share NAV”) for each class of its common stock. The Company intends to publish an updated estimated value of its shares on at least an annual basis. 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. 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 the applicable Estimated Per Share NAV. Distributions reinvested through the DRP were $648,707 and $479,079 for the six months ended June 30, 2018 and 2017, 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 $359,861 during the six months ended June 30, 2018. There were no repurchases through the SRP during the six months ended June 30, 2017.

ACQUISITIONS

ACQUISITIONS	6 Months Ended
	Jun. 30, 2018
Business Combinations [Abstract]
ACQUISITIONS	NOTE 4 – ACQUISITIONS During the six months ended June 30, 2018, the Company did not acquire any real estate properties.

ACQUIRED INTANGIBLE ASSETS

ACQUIRED INTANGIBLE ASSETS	6 Months Ended
	Jun. 30, 2018
Goodwill And Intangible Assets Disclosure [Abstract]
ACQUIRED INTANGIBLE ASSETS	NOTE 5 – ACQUIRED INTANGIBLE ASSETS The following table summarizes the Company’s identified intangible assets and liabilities as of June 30, 2018 and December 31, 2017: June 30, 2018 December 31, 2017 Intangible assets: Acquired in place lease value $ 592,511 $ 592,511 Accumulated amortization (394,166 ) (256,837 ) Acquired lease intangibles, net $ 198,345 $ 335,674 As of June 30, 2018, the weighted average amortization period for acquired in place lease intangibles is 3.6 years. The portion of the purchase price allocated to acquired in place lease value is amortized on a straight-line basis over the acquired leases’ weighted average remaining term. Amortization pertaining to acquired in place lease value is summarized below: Three Months Ended June 30, Six Months Ended June 30, Amortization recorded as amortization expense: 2018 2017 2018 2017 Acquired in place lease value $ 21,259 $ 112,041 $ 137,329 $ 112,041 Estimated amortization of the respective intangible lease assets and liabilities as of June 30, 2018 for each of the five succeeding years and thereafter is as follows: Acquired In-Place Leases 2018 (remainder of year) $ 42,518 2019 85,035 2020 48,976 2021 21,816 2022 — Thereafter — Total $ 198,345

MORTGAGES AND NOTE PAYABLE, NET

MORTGAGES AND NOTE PAYABLE, NET	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
MORTGAGES AND NOTE PAYABLE, NET	NOTE 6 – MORTGAGES AND NOTE PAYABLE, NET As of June 30, 2018 and December 31, 2017, the Company had the following mortgages and note payable: June 30, 2018 December 31, 2017 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 Commons at Town Center May 3, 2024 3.69 % 13,800,000 13,800,000 Verandas at Mitylene August 1, 2027 3.88 % 21,930,000 21,930,000 Total Mortgages $ 63,180,000 3.73 % $ 63,180,000 3.73 % Note Payable: Commons at Town Center — 3,500,000 5.40 % Total debt before debt issuance costs $ 63,180,000 3.73 % $ 66,680,000 3.82 % Unamortized debt issuance costs (265,720 ) (283,844 ) Total debt $ 62,914,280 $ 66,396,156 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 $63,180,000 and $66,680,000 as of June 30, 2018 and December 31, 2017, respectively, and its estimated fair value was $60,953,330 and $65,281,610 as of June 30, 2018 and December 31, 2017, respectively. Mortgages The mortgage loans require compliance with certain covenants such as debt service ratios, investment restrictions and distribution limitations. As of June 30, 2018, the Company is in compliance with all financial covenants related to its mortgage loans. The scheduled principal payments and maturities on the Company’s mortgages are as follows: June 30, 2018 Scheduled Principal Payments and Maturities by Year: Scheduled Principal Payments Maturities of Mortgages Total 2018 (remainder of year) $ — $ — $ — 2019 — — — 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 $ 63,180,000 The weighted average years to maturity for the Company’s debt is 6.72 years. Note Payable The Company paid in full the outstanding balance of its note payable and accrued interest in January 2018.

DISTRIBUTIONS

DISTRIBUTIONS	6 Months Ended
	Jun. 30, 2018
Distributions [Abstract]
DISTRIBUTIONS	NOTE 7 – DISTRIBUTIONS The Company currently pays distributions based on daily record dates, payable in arrears the following month. hrough 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, 2018 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. Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Distributions paid $ 652,414 $ 488,222 $ 1,283,323 $ 909,132 Distributions declared $ 644,988 $ 506,971 $ 1,281,901 $ 948,184

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE	6 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
EARNINGS (LOSS) PER SHARE	NOTE 8 – EARNINGS (LOSS) PER SHARE Basic earnings (loss) per share (“EPS”) are computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period (the “common shares”). Diluted EPS is computed by dividing net income (loss) by the common shares plus common share equivalents. The Company excludes antidilutive restricted shares from the calculation of weighted-average shares for diluted EPS. As a result of a net loss for the three and six months ended June 30, 2018, 735 and 699 shares, respectively, were excluded from the computation of diluted EPS, because they would have been antidilutive. As a result of a net loss for the three and six months ended June 30, 2017, 811 and 761 shares, respectively, were excluded from the computation of diluted EPS, 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 distribution and stockholder servicing fees.

EQUITY-BASED COMPENSATION

EQUITY-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2018
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
EQUITY-BASED COMPENSATION	NOTE 9 – EQUITY-BASED COMPENSATION In accordance with the Company’s Employee and Director Incentive Restricted Share Plan (the “RSP”), restricted shares are issued to non-employee directors as compensation. Under the RSP, restricted shares generally vest over a one to three year vesting period from the date of the grant based on the specific terms of the grant. The grant-date value of the restricted shares is amortized over the vesting period representing the requisite service period. At vesting, any restrictions on the shares lapse. The number of shares that may be issued under the RSP is limited to 5% of outstanding shares. Compensation expense associated with the director restricted shares is included in general and administrative expenses in the accompanying consolidated financial statements. Compensation expense under the RSP was $2,707 and $6,018 for the three and six months ended June 30, 2018, respectively. Compensation expense under the RSP was $2,778 and $5,139 for the three and six months ended June 30, 2017, respectively. As of June 30, 2018, the Company had $6,875 of unrecognized compensation expense related to the unvested restricted share awards. The weighted average remaining period that compensation expense related to unvested restricted shares will be recognized is 1.35 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, 2017 1,133 $ 25,834 $ 25,834 Granted — — — Vested (402 ) (9,166 ) (9,166 ) Forfeited — — — Outstanding at June 30, 2018 731 $ 16,668 $ 16,668

SEGMENT REPORTING

SEGMENT REPORTING	6 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
SEGMENT REPORTING	NOTE 10 – SEGMENT REPORTING The Company has one reportable segment, multi-family real estate, as defined by U.S. GAAP for the three and six months ended June 30, 2018 and 2017.

TRANSACTIONS WITH RELATED PARTI

TRANSACTIONS WITH RELATED PARTIES	6 Months Ended
	Jun. 30, 2018
Related Party Transactions [Abstract]
TRANSACTIONS WITH RELATED PARTIES	NOTE 11 – TRANSACTIONS WITH RELATED PARTIES The following table summarizes the Company’s related party transactions for the three and six months ended June 30, 2018 and 2017. The Sponsor and its affiliates will not require repayment of acquisition related costs (fee), certain offering costs, mortgage financing fee and Sponsor non-interest bearing advances until subsequent to 12 months from the issuance of this report. Three Months Ended June 30, Six Months Ended June 30, Amount Unpaid as of 2018 2017 2018 2017 June 30, 2018 December 31, 2017 General and administrative reimbursements (a) $ 89,839 $ 119,724 $ 256,665 $ 210,031 $ 96,312 $ 98,863 Affiliate share purchase discounts (b) — 974 — 24,530 — — Total general and administrative costs $ 89,839 $ 120,698 $ 256,665 $ 234,561 $ 96,312 $ 98,863 Acquisition related costs (c) — $ 123,418 $ — $ 158,276 $ 686,250 $ 686,250 Offering costs (d) — $ 712,154 $ 20,151 $ 1,110,183 $ 1,501,524 $ 1,609,242 Reimbursement of offering costs (e) — $ — $ 3,976 $ — $ 432,228 $ 428,252 Business management fee (f) $ 158,563 $ 91,763 $ 316,978 $ 160,455 $ 659,815 $ 342,837 Mortgage financing fee (g) — $ — $ — $ — $ 114,375 $ 114,375 Sponsor non-interest bearing advances (h) — $ — $ — $ — $ 1,950,000 $ 1,950,000 Property management fee $ 100,449 $ 61,409 $ 204,896 $ 100,554 $ — $ — Property operating expenses 219,769 129,715 439,217 223,135 39,866 43,334 Total property operating expenses (i) $ 320,218 $ 191,124 $ 644,113 $ 323,689 $ 39,866 $ 43,334 (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 enabled them to purchase Class A Shares at $22.81 per share. The Company did not sell shares to affiliates during the six months ended June 30, 2018. The Company sold 11,201 Class A Shares to affiliates during the six months ended June 30, 2017. (c) Prior to August 8, 2016 under the Business Management Agreement, the Company was required to pay the Business Manager or its affiliates an acquisition fee equal to 1.5% of the “contract purchase price,” as defined in that agreement, of each property and real estate-related asset acquired. The Business Management Agreement was amended to, among other things, delete the obligation to pay acquisition fees, real estate sales commissions and mortgage financing fees payable to the Business Manager by the Company with respect to transactions occurring on or after August 8, 2016 . (d) The Company reimbursed 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 received 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 was 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 paid 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. Organization and offering expenses, excluding selling commissions and dealer manager fees (“other organization and offering expenses”), could not exceed 2.0% of the gross Offering proceeds (the “maximum expense cap”). To the extent that other organization and offering expenses exceeded the maximum expense cap, the excess expenses were required to be paid by the Business Manager with no recourse to the Company. These expenses included registration and filing fees, legal and accounting fees, printing and mailing expenses, bank fees and other administrative expenses. The Company pays a distribution and stockholder servicing fee equal to 1.0% per annum of the purchase price per share (or, once reported, the amount of the Company’s estimated value per share) for each Class T Share and Class T-3 Share sold in the Offering. The fee is not paid at the time of purchase. The Company accounted for the total fee as a charge to equity at the time each Class T Share or Class T-3 Share was sold in the Offering and recorded 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 June 30, 2018 and December 31, 2017, the unpaid fee equal to $490,105 and $551,298, respectively, was recorded in due to related parties in the accompanying consolidated balance sheets. (e) Other organization and offering expenses exceeded the maximum expense cap. Total offering costs were $10,969,745, of which $7,070,590 were other organization and offering expenses subject to the maximum expense cap. Total proceeds raised in the Offering were $50,140,909, resulting in cap excess of $6,067,772. The Business Manager reimbursed the Company an estimated amount of $6,500,000 during the year ended December 31, 2017. The overpayment of $432,228 and $428,252 at June 30, 2018 and December 31, 2017, respectively, 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, (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. (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).

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2018
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 12 – SUBSEQUENT EVENTS 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 July 1, 2018 through the close of business October 31, 2018. Through that date 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 June 2018 July 2018 $ 212,435 $ 105,150 4,491 $ 107,285 July 2018 August 2018 $ 219,959 $ 107,884 4,607 $ 112,075

SUMMARY OF SIGNIFICANT ACCOUN19

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
General	General The accompanying consolidated financial statements have been prepared in accordance with U.S. GAAP and require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. In the opinion of management, all adjustments necessary for a fair statement, in all material respects, of the financial position and results of operations for the periods are presented. Actual results could differ from those estimates. The results of operations for the interim periods are not necessarily indicative of the results for the entire year.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In November 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. On January 1, 2018, the Company adopted Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers Leases (Topic 842)
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) Targeted Improvements, Leases (Topic 842)

ACQUIRED INTANGIBLE ASSETS (Tab

ACQUIRED INTANGIBLE ASSETS (Tables)	6 Months Ended
	Jun. 30, 2018
Goodwill And Intangible Assets Disclosure [Abstract]
Summary of Company's Identified Intangible Assets and Liabilities	The following table summarizes the Company’s identified intangible assets and liabilities as of June 30, 2018 and December 31, 2017: June 30, 2018 December 31, 2017 Intangible assets: Acquired in place lease value $ 592,511 $ 592,511 Accumulated amortization (394,166 ) (256,837 ) Acquired lease intangibles, net $ 198,345 $ 335,674
Amortization Pertaining to Acquired in Place Lease Value	Amortization pertaining to acquired in place lease value is summarized below: Three Months Ended June 30, Six Months Ended June 30, Amortization recorded as amortization expense: 2018 2017 2018 2017 Acquired in place lease value $ 21,259 $ 112,041 $ 137,329 $ 112,041
Estimated Amortization of the Respective Intangible Lease Assets and Liabilities	Estimated amortization of the respective intangible lease assets and liabilities as of June 30, 2018 for each of the five succeeding years and thereafter is as follows: Acquired In-Place Leases 2018 (remainder of year) $ 42,518 2019 85,035 2020 48,976 2021 21,816 2022 — Thereafter — Total $ 198,345

MORTGAGES AND NOTE PAYABLE, N21

MORTGAGES AND NOTE PAYABLE, NET (Tables)	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Schedule of Mortgages and Note Payable	As of June 30, 2018 and December 31, 2017, the Company had the following mortgages and note payable: June 30, 2018 December 31, 2017 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 Commons at Town Center May 3, 2024 3.69 % 13,800,000 13,800,000 Verandas at Mitylene August 1, 2027 3.88 % 21,930,000 21,930,000 Total Mortgages $ 63,180,000 3.73 % $ 63,180,000 3.73 % Note Payable: Commons at Town Center — 3,500,000 5.40 % Total debt before debt issuance costs $ 63,180,000 3.73 % $ 66,680,000 3.82 % Unamortized debt issuance costs (265,720 ) (283,844 ) Total debt $ 62,914,280 $ 66,396,156
Scheduled Principal Payments and Maturities on Mortgages	The scheduled principal payments and maturities on the Company’s mortgages are as follows: June 30, 2018 Scheduled Principal Payments and Maturities by Year: Scheduled Principal Payments Maturities of Mortgages Total 2018 (remainder of year) $ — $ — $ — 2019 — — — 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 $ 63,180,000

DISTRIBUTIONS (Tables)

DISTRIBUTIONS (Tables)	6 Months Ended
	Jun. 30, 2018
Distributions [Abstract]
Schedule of Dividends Distributions	The table below presents the distributions paid and declared for the three and six months ended June 30, 2018 and 2017. Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Distributions paid $ 652,414 $ 488,222 $ 1,283,323 $ 909,132 Distributions declared $ 644,988 $ 506,971 $ 1,281,901 $ 948,184

EQUITY-BASED COMPENSATION (Tabl

EQUITY-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2018
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, 2017 1,133 $ 25,834 $ 25,834 Granted — — — Vested (402 ) (9,166 ) (9,166 ) Forfeited — — — Outstanding at June 30, 2018 731 $ 16,668 $ 16,668

TRANSACTIONS WITH RELATED PAR24

TRANSACTIONS WITH RELATED PARTIES (Tables)	6 Months Ended
	Jun. 30, 2018
Related Party Transactions [Abstract]
Schedule of Transactions with Related Parties	The following table summarizes the Company’s related party transactions for the three and six months ended June 30, 2018 and 2017. The Sponsor and its affiliates will not require repayment of acquisition related costs (fee), certain offering costs, mortgage financing fee and Sponsor non-interest bearing advances until subsequent to 12 months from the issuance of this report. Three Months Ended June 30, Six Months Ended June 30, Amount Unpaid as of 2018 2017 2018 2017 June 30, 2018 December 31, 2017 General and administrative reimbursements (a) $ 89,839 $ 119,724 $ 256,665 $ 210,031 $ 96,312 $ 98,863 Affiliate share purchase discounts (b) — 974 — 24,530 — — Total general and administrative costs $ 89,839 $ 120,698 $ 256,665 $ 234,561 $ 96,312 $ 98,863 Acquisition related costs (c) — $ 123,418 $ — $ 158,276 $ 686,250 $ 686,250 Offering costs (d) — $ 712,154 $ 20,151 $ 1,110,183 $ 1,501,524 $ 1,609,242 Reimbursement of offering costs (e) — $ — $ 3,976 $ — $ 432,228 $ 428,252 Business management fee (f) $ 158,563 $ 91,763 $ 316,978 $ 160,455 $ 659,815 $ 342,837 Mortgage financing fee (g) — $ — $ — $ — $ 114,375 $ 114,375 Sponsor non-interest bearing advances (h) — $ — $ — $ — $ 1,950,000 $ 1,950,000 Property management fee $ 100,449 $ 61,409 $ 204,896 $ 100,554 $ — $ — Property operating expenses 219,769 129,715 439,217 223,135 39,866 43,334 Total property operating expenses (i) $ 320,218 $ 191,124 $ 644,113 $ 323,689 $ 39,866 $ 43,334 (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 enabled them to purchase Class A Shares at $22.81 per share. The Company did not sell shares to affiliates during the six months ended June 30, 2018. The Company sold 11,201 Class A Shares to affiliates during the six months ended June 30, 2017. (c) Prior to August 8, 2016 under the Business Management Agreement, the Company was required to pay the Business Manager or its affiliates an acquisition fee equal to 1.5% of the “contract purchase price,” as defined in that agreement, of each property and real estate-related asset acquired. The Business Management Agreement was amended to, among other things, delete the obligation to pay acquisition fees, real estate sales commissions and mortgage financing fees payable to the Business Manager by the Company with respect to transactions occurring on or after August 8, 2016 . (d) The Company reimbursed 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 received 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 was 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 paid 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. Organization and offering expenses, excluding selling commissions and dealer manager fees (“other organization and offering expenses”), could not exceed 2.0% of the gross Offering proceeds (the “maximum expense cap”). To the extent that other organization and offering expenses exceeded the maximum expense cap, the excess expenses were required to be paid by the Business Manager with no recourse to the Company. These expenses included registration and filing fees, legal and accounting fees, printing and mailing expenses, bank fees and other administrative expenses. The Company pays a distribution and stockholder servicing fee equal to 1.0% per annum of the purchase price per share (or, once reported, the amount of the Company’s estimated value per share) for each Class T Share and Class T-3 Share sold in the Offering. The fee is not paid at the time of purchase. The Company accounted for the total fee as a charge to equity at the time each Class T Share or Class T-3 Share was sold in the Offering and recorded 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 June 30, 2018 and December 31, 2017, the unpaid fee equal to $490,105 and $551,298, respectively, was recorded in due to related parties in the accompanying consolidated balance sheets. (e) Other organization and offering expenses exceeded the maximum expense cap. Total offering costs were $10,969,745, of which $7,070,590 were other organization and offering expenses subject to the maximum expense cap. Total proceeds raised in the Offering were $50,140,909, resulting in cap excess of $6,067,772. The Business Manager reimbursed the Company an estimated amount of $6,500,000 during the year ended December 31, 2017. The overpayment of $432,228 and $428,252 at June 30, 2018 and December 31, 2017, respectively, 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, (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. (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).

SUBSEQUENT EVENTS (Tables)

SUBSEQUENT EVENTS (Tables)	6 Months Ended
	Jun. 30, 2018
Schedule of Dividends Distributions	The table below presents the distributions paid and declared for the three and six months ended June 30, 2018 and 2017. Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Distributions paid $ 652,414 $ 488,222 $ 1,283,323 $ 909,132 Distributions declared $ 644,988 $ 506,971 $ 1,281,901 $ 948,184
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 June 2018 July 2018 $ 212,435 $ 105,150 4,491 $ 107,285 July 2018 August 2018 $ 219,959 $ 107,884 4,607 $ 112,075

ORGANIZATION (Narrative) (Detai

ORGANIZATION (Narrative) (Details)	6 Months Ended
	Jun. 30, 2018ft²PropertyUnit
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	94.20%
Number of units leased | Unit	605
Real estate property, total residential units leased percentage	97.10%
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

EQUITY (Narrative) (Details)

EQUITY (Narrative) (Details) - USD ($)	6 Months Ended		17 Months Ended	40 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2018	Dec. 31, 2017	Feb. 02, 2017	Feb. 17, 2015
Class Of Stock [Line Items]
Gross proceeds from sale of shares	$ 50,140,909			$ 50,000,000
Distribution reinvested through distribution reinvestment plan	$ 648,707
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	$ 359,861	$ 0
Distribution Reinvestment Plan [Member]
Class Of Stock [Line Items]
Distribution reinvested through distribution reinvestment plan	$ 648,707	$ 479,079
Class A Common Stock [Member]
Class Of Stock [Line Items]
Common stock, par value	$ 0.001		$ 0.001	$ 0.001	$ 0.001		$ 0.001
Common stock shares issued				1,401,711
Common stock, shares outstanding	1,486,010		1,486,010	1,486,010	1,479,155
Class T Common Stock [Member]
Class Of Stock [Line Items]
Common stock, par value	$ 0.001		$ 0.001	$ 0.001	$ 0.001		$ 0.001
Common stock shares issued				390,230
Common stock, shares outstanding	408,507		408,507	408,507	404,069
Class T-3 Common Stock [Member]
Class Of Stock [Line Items]
Common stock, par value	$ 0.001		$ 0.001	$ 0.001	$ 0.001	$ 0.001
Common stock shares issued			255,666
Common stock, shares outstanding	260,903		260,903	260,903	243,346

ACQUISITIONS (Narrative) (Detai

ACQUISITIONS (Narrative) (Details)	6 Months Ended
	Jun. 30, 2018Unit
Business Combinations [Abstract]
Real estate property acquisition, total number of units acquired	0

ACQUIRED INTANGIBLE ASSETS (Sum

ACQUIRED INTANGIBLE ASSETS (Summary of Company's Identified Intangible Assets and Liabilities) (Details) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Intangible assets:
Acquired in place lease value	$ 592,511	$ 592,511
Accumulated amortization	(394,166)	(256,837)
Acquired lease intangibles, net	$ 198,345	$ 335,674

ACQUIRED INTANGIBLE ASSETS (Nar

ACQUIRED INTANGIBLE ASSETS (Narrative) (Details)	6 Months Ended
	Jun. 30, 2018
Goodwill And Intangible Assets Disclosure [Abstract]
Weighted average amortization period for acquired in place lease intangibles	3 years 7 months 6 days
Intangible assets, amortization method	The portion of the purchase price allocated to acquired in place lease value is amortized on a straight-line basis over the acquired leases’ weighted average remaining term.

ACQUIRED INTANGIBLE ASSETS (Amo

ACQUIRED INTANGIBLE ASSETS (Amortization Pertaining to Acquired in Place Lease Value) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Amortization recorded as amortization expense:
Acquired in place lease value	$ 21,259	$ 112,041	$ 137,329	$ 112,041

ACQUIRED INTANGIBLE ASSETS (Est

ACQUIRED INTANGIBLE ASSETS (Estimated Amortization of the Respective Intangible Lease Assets and Liabilities) (Details) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Goodwill And Intangible Assets Disclosure [Abstract]
2018 (remainder of year)	$ 42,518
Acquired In-Place Leases, 2018	85,035
Acquired In-Place Leases, 2019	48,976
Acquired In-Place Leases, 2020	21,816
Acquired lease intangibles, net	$ 198,345	$ 335,674

MORTGAGES AND NOTE PAYABLE, N33

MORTGAGES AND NOTE PAYABLE, NET (Schedule of Mortgages and Note Payable) (Details) - USD ($)	6 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Total debt before debt issuance costs	$ 63,180,000	$ 66,680,000
Unamortized debt issuance costs	(265,720)	(283,844)
Total debt	$ 62,914,280	$ 66,396,156
Weighted Average Interest Rate	3.73%	3.82%
Mortgages Payable [Member]
Debt Instrument [Line Items]
Total debt before debt issuance costs	$ 63,180,000	$ 63,180,000
Weighted Average Interest Rate	3.73%	3.73%
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%
Mortgages Payable [Member] | Commons at Town Center [Member]
Debt Instrument [Line Items]
Total debt before debt issuance costs	$ 13,800,000	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	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
Weighted Average Interest Rate		5.40%

MORTGAGES AND NOTE PAYABLE, N34

MORTGAGES AND NOTE PAYABLE, NET (Narrative) (Details) - USD ($)	6 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Debt Disclosure [Abstract]
Carrying value of debt excluding unamortized debt issuance costs	$ 63,180,000	$ 66,680,000
Debt instrument, estimated fair value	$ 60,953,330	$ 65,281,610
Term of loan	6 years 8 months 19 days

MORTGAGES AND NOTE PAYABLE, N35

MORTGAGES AND NOTE PAYABLE, NET (Scheduled Principal Payments and Maturities on Mortgages) (Details) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
2,021	$ 124,063
2,022	505,081
Thereafter	62,550,856
Total	63,180,000	$ 66,680,000
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

DISTRIBUTIONS (Narrative) (Deta

DISTRIBUTIONS (Narrative) (Details) - $ / shares	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2018	Mar. 31, 2018	Feb. 28, 2018
Distributions [Line Items]
Stock dividends issued, shares	22,396
Class A Common Stock [Member]
Distributions [Line Items]
Amount per share of distributions		$ 0.003424658	$ 0.003424658	$ 0.003424658
Class T Common Stock [Member]
Distributions [Line Items]
Amount per share of distributions		0.002758356	0.002758488	0.002768493
Class T-3 Common Stock [Member]
Distributions [Line Items]
Amount per share of distributions		$ 0.003306849	$ 0.003323017	$ 0.003306849

DISTRIBUTIONS (Schedule of Divi

DISTRIBUTIONS (Schedule of Dividends Distributions) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Distributions [Abstract]
Distributions paid	$ 652,414	$ 488,222	$ 1,283,323	$ 909,132
Distributions declared	$ 644,988	$ 506,971	$ 1,281,901	$ 948,184

EARNINGS (LOSS) PER SHARE - (Na

EARNINGS (LOSS) PER SHARE - (Narrative) (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Earnings Per Share [Abstract]
Antidilutive shares excluded from computation of diluted EPS	735	811	699	761

EQUITY-BASED COMPENSATION (Narr

EQUITY-BASED COMPENSATION (Narrative) (Details) - Restricted Stock [Member] - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense related to the unvested restricted share awards	$ 6,875		$ 6,875
Weighted average remaining contractual term related to unvested restricted shares			1 year 4 months 6 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	$ 2,707	$ 2,778	$ 6,018	$ 5,139
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]	6 Months Ended
	Jun. 30, 2018USD ($)$ / sharesshares
Shares
Outstanding, Shares | shares	1,133
Vested, Shares | shares	(402)
Outstanding, Shares | shares	731
Weighted Average Grant Date Fair Value
Outstanding, Weighted Average Grant Date Fair Value | $ / shares	$ 25,834
Vested, Weighted Average Grant Date Fair Value | $ / shares	(9,166)
Outstanding, Weighted Average Grant Date Fair Value | $ / shares	$ 16,668
Aggregate Intrinsic Value
Outstanding, Aggregate Intrinsic Value | $	$ 25,834
Vested, Aggregate Intrinsic Value | $	(9,166)
Outstanding, Aggregate Intrinsic Value | $	$ 16,668

SEGMENT REPORTING (Narrative) (

SEGMENT REPORTING (Narrative) (Details) - Segment	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Segment Reporting [Abstract]
Number of reportable segments	1	1	1	1

TRANSACTIONS WITH RELATED PAR42

TRANSACTIONS WITH RELATED PARTIES (Schedule of Transactions with Related Parties) (Details) - USD ($)		3 Months Ended		6 Months Ended			12 Months Ended
		Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018		Jun. 30, 2017	Dec. 31, 2017
Related Party Transaction [Line Items]
Due to related parties		$ 5,480,370		$ 5,480,370			$ 5,273,153
Acquisition Related Costs [Member]
Related Party Transaction [Line Items]
Expenses with related parties	[1]		$ 123,418			$ 158,276
Due to related parties	[1]	686,250		686,250			686,250
General and Administrative Reimbursements [Member]
Related Party Transaction [Line Items]
Due to related parties	[2]	96,312		96,312			98,863
Offering Costs [Member]
Related Party Transaction [Line Items]
Expenses with related parties	[3]		712,154	20,151		1,110,183
Due to related parties	[3]	1,501,524		1,501,524			1,609,242
Reimbursement of Offering Costs [Member]
Related Party Transaction [Line Items]
Expenses with related parties				3,976	[4]		6,067,772
Due to related parties	[4]	432,228		432,228			428,252
Business Management Fee [Member]
Related Party Transaction [Line Items]
Expenses with related parties	[5]	158,563	91,763	316,978		160,455
Due to related parties	[5]	659,815		659,815			342,837
Mortgage Financing Fee [Member]
Related Party Transaction [Line Items]
Due to related parties	[6]	114,375		114,375			114,375
Sponsor Non-interest Bearing Advances [Member]
Related Party Transaction [Line Items]
Due to related parties	[7]	1,950,000		1,950,000			1,950,000
Property Operating Expenses [Member]
Related Party Transaction [Line Items]
Due to related parties		39,866		39,866			43,334
Total General And Administrative Costs [Member]
Related Party Transaction [Line Items]
Due to related parties		96,312		96,312			98,863
Real Estate Manager Or Affiliates [Member]
Related Party Transaction [Line Items]
Due to related parties	[8]	39,866		39,866			$ 43,334
Total General and Administrative Costs [Member]
Related Party Transaction [Line Items]
General and administrative expenses		89,839	120,698	256,665		234,561
Total General and Administrative Costs [Member] | General and Administrative Reimbursements [Member]
Related Party Transaction [Line Items]
General and administrative expenses	[2]	89,839	119,724	256,665		210,031
Total General and Administrative Costs [Member] | Affiliate Share Purchase Discounts [Member]
Related Party Transaction [Line Items]
General and administrative expenses	[9]		974			24,530
Total Property Operating Expenses [Member]
Related Party Transaction [Line Items]
Operating property expenses	[8]	320,218	191,124	644,113		323,689
Total Property Operating Expenses [Member] | Property Management Fee [Member]
Related Party Transaction [Line Items]
Operating property expenses		100,449	61,409	204,896		100,554
Total Property Operating Expenses [Member] | Property Operating Expenses [Member]
Related Party Transaction [Line Items]
Operating property expenses		$ 219,769	$ 129,715	$ 439,217		$ 223,135
[1]	Prior to August 8, 2016 under the Business Management Agreement, the Company was required to pay the Business Manager or its affiliates an acquisition fee equal to 1.5% of the “contract purchase price,” as defined in that agreement, of each property and real estate-related asset acquired.  The Business Management Agreement was amended to, among other things, delete the obligation to pay acquisition fees, real estate sales commissions and mortgage financing fees payable to the Business Manager by the Company with respect to transactions occurring on or after August 8, 2016. The Business Manager and its affiliates continue to be reimbursed for acquisition related costs of the Business Manager and its affiliates relating to the Company’s acquisition of properties and real estate assets, regardless of whether the Company acquires the properties or real estate assets, subject to the limits provided in the amended agreement.  There were no related party acquisition costs incurred during the six months ended June 30, 2018. Of the $158,276 related party acquisition costs incurred during the six months ended June 30, 2017, $120,040 were capitalized and classified in other assets in the accompanying consolidated balance sheets and $38,236 of such costs are included in acquisition related costs in the accompanying consolidated statements of operations.  Acquisition fees earned prior to August 8, 2016, which have been previously accrued for and are owed to the Business Manager, are expected to be paid in the future and are included in due to related parties in the accompanying consolidated balance sheets.
[2]	The Business Manager and its affiliates are entitled to reimbursement for certain general and administrative expenses incurred relating to the Company’s administration. Such costs are included in general and administrative expenses in the accompanying consolidated statements of operations. Unpaid amounts are included in due to related parties in the accompanying consolidated balance sheets.
[3]	The Company reimbursed 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 received 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 was 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 paid 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. Organization and offering expenses, excluding selling commissions and dealer manager fees (“other organization and offering expenses”), could not exceed 2.0% of the gross Offering proceeds (the “maximum expense cap”). To the extent that other organization and offering expenses exceeded the maximum expense cap, the excess expenses were required to be paid by the Business Manager with no recourse to the Company. These expenses included registration and filing fees, legal and accounting fees, printing and mailing expenses, bank fees and other administrative expenses. The Company pays a distribution and stockholder servicing fee equal to 1.0% per annum of the purchase price per share (or, once reported, the amount of the Company’s estimated value per share) for each Class T Share and Class T-3 Share sold in the Offering. The fee is not paid at the time of purchase. The Company accounted for the total fee as a charge to equity at the time each Class T Share or Class T-3 Share was sold in the Offering and recorded 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 June 30, 2018 and December 31, 2017, the unpaid fee equal to $490,105 and $551,298, respectively, was recorded in due to related parties in the accompanying consolidated balance sheets.
[4]	Other organization and offering expenses exceeded the maximum expense cap. Total offering costs were $10,969,745, of which $7,070,590 were other organization and offering expenses subject to the maximum expense cap. Total proceeds raised in the Offering were $50,140,909, resulting in cap excess of $6,067,772. The Business Manager reimbursed the Company an estimated amount of $6,500,000 during the year ended December 31, 2017. The overpayment of $432,228 and $428,252 at June 30, 2018 and December 31, 2017, respectively, 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.
[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.
[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 enabled them to purchase Class A Shares at $22.81 per share. The Company did not sell shares to affiliates during the six months ended June 30, 2018. The Company sold 11,201 Class A Shares to affiliates during the six months ended June 30, 2017.

TRANSACTIONS WITH RELATED PAR43

TRANSACTIONS WITH RELATED PARTIES (Narrative) (Details) - USD ($)		Aug. 07, 2016	Jun. 30, 2017	Jun. 30, 2018		Jun. 30, 2017	Dec. 31, 2017	Jun. 30, 2018
Related Party Transaction [Line Items]
Acquisition related costs			$ 30,266			$ 71,479
Maximum percentage of organization and offering expenses, excluding selling commissions and dealer manager fees on gross offering proceeds				2.00%
Total offering costs				$ 10,969,745
Other organization and offering expenses subject to maximum expense cap				7,070,590
Total proceeds raised in the Offering				50,140,909				$ 50,000,000
Due to related parties				5,480,370			$ 5,273,153	5,480,370
Reimbursement of Offering Costs [Member]
Related Party Transaction [Line Items]
Related party acquisition costs				3,976	[1]		6,067,772
Due to related parties	[1]			$ 432,228			428,252	432,228
Class T Common Stock and Class T-3 Common Stock [Member]
Related Party Transaction [Line Items]
Percentage of distribution and stockholder servicing fee				1.00%
Class T Common Stock [Member]
Related Party Transaction [Line Items]
Unpaid fee under distribution and servicing				$ 490,105			551,298	$ 490,105
Business Manager [Member]
Related Party Transaction [Line Items]
Common stock shares sold to affiliates during period				0
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				$ 0		158,276
Capitalized related party acquisition costs			$ 120,040			120,040
Acquisition related costs						$ 38,236
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] | Class A Common Stock [Member]
Related Party Transaction [Line Items]
Common stock shares sold to affiliates during period				11,201
Price per share of common stock sold to affiliates during period				$ 22.81
Real Estate Manager Or Affiliates [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Property management fee percentage				4.00%
[1]	Other organization and offering expenses exceeded the maximum expense cap. Total offering costs were $10,969,745, of which $7,070,590 were other organization and offering expenses subject to the maximum expense cap. Total proceeds raised in the Offering were $50,140,909, resulting in cap excess of $6,067,772. The Business Manager reimbursed the Company an estimated amount of $6,500,000 during the year ended December 31, 2017. The overpayment of $432,228 and $428,252 at June 30, 2018 and December 31, 2017, respectively, is included in due to related parties in the accompanying consolidated balance sheets.

SUBSEQUENT EVENTS (Narrative) (

SUBSEQUENT EVENTS (Narrative) (Details) - $ / shares	6 Months Ended
	Jun. 30, 2018	Mar. 31, 2018	Feb. 28, 2018
Class A Common Stock [Member]
Subsequent Event [Line Items]
Amount per share of distributions	$ 0.003424658	$ 0.003424658	$ 0.003424658
Class T Common Stock [Member]
Subsequent Event [Line Items]
Amount per share of distributions	0.002758356	0.002758488	0.002768493
Class T-3 Common Stock [Member]
Subsequent Event [Line Items]
Amount per share of distributions	0.003306849	$ 0.003323017	$ 0.003306849
Cash Distributions [Member] | Class A Common Stock [Member]
Subsequent Event [Line Items]
Amount per share of distributions	0.003424658
Cash Distributions [Member] | Class T Common Stock [Member]
Subsequent Event [Line Items]
Amount per share of distributions	0.002758356
Cash Distributions [Member] | Class T-3 Common Stock [Member]
Subsequent Event [Line Items]
Amount per share of distributions	$ 0.003306849
Cash Distributions [Member] | Minimum [Member] | Class A Common Stock [Member]
Subsequent Event [Line Items]
Dividends payable, record date	Jul. 1, 2018
Cash Distributions [Member] | Minimum [Member] | Class T Common Stock [Member]
Subsequent Event [Line Items]
Dividends payable, record date	Jul. 1, 2018
Cash Distributions [Member] | Minimum [Member] | Class T-3 Common Stock [Member]
Subsequent Event [Line Items]
Dividends payable, record date	Jul. 1, 2018
Cash Distributions [Member] | Maximum [Member] | Class A Common Stock [Member]
Subsequent Event [Line Items]
Dividends payable, record date	Oct. 31, 2018
Cash Distributions [Member] | Maximum [Member] | Class T Common Stock [Member]
Subsequent Event [Line Items]
Dividends payable, record date	Oct. 31, 2018
Cash Distributions [Member] | Maximum [Member] | Class T-3 Common Stock [Member]
Subsequent Event [Line Items]
Dividends payable, record date	Oct. 31, 2018

SUBSEQUENT EVENTS (Schedule of

SUBSEQUENT EVENTS (Schedule of Dividends Distributions) (Details) - USD ($)	Aug. 07, 2018	Jul. 31, 2018	Jun. 30, 2018
Subsequent Event [Line Items]
Distribution reinvested through distribution reinvestment plan			$ 648,707
Distributions Paid Month One [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Distribution reinvested through distribution reinvestment plan		$ 105,150
Shares Issued		4,491
Net Cash Distribution		$ 107,285
Distributions Paid Month Two [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Distribution reinvested through distribution reinvestment plan	$ 107,884
Shares Issued	4,607
Net Cash Distribution	$ 112,075
Cash Distributions [Member] | Distributions Paid Month One [Member]
Subsequent Event [Line Items]
Distribution Month			2018-06
Month Distribution Paid			2018-07
Cash Distributions [Member] | Distributions Paid Month One [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Gross Amount of Distribution Paid		$ 212,435
Cash Distributions [Member] | Distributions Paid Month Two [Member]
Subsequent Event [Line Items]
Distribution Month			2018-07
Month Distribution Paid			2018-08
Cash Distributions [Member] | Distributions Paid Month Two [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Gross Amount of Distribution Paid	$ 219,959