Inland Residential Properties Trust 10-K 29 Mar 19 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2018	Mar. 19, 2019	Jun. 30, 2018
Document And Entity Information [Abstract]
Entity Registrant Name	Inland Residential Properties Trust, Inc.
Entity Central Index Key	0001595627
Document Type	10-K
Document Period End Date	Dec. 31, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well Known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Public Float			$ 47,844,094
Entity Common Stock, Shares Outstanding		2,183,727
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2018
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true

CONSOLIDATED STATEMENT OF NET A

CONSOLIDATED STATEMENT OF NET ASSETS	Dec. 31, 2018USD ($)
Liquidation Basis [Member]
ASSETS
Real estate investments at fair value	$ 87,000,000
Cash	14,226,863
Total assets	101,226,863
Liabilities:
Mortgages payable	49,380,000
Due to related parties	5,256,839
Transaction costs payable	1,245,970
Liabilities for estimated costs in excess of estimated receipts during liquidation	373,261
Total liabilities	56,256,070
Commitments and contingencies
Net assets in liquidation	$ 44,970,793

CONSOLIDATED BALANCE SHEET

CONSOLIDATED BALANCE SHEET	Dec. 31, 2017USD ($)
ASSETS
Land	$ 9,845,410
Building and other improvements	93,980,734
Total real estate	103,826,144
Less accumulated depreciation	(4,391,774)
Net real estate	99,434,370
Cash and cash equivalents	7,556,763
Accounts and rents receivable, net	72,576
Acquired-in place lease intangibles, net	335,674
Other assets	584,905
Total assets	107,984,288
Liabilities:
Mortgages and note payable, net	66,396,156
Accounts payable and accrued expenses	895,189
Distributions payable	213,859
Due to related parties	5,273,153
Other liabilities	212,105
Total liabilities	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 $4,867,250 and $8,268,768 as of December 31, 2018 and 2017, respectively)	47,049,832
Distributions and accumulated losses	(12,058,132)
Total stockholders’ equity	34,993,826
Total liabilities and stockholders’ equity	107,984,288
Class A Common Stock [Member]
Stockholders’ equity:
Common stock	1,479
Class T Common Stock [Member]
Stockholders’ equity:
Common stock	404
Class T-3 Common Stock [Member]
Stockholders’ equity:
Common stock	$ 243

CONSOLIDATED BALANCE SHEET (Par

CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($)	Dec. 31, 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	$ 4,867,250	$ 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	1,488,912	1,479,155
Common stock, shares outstanding	1,488,912	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	409,687	404,069
Common stock, shares outstanding	409,687	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	261,680	243,346
Common stock, shares outstanding	261,680	243,346

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS - Liquidation Basis [Member] - USD ($)	Dec. 31, 2018	Dec. 18, 2018
Beginning balance	$ 44,970,793	$ 44,970,793
Ending balance	$ 44,970,793	$ 44,970,793

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	Dec. 18, 2018	Dec. 31, 2017	Dec. 31, 2016
Income:
Total income	$ 10,122,892	$ 7,310,410	$ 3,925,373
Expenses:
General and administrative expenses	1,473,512	1,397,780	1,196,519
Acquisition related costs		89,203	29,607
Depreciation and amortization	3,785,879	3,461,439	1,822,246
Total expenses	10,152,515	8,438,852	4,857,943
Operating loss	(29,623)	(1,128,442)	(932,570)
Interest expense	(2,352,385)	(2,045,389)	(1,379,761)
Interest and other income	26,837	34,879	4,912
Net loss	$ (2,355,171)	$ (3,138,952)	$ (2,307,419)
Net loss per common share, basic and diluted	$ (1.09)	$ (1.76)	$ (2.80)
Weighted average number of common shares outstanding, basic and diluted	2,156,831	1,783,029	824,457
Rental Income [Member]
Income:
Total income	$ 9,006,061	$ 6,557,908	$ 3,570,084
Other Property Income [Member]
Income:
Total income	1,116,831	752,502	355,289
Property Operating Expenses [Member]
Expenses:
Expenses	3,161,594	2,248,704	1,181,819
Real Estate Tax Expense [Member]
Expenses:
Expenses	1,126,152	764,884	353,212
Business Management Fee [Member]
Expenses:
Expenses	$ 605,378	$ 476,842	$ 274,540

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY (DEFICIT) - USD ($)	Total	Class A Common Stock [Member]	Class T Common Stock [Member]	Class T-3 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, 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)	$ (903,035)	$ (105,143)						(1,008,178)
Stock dividends issued					$ 7	$ 1		193,747	(193,755)
Stock dividends issued, shares					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)	$ (1,663,489)	$ (375,516)	$ (98,470)					(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
Proceeds from the offering	405,000					$ 2	$ 15	404,983
Proceeds from the offering, shares						2,296	14,499
Offering costs, net	(34,754)							(34,754)
Issuance of shares from distribution reinvestment plan	970,115				$ 29	$ 7	$ 5	970,074
Issuance of shares from distribution reinvestment plan, shares					28,894	7,855	4,664
Shares repurchased	(592,933)				$ (21)	$ (3)	$ (1)	(592,908)
Shares repurchased, shares					(20,928)	(4,533)	(829)
Distributions declared	(2,154,351)								(2,154,351)
Net loss	(2,355,171)								(2,355,171)
Equity based compensation	27,894							27,894
Equity based compensation, shares					1,791
Balance at Dec. 18, 2018	$ 31,259,626				$ 1,487	$ 410	$ 262	$ 47,825,121	$ (16,567,654)
Balance, shares at Dec. 18, 2018					1,488,912	409,687	261,680

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 18, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash flows from operating activities:
Net loss	$ (2,355,171)	$ (3,138,952)	$ (2,307,419)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	3,785,879	3,461,439	1,822,246
Amortization of debt issuance costs	32,762	33,789	102,796
Amortization of equity based compensation	27,894	12,361	9,224
Discount on shares issued to related parties		24,530	19,356
Changes in assets and liabilities:
Accounts payable and accrued expenses	3,373	293,914	(45,053)
Accounts and rents receivable	25,314	(74,024)	17,802
Due to related parties	542,613	27,652	266,454
Other liabilities	338,665	76,879	17,632
Other assets	93,211	(126,778)	6,621
Net cash flows provided by (used in) operating activities	2,494,540	590,810	(90,341)
Cash flows from investing activities:
Purchase of real estate		(59,309,923)
Capital expenditures	(236,807)	(149,676)	(85,091)
Net cash flows used in investing activities	(236,807)	(59,459,599)	(85,091)
Cash flows from financing activities:
Payment of mortgages and note payable	(3,500,000)	(5,700,000)	(18,300,000)
Proceeds from mortgages and note payable		44,930,000
Proceeds from offering	405,000	16,602,981	26,152,992
Payment of offering costs	(328,860)	(2,485,497)	(3,461,553)
Reimbursement of offering costs		6,500,000
Distributions paid	(1,398,093)	(971,924)	(456,246)
Shares repurchased	(592,933)	(173,558)
(Payments to) advances from sponsor		(1,000,000)
Payment of debt issuance costs		(315,092)	(2,291)
Net cash flows (used in) provided by financing activities	(5,414,886)	57,386,910	3,932,902
Net (decrease) increase in cash and cash equivalents	(3,157,153)	(1,481,879)	3,757,470
Cash and cash equivalents at beginning of the period	7,556,763	9,038,642	5,281,172
Cash and cash equivalents at end of the period	4,399,610	7,556,763	9,038,642
Supplemental disclosure of cash flow information:
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)
Purchase of real estate		59,309,923
Supplemental schedule of non-cash investing and financing activities:
Cash paid for interest	2,297,563	1,917,723	1,281,454
Distributions payable		213,859	137,207
Accrued offering costs payable	428,373	725,430	541,723
Stock dividends issued		553,873	193,755
Common stock issued through distribution reinvestment plan	$ 970,115	$ 1,088,899	$ 438,463

ORGANIZATION

ORGANIZATION	12 Months Ended
	Dec. 31, 2018
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. On September 17, 2018, the Company’s board of directors approved the sale of all or substantially all of the Company’s assets, the Company’s liquidation and the Company’s dissolution pursuant to a plan of liquidation (the “Plan of Liquidation”), subject to the approval of the Company’s stockholders. The 2018 annual meeting of stockholders of the Company was originally convened on November 27, 2018. The annual meeting was adjourned to solicit additional proxies in favor of Proposal No. 3, approval of the Plan of Liquidation. The annual meeting was reconvened on December 18, 2018. At the reconvened annual meeting, the Company’s stockholders approved Proposal No. 3, the Plan of Liquidation. On December 20, 2018, the Company completed the sale of “The Commons at Town Center,” a 105,442 square foot, 85-unit apartment community with a 10,609 square foot extended first floor for retail space. At the closing, the Company received net proceeds of approximately $9.9 million representing the purchase price of $24.6 million, net of closing costs, commissions, and certain prorations and adjustments, and the full repayment of $13.8 million in mortgage debt that encumbered the property . On January 25, 2019, the Company paid an initial liquidating distribution of $4.53 per Class A Share to its stockholders of record as of the close of business on January 25, 2019 (the “Initial Liquidating Distribution”). The Initial Liquidating Distribution was funded from the net proceeds of the sale of “The Commons at Town Center.” At December 31, 2018, the Company owned real estate consisting of two multi-family communities totaling 538 units. The properties consisted of 571,700 square feet of residential gross leasable area. During 2018, the properties’ weighted average daily occupancy was 93.6% and at December 31, 2018, 510 units, or 94.8% of the total residential units were leased. At December 31, 2017 and prior to the sale of “The Commons at Town Center,” the Company owned real estate consisting of three multi-family communities totaling 623 units. The properties consisted 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. The Plan of Liquidation Pursuant to the plan, we expect to sell or otherwise dispose of all or substantially all of our properties and assets (including any assets held by the operating partnership and its and our subsidiaries). Following the completion of the sale or transfer of all of our assets in accordance with the Plan of Liquidation, we will pay or provide for our liabilities and expenses, distribute the remaining proceeds of the liquidation of our assets to our stockholders, wind up our operations and dissolve. Our common stock is currently registered under the Securities and Exchange Act of 1934, as amended (the “Exchange Act”). We may, after filing our articles of dissolution, seek relief from the SEC from the reporting requirements under the Exchange Act. We anticipate that, if relief is granted, we would continue to file current reports on Form 8-K to disclose material events relating to our liquidation and dissolution, along with any other reports that the SEC might require, but would discontinue filing Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2018
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. 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. Liquidation Basis of Accounting The approval of the Plan of Liquidation by the Company’s stockholders caused the Company’s basis of accounting to change from the going-concern basis (“Going-Concern Basis”) to the liquidation basis of accounting (“Liquidation Basis of Accounting”), which requires the Company’s assets to be measured at the estimated amounts of consideration the Company expects to collect in settling and disposing of its assets and liabilities are to be measured at the estimated amounts at which the liabilities are expected to be settled. All financial results and disclosures up through December 18, 2018, prior to adopting the Liquidation Basis of Accounting, are presented based on a Going-Concern Basis, which presents assets and liabilities in the normal course of business. As a result, the balance sheet as of December 31, 2017, and the statements of operations and the statements of cash flows for the period January 1, 2018 through December 18, 2018 and the years ended December 31, 2017 and 2016 are presented on a Going-Concern Basis, consistent with the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. 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. Prior to the transition to Liquidation Basis of Accounting, the Company allocated the total purchase price of properties (see Note 5 – “Acquisitions”) 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 included land, building improvements, furniture, fixtures and equipment and intangible assets included in-place lease value. Acquired in-place lease costs and other leasing costs were 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. As of December 18, 2018, the operating properties were adjusted to fair value, less estimated costs to sell, through the adjustments to reflect the change to the Liquidation Basis of Accounting. Subsequent to December 18, 2018, all changes in the estimated fair value of the operating properties, less estimated costs to sell, are adjusted to fair value with a corresponding change to our net assets in liquidation. Impairment of Investment Properties Prior to the transition to Liquidation Basis of Accounting, the Company assessed the carrying values of the respective long-lived assets, whenever events or changes in circumstances indicated that the carrying amounts of these assets may not have been fully recoverable. If it was determined that the carrying value was not recoverable because the undiscounted cash flows did not exceed the carrying value, the Company would have been required to record an impairment loss to the extent that the carrying value exceeded fair value. The valuation and possible subsequent impairment of investment properties would have been 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 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. 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 Prior to the transition to Liquidation Basis of Accounting, real estate acquisitions were recorded at cost less accumulated depreciation. Improvements and betterment costs were capitalized and ordinary repairs and maintenance were 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. Prior to the transition to Liquidation Basis of Accounting, the Company anticipated 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 Prior to the transition to Liquidation Basis of Accounting, debt issuance costs were amortized on a straight-line basis, which approximated the effective interest method, over the term of the related agreement as a component of interest expense. These costs were reported as a direct deduction to the Company’s outstanding mortgages payable. In accordance with the adoption of the Plan of Liquidation, debt issuance costs were adjusted to their net realizable value as of December 18, 2018 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. Distribution and Stockholder Servicing Fee Prior to November 1, 2018, In accordance with the adoption of the Plan of Liquidation, Revenue Recognition Residential properties are leased under operating leases with terms of generally one year or less. Prior to the transition to Liquidation Basis of Accounting, rental revenues from residential leases were recognized on the straight-line method over the approximate life of the leases, which was 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. Upon adoption of Liquidation Basis of Accounting, the Company estimated all receipts related to future operations. 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 Prior to the transition to Liquidation Basis of Accounting, the Company had restricted shares outstanding at December 18, 2018. The Company recognized 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 recognized 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 8 - "Equity Based Compensation" for further information. 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

EQUITY

EQUITY	12 Months Ended
	Dec. 31, 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 proceeds from the Company’s distribution reinvestment plan (as amended, the “DRP”), the Company generated gross proceeds of $0, $55,000 and $350,000 from sales of its Class A Shares, Class T Shares and Class T-3 Shares, respectively, during the period from January 1, 2018 through December 18, 2018. As of December 18, 2018, the Company had 1,488,912 Class A Shares, 409,687 Class T Shares and 261,680 Class T-3 Shares outstanding, respectively. All outstanding shares of the Company’s Class T and Class T-3 common stock were converted to shares of the Company’s Class A common stock on January 23, 2019. For the period from January 1, 2018 through December 18, 2018, the Company declared cash distributions of $2,154,351 and paid total distributions of $2,368,208. For the year ended December 31, 2017, the Company declared cash distributions of $2,137,455, paid total distributions of $2,060,823 and issued stock dividends of 22,384 shares to stockholders. Historically, the Company provided the following programs to facilitate additional investment in the Company’s shares and to provide limited liquidity for stockholders. On September 17, 2018, in contemplation of the Plan of Liquidation, which was still pending at that time, the Company’s board of directors determined to terminate the DRP and the Company’s share repurchase program (as amended, the “SRP”). Distribution Reinvestment Plan Prior to September 17, 2018, which was prior to the transition to the Liquidation Basis of Accounting, the Company provided 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, were used to purchase Class A Shares, Class T Shares and Class T-3 Shares, respectively. Such purchases under the DRP were 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. Beginning with the February 2018 distribution payments made to stockholders in March 2018 until the Company terminated the DRP in September 2018, shares of common stock purchased under the DRP were 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 $970,115, $1,088,899 and $438,463 for the period January 1, 2018 through December 18, 2018 and for the years ended December 31, 2017 and 2016, respectively. Share Repurchase Program Prior to September 17, 2018, which was prior to the transition to the Liquidation Basis of Accounting, under the SRP, the Company was 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 limited 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 was limited to the proceeds that the Company received 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 applied. Repurchases through the SRP were $592,933 and $173,558 during the period from January 1, 2018 through December 18, 2018 and for the year ended December 31, 2017, respectively. There were no repurchases through the SRP for the year ended December 31, 2016.

NET ASSETS IN LIQUIDATION

NET ASSETS IN LIQUIDATION	12 Months Ended
	Dec. 31, 2018
Net Assets In Liquidation [Abstract]
NET ASSETS IN LIQUIDATION	NOTE 4 – NET ASSETS IN LIQUIDATION The following is a reconciliation of Shareholder's Equity under the going concern basis of accounting to net assets in liquidation under the Liquidation Basis of Accounting as of December 18, 2018. Amount Total equity as of December 18, 2018 (going concern basis) $ 31,259,626 Balance sheet adjustments: Deferred financing costs (a) (251,082 ) Distribution and stockholder servicing fee (b) 428,373 Increase due to net realizable value of real estate (c) 15,329,030 Transaction costs (d) (1,544,240 ) Receipts in excess of liabilities during liquidation (d) 370,913 Interest expense (d) (621,827 ) Total adjustments $ 13,711,167 Net assets in liquidation December 18, 2018 $ 44,970,793 (a) In contemplation of payment of the Company’s mortgage loans, the balance of deferred financing costs will be written off. (b) The Company ceased paying distribution and stockholder servicing fees on November 1, 2018, and all outstanding shares of the Company’s Class T and Class T-3 common stock were converted to shares of the Company’s Class A common stock on January 23, 2019. (c) The Company estimates an increase in net realizable value of its remaining properties calculated as follows: Contract sales price of real estate $ 112,050,000 Less: Real estate carrying value $ (96,220,970 ) Less: Allowance for potential contract adjustments (500,000 ) Increase due to net realizable value of real estate $ 15,329,030 (d) Property operations are on-going until final sale of the Company’s properties. Includes estimated costs associated with selling the Company’s remaining real estate assets, including but not limited to, transfer taxes, title fees, legal fees, debt fees, sales commissions paid to unrelated third party real estate brokers and prorations of operating expenses. This estimate contains expected future cash outflows related to the Plan of Liquidation. The Liquidation Basis of Accounting requires the Company to estimate net cash flows from operations and to accrue all costs associated with implementing and completing the Plan of Liquidation. The Company currently estimates that it will have estimated costs in excess of estimated receipts during liquidation. These amounts can vary significantly due to, among other things, the timing and amounts associated with discharging known and contingent liabilities and the costs associated with the winding up of operations. These costs are estimated and are anticipated to be paid out over the liquidation period.

ACQUISITIONS

ACQUISITIONS	12 Months Ended
	Dec. 31, 2018
Business Combinations [Abstract]
ACQUISITIONS	NOTE 5 – ACQUISITIONS 2018 Acquisitions During the year ended December 31, 2018, the Company did not acquire any real estate properties. 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

ACQUIRED INTANGIBLE ASSETS

ACQUIRED INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 2018
Goodwill And Intangible Assets Disclosure [Abstract]
ACQUIRED INTANGIBLE ASSETS	NOTE 6 – ACQUIRED INTANGIBLE ASSETS The following table summarizes the Company’s identified intangible assets: December 31, 2017 Intangible assets: Acquired in-place lease value $ 592,511 Accumulated amortization (256,837 ) Acquired lease intangibles, net $ 335,674 Prior to the transition to Liquidation Basis of Accounting, the portion of the purchase price allocated to acquired in-place lease value was 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: Period from January 1, 2018 through Year ended December 31, Amortization recorded as amortization expense: December 18, 2018 2017 2016 Acquired in-place lease value $ 176,875 $ 256,837 $ —

MORTGAGES AND NOTE PAYABLE, NET

MORTGAGES AND NOTE PAYABLE, NET	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
MORTGAGES AND NOTE PAYABLE, NET	NOTE 7 – MORTGAGES AND NOTE PAYABLE, NET As of December 31, 2018 and 2017, the Company had the following mortgages payable: December 31, 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 (1) May 3, 2024 3.69% — 13,800,000 Verandas at Mitylene August 1, 2027 3.88% 21,930,000 21,930,000 Total Mortgages $ 49,380,000 3.75% $ 63,180,000 3.73% Note Payable: Commons at Town Center (2) January 3, 2019 5.40% — $ 3,500,000 Total debt before debt issuance costs $ 49,380,000 3.75% $ 66,680,000 3.82% Unamortized debt issuance costs — (283,844 ) Total debt $ 49,380,000 $ 66,396,156 (1) The mortgage was paid in full in connection with the sale of the property on December 20, 2018. (2) The Company paid in full the outstanding balance of its note payable in January 2018. 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 $49,380,000 and $66,680,000 as of December 31, 2018 and December 31, 2017, respectively, and its estimated fair value was $49,380,000 and $65,281,610 as of December 31, 2018 and December 31, 2017, respectively. Both mortgages have fixed interest rates. At December 31, 2018, the mortgages payable are included in mortgages payable on the Company’s consolidated statement of net assets. Mortgages The mortgage loans require compliance with certain covenants such as debt service ratios, investment restrictions and distribution limitations. As of December 31, 2018, the Company is in compliance with all financial covenants related to its mortgage loans.

EQUITY BASED COMPENSATION

EQUITY BASED COMPENSATION	12 Months Ended
	Dec. 31, 2018
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
EQUITY BASED COMPENSATION	NOTE 8 – 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 vested over a one to three year vesting period from the date of the grant based on the specific terms of the grant. Prior to the transition to Liquidation Basis of Accounting, the grant-date value of the restricted shares was 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 was limited to 5% of outstanding shares. Compensation expense associated with the director restricted shares was included in general and administrative expenses in the accompanying consolidated financial statements. Compensation expense under the RSP was $27,894, $12,362 and $9,224 for the period from January 1, 2018 to December 18, 2018 and the years ended December 31, 2017 and 2016, respectively. Upon the approval of the Plan of Liquidation by the Company’s stockholders on December 18, 2018, all outstanding restricted shares vested immediately and the unamortized balance was expensed. A summary of the restricted shares is presented below: Shares Weighted Average Grant Date Fair Value Aggregate Intrinsic Value Outstanding at December 31, 2016 804 $ 18,334 $ 18,334 Granted 658 15,000 15,000 Vested (329 ) (7,500 ) (7,500 ) Forfeited — — — Outstanding at December 31, 2017 1,133 $ 25,834 $ 25,834 Granted 658 15,000 15,000 Vested (1,791 ) (40,834 ) (40,834 ) Forfeited — — — Outstanding at December 18, 2018 — — —

INCOME TAX AND DISTRIBUTIONS

INCOME TAX AND DISTRIBUTIONS	12 Months Ended
	Dec. 31, 2018
Income Tax Disclosure [Abstract]
INCOME TAX AND DISTRIBUTIONS	NOTE 9 – INCOME TAX AND DISTRIBUTIONS The Company 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, 2018, 2017 and 2016. The Company expects no significant increases in uncertain tax positions due to changes in tax positions within one year of December 31, 2018. The Company has no interest or penalties relating to income taxes recognized in the consolidated statements of operations for the years ended December 31, 2018, 2017 and 2016. As of December 31, 2018, the tax returns for the calendar years 2018 through 2014 remain subject to examination by U.S. and various state and local tax jurisdictions. Generally, as a REIT, the Company will not pay U.S. federal income tax at the REIT level (including its qualified For the period from January 1, 2018 through December 31, 2018 and for the years ended December 31, 2017 and 2016, 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) 2018 $ 1,549,364 $ 1,705,487 $ 343,098 $ 377,749 $ 261,889 $ 284,972 — 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 For the year ended December 31, 2018, the Company paid cash dividends of approximately $1,705,487 to stockholders of Class A common stock, approximately $377,749 to stockholders of Class T common stock and approximately $284,972 to stockholders of Class T-3 common stock. For income tax purposes only, 24.9% were treated as capital gains (of which 100% should be treated as unrecaptured Section 1250 gain) and 75.1% were 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). For the years ended December 31, 2017 and 2016, 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, 2018
Earnings Per Share [Abstract]
EARNINGS (LOSS) PER SHARE	NOTE 10 – 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. There were no common share equivalents outstanding at December 18, 2018, as they were fully vested. As a result of a net loss for the period January 1, 2018 through December 18, 2018 and the years ended December 31, 2017 and 2016, 0, 919 and 419 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, 2018
Segment Reporting [Abstract]
SEGMENT REPORTING	NOTE 11 – SEGMENT REPORTING Prior to the transition to Liquidation Basis of Accounting, the Company had one reportable segment, multi-family real estate, as defined by U.S. GAAP for the period from January 1, 2018 through December 18, 2018 and the years ended December 31, 2017 and 2016.

TRANSACTIONS WITH RELATED PARTI

TRANSACTIONS WITH RELATED PARTIES	12 Months Ended
	Dec. 31, 2018
Related Party Transactions [Abstract]
TRANSACTIONS WITH RELATED PARTIES	NOTE 12 – TRANSACTIONS WITH RELATED PARTIES 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 or upon liquidation if earlier. The following table summarizes the Company’s related party transactions for the period from January 1, 2018 through December 18, 2018 and the years ended December 31, 2017 and 2016. Period from January 1, 2018 Unpaid Amounts through Year ended December 31, As of December 31, December 18, 2018 2017 2016 2018 2017 General and administrative reimbursements (a) $ 579,045 $ 421,349 $ 421,673 $ 97,041 $ 98,863 Affiliate share purchase discounts (b) — 24,530 19,356 — — Total general and administrative costs $ 579,045 $ 445,879 $ 441,029 $ 97,041 $ 98,863 Acquisition related costs (c) $ — $ 218,858 $ 11,402 $ 686,250 $ 686,250 Offering costs (d) $ 20,151 $ 1,701,166 $ 2,588,020 $ 1,011,419 $ 1,609,242 Reimbursement of offering costs (e) $ 3,976 $ 6,071,748 $ — $ 432,228 $ 428,252 Business management fee (f) $ 605,378 $ 476,842 $ 274,520 $ 965,526 $ 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 $ 402,201 $ 286,357 $ 157,757 $ — $ — Property operating expenses 933,790 690,526 350,960 — 43,334 Total property operating expenses (i) $ 1,335,991 $ 976,883 $ 508,717 $ — $ 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 statement of net assets as of December 31, 2018 and the consolidated balance sheet as of December 31, 2017. (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 sold 0, 11,201 and 8,838 shares to affiliates for the period from January 1, 2018 through December 18, 2018 and 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 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 period from January 1, 2018 through December 18, 2018. 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 statement of net assets as of December 31, 2018 and the consolidated balance sheet as of December 31, 2017. The Business Manager will not require the repayment of $686,250 until at least one-year after the filing date of this report or upon liquidation, if earlier. (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. As of December 31, 2018, unpaid amounts are included in due to related parties in the consolidated statement of net assets, and as of December 31, 2017, unpaid amounts are included in the consolidated balance sheet. 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 did 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. Prior to November 1, 2018, the Company paid 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 was not paid at the time of the 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 was payable monthly in arrears as it became contractually due. At December 31, 2018, there was no unpaid distribution and stockholder servicing fee. At December 31, 2017, the unpaid fee was equal to $551,298 and was recorded in due to related parties in the accompanying consolidated balance sheet. The Sponsor will not require the repayment of $1,011,419 until at least one-year after the filing date of this report or upon liquidation, if earlier. (e) 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. Other organization and offering expenses exceeded the maximum expense cap. Total offering costs were $10,972,727, of which $7,070,590 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 were $50,140,908, 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. This amount includes an overpayment of $432,228 which is included in due to related parties in the accompanying consolidated statement of net assets at December 31, 2018. (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. As of December 31, 2018, unpaid amounts are included in due to related parties in the accompanying consolidated statement of net assets and in the consolidated balance sheet as of December 31, 2017. (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 statement of net assets as of December 31, 2018, and as of December 31, 2017 in the consolidated balance sheet. 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 statement of net assets as of December 31, 2018 and in the consolidated balance sheet as of December 31, 2017. The Sponsor will not require the repayment of $1,950,000 until at least one-year after the filing date of this report, or upon liquidation, if earlier. (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, 2018
Leases Operating [Abstract]
OPERATING LEASES	NOTE 13 – OPERATING LEASES On December 20, 2018, the Company completed the sale of “The Commons at Town Center,” which included the Company’s only retail square footage. The Company’s residential lease terms are generally for twelve months or less.

QUARTERLY SUPPLEMENTAL FINANCIA

QUARTERLY SUPPLEMENTAL FINANCIAL INFORMATION (UNAUDITED)	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
QUARTERLY SUPPLEMENTAL FINANCIAL INFORMATION (UNAUDITED)	NOTE 14 – QUARTERLY SUPPLEMENTAL FINANCIAL INFORMATION (UNAUDITED) The following represents the results of operations, for each quarterly period, during 2018 and 2017. 2018 For the period from October 1, 2018 through December 18, 2018 Sept 30 Jun 30 Mar 31 Total income $ 2,220,670 $ 2,688,222 $ 2,614,125 $ 2,599,875 Net loss $ (522,111 ) $ (493,128 ) $ (533,942 ) $ (805,990 ) Net loss per common share, basic and diluted (1) $ (0.24 ) $ (0.23 ) $ (0.25 ) $ (0.37 ) Weighted average number of common shares outstanding, basic and diluted (1) 2,158,909 2,158,972 2,156,997 2,152,649 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 (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, 2018
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 15 – SUBSEQUENT EVENTS Payment of Initial Liquidating Distribution Pursuant to the provisions of the Company’s charter, all outstanding shares of the Company’s Class T and Class T-3 common stock were converted to shares of the Company’s Class A common stock on January 23, 2019. On January 25, 2019, the Company paid an initial liquidating distribution of $4.53 per share to the record holders of the Company’s Class A common stock as of the close of business on January 25, 2019. Pursuant to the Plan of Liquidation, the Initial Liquidating Distribution was unanimously approved by the Company’s board of directors in connection with the previously disclosed sale of “The Commons at Town Center” property (the “Property Sale”), the closing of which occurred on December 20, 2018. The Initial Liquidating Distribution was funded from the net proceeds of the Property Sale. Sale of Properties The Verandas at Mitylene – contract for sale – On December 21, 2018, the Company entered into a contract to sell to an unaffiliated third party “The Verandas at Mitylene,” located in Montgomery, Alabama, for a sale price of approximately $40.5 million minus the principal amount outstanding on an approximately $21.9 million mortgage loan to be assumed by the buyer, closing costs, commissions, and certain prorations and adjustments. Sale of the property is subject to conditions contained in the agreement, as amended on January 23, 2019 and February 19, 2019, including the lender’s approval of the buyer’s assumption of the mortgage loan. The Retreat at Market Square – contract for sale – On February 12, 2019, the Company entered into a contract to sell to an unaffiliated third party “The Retreat at Market Square,” located in Frederick, Maryland, for a sale price of approximately $47.0 million excluding closing costs, commissions, and certain prorations and adjustments. Sale of the property is subject to conditions contained in the agreement.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2018
Real Estate And Accumulated Depreciation Disclosure [Abstract]
Real Estate and Accumulated Depreciation	Real Estate and Accumulated Depreciation December 31, 2018 (Liquidation Basis) 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) Liquidation Adjustment (1) Total (C) Accumulated Depreciation (2) (D) Date structed Date Acquired Depreciable Lives The Retreat at Market Square $ 27,450,000 $ 6,301,838 $ 38,824,096 $ 130,242 $ 6,301,838 $ 38,954,338 $ — $ 45,256,176 $ (4,773,635 ) 2014 2015 3-30 Frederick, MD Verandas at Mitylene 21,930,000 2,051,190 33,965,426 149,180 2,051,190 34,114,606 — 36,165,796 (2,033,728 ) 2007 2017 3-30 Montgomery, AL Liquidation adjustment (1) — — — — — — 12,385,391 12,385,391 — Total $ 49,380,000 $ 8,353,028 $ 72,789,522 $ 279,422 $ 8,353,028 $ 73,068,944 $ 12,385,391 $ 93,807,363 $ (6,807,363 ) (1) Under liquidation basis of accounting, real estate is carried at its estimated fair value, as a result the liquidation adjustment is the adjustment made to the carrying value of real estate to reflect its fair value. (2) Depreciation expense will not be recorded subsequent to December 18, 2018 as a result of the adoption of our plan of liquidation. 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, 2018 for U.S. federal income tax purposes was $ 83,678,185 (C) Reconciliation of real estate owned: 2018 2017 2016 Balance at January 1, $ 103,826,144 $ 45,191,015 $ 45,125,934 Acquisitions — 58,519,630 — Sale of real estate property (22,555,168 ) — — Improvements 150,996 115,499 65,081 Liquidation adjustment 12,385,391 — — Balance at December 31, $ 93,807,363 $ 103,826,144 $ 45,191,015 (D) Reconciliation of accumulated depreciation: Balance at January 1, $ 4,391,774 $ 1,822,971 $ 364,520 Depreciation expense 3,609,004 2,568,803 1,458,451 Sale of real estate property (1,193,415 ) — — Balance at December 31, $ 6,807,363 $ 4,391,774 $ 1,822,971

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2018
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.
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.
Liquidation Basis of Accounting	Liquidation Basis of Accounting The approval of the Plan of Liquidation by the Company’s stockholders caused the Company’s basis of accounting to change from the going-concern basis (“Going-Concern Basis”) to the liquidation basis of accounting (“Liquidation Basis of Accounting”), which requires the Company’s assets to be measured at the estimated amounts of consideration the Company expects to collect in settling and disposing of its assets and liabilities are to be measured at the estimated amounts at which the liabilities are expected to be settled. All financial results and disclosures up through December 18, 2018, prior to adopting the Liquidation Basis of Accounting, are presented based on a Going-Concern Basis, which presents assets and liabilities in the normal course of business. As a result, the balance sheet as of December 31, 2017, and the statements of operations and the statements of cash flows for the period January 1, 2018 through December 18, 2018 and the years ended December 31, 2017 and 2016 are presented on a Going-Concern Basis, consistent with the Company’s Annual Report on Form 10-K for the year ended December 31, 2017.
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. Prior to the transition to Liquidation Basis of Accounting, the Company allocated the total purchase price of properties (see Note 5 – “Acquisitions”) 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 included land, building improvements, furniture, fixtures and equipment and intangible assets included in-place lease value. Acquired in-place lease costs and other leasing costs were 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. As of December 18, 2018, the operating properties were adjusted to fair value, less estimated costs to sell, through the adjustments to reflect the change to the Liquidation Basis of Accounting. Subsequent to December 18, 2018, all changes in the estimated fair value of the operating properties, less estimated costs to sell, are adjusted to fair value with a corresponding change to our net assets in liquidation.
Impairment of Investment Properties	Impairment of Investment Properties Prior to the transition to Liquidation Basis of Accounting, the Company assessed the carrying values of the respective long-lived assets, whenever events or changes in circumstances indicated that the carrying amounts of these assets may not have been fully recoverable. If it was determined that the carrying value was not recoverable because the undiscounted cash flows did not exceed the carrying value, the Company would have been required to record an impairment loss to the extent that the carrying value exceeded fair value. The valuation and possible subsequent impairment of investment properties would have been 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 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.
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 Prior to the transition to Liquidation Basis of Accounting, real estate acquisitions were recorded at cost less accumulated depreciation. Improvements and betterment costs were capitalized and ordinary repairs and maintenance were 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. Prior to the transition to Liquidation Basis of Accounting, the Company anticipated 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 Prior to the transition to Liquidation Basis of Accounting, debt issuance costs were amortized on a straight-line basis, which approximated the effective interest method, over the term of the related agreement as a component of interest expense. These costs were reported as a direct deduction to the Company’s outstanding mortgages payable. In accordance with the adoption of the Plan of Liquidation, debt issuance costs were adjusted to their net realizable value as of December 18, 2018
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.
Distribution and Stockholder Servicing Fee	Distribution and Stockholder Servicing Fee Prior to November 1, 2018, In accordance with the adoption of the Plan of Liquidation,
Revenue Recognition	Revenue Recognition Residential properties are leased under operating leases with terms of generally one year or less. Prior to the transition to Liquidation Basis of Accounting, rental revenues from residential leases were recognized on the straight-line method over the approximate life of the leases, which was 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. Upon adoption of Liquidation Basis of Accounting, the Company estimated all receipts related to future operations. 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 Prior to the transition to Liquidation Basis of Accounting, the Company had restricted shares outstanding at December 18, 2018. The Company recognized 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 recognized 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 8 - "Equity Based Compensation" for further information.
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

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Schedule of Estimated Useful Lives of Assets	Prior to the transition to Liquidation Basis of Accounting, the Company anticipated 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

NET ASSETS IN LIQUIDATION (Tabl

NET ASSETS IN LIQUIDATION (Tables)	12 Months Ended
	Dec. 31, 2018
Net Assets In Liquidation [Abstract]
Schedule of Reconciliation of Shareholder's Equity Under Going Concern Basis Accounting to Net Assets in Liquidation Under Liquidation Basis Accounting	The following is a reconciliation of Shareholder's Equity under the going concern basis of accounting to net assets in liquidation under the Liquidation Basis of Accounting as of December 18, 2018. Amount Total equity as of December 18, 2018 (going concern basis) $ 31,259,626 Balance sheet adjustments: Deferred financing costs (a) (251,082 ) Distribution and stockholder servicing fee (b) 428,373 Increase due to net realizable value of real estate (c) 15,329,030 Transaction costs (d) (1,544,240 ) Receipts in excess of liabilities during liquidation (d) 370,913 Interest expense (d) (621,827 ) Total adjustments $ 13,711,167 Net assets in liquidation December 18, 2018 $ 44,970,793 (a) In contemplation of payment of the Company’s mortgage loans, the balance of deferred financing costs will be written off. (b) The Company ceased paying distribution and stockholder servicing fees on November 1, 2018, and all outstanding shares of the Company’s Class T and Class T-3 common stock were converted to shares of the Company’s Class A common stock on January 23, 2019. (c) The Company estimates an increase in net realizable value of its remaining properties calculated as follows: Contract sales price of real estate $ 112,050,000 Less: Real estate carrying value $ (96,220,970 ) Less: Allowance for potential contract adjustments (500,000 ) Increase due to net realizable value of real estate $ 15,329,030 (d) Property operations are on-going until final sale of the Company’s properties. Includes estimated costs associated with selling the Company’s remaining real estate assets, including but not limited to, transfer taxes, title fees, legal fees, debt fees, sales commissions paid to unrelated third party real estate brokers and prorations of operating expenses.

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	12 Months Ended
	Dec. 31, 2018
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, 2018
Goodwill And Intangible Assets Disclosure [Abstract]
Summary of Company's Identified Intangible Assets	The following table summarizes the Company’s identified intangible assets: December 31, 2017 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: Period from January 1, 2018 through Year ended December 31, Amortization recorded as amortization expense: December 18, 2018 2017 2016 Acquired in-place lease value $ 176,875 $ 256,837 $ —

MORTGAGES AND NOTE PAYABLE, N_2

MORTGAGES AND NOTE PAYABLE, NET (Tables)	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Schedule of Mortgages and Note Payable	As of December 31, 2018 and 2017, the Company had the following mortgages payable: December 31, 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 (1) May 3, 2024 3.69% — 13,800,000 Verandas at Mitylene August 1, 2027 3.88% 21,930,000 21,930,000 Total Mortgages $ 49,380,000 3.75% $ 63,180,000 3.73% Note Payable: Commons at Town Center (2) January 3, 2019 5.40% — $ 3,500,000 Total debt before debt issuance costs $ 49,380,000 3.75% $ 66,680,000 3.82% Unamortized debt issuance costs — (283,844 ) Total debt $ 49,380,000 $ 66,396,156 (1) The mortgage was paid in full in connection with the sale of the property on December 20, 2018. (2) The Company paid in full the outstanding balance of its note payable in January 2018.

EQUITY BASED COMPENSATION (Tabl

EQUITY BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of the Restricted Shares	A summary of the restricted shares is presented below: Shares Weighted Average Grant Date Fair Value Aggregate Intrinsic Value Outstanding at December 31, 2016 804 $ 18,334 $ 18,334 Granted 658 15,000 15,000 Vested (329 ) (7,500 ) (7,500 ) Forfeited — — — Outstanding at December 31, 2017 1,133 $ 25,834 $ 25,834 Granted 658 15,000 15,000 Vested (1,791 ) (40,834 ) (40,834 ) Forfeited — — — Outstanding at December 18, 2018 — — —

INCOME TAX AND DISTRIBUTIONS (T

INCOME TAX AND DISTRIBUTIONS (Tables)	12 Months Ended
	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Schedule of Dividends Distributions	For the period from January 1, 2018 through December 31, 2018 and for the years ended December 31, 2017 and 2016, 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) 2018 $ 1,549,364 $ 1,705,487 $ 343,098 $ 377,749 $ 261,889 $ 284,972 — 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

TRANSACTIONS WITH RELATED PAR_2

TRANSACTIONS WITH RELATED PARTIES (Tables)	12 Months Ended
	Dec. 31, 2018
Related Party Transactions [Abstract]
Schedule of Transactions with Related Parties	The following table summarizes the Company’s related party transactions for the period from January 1, 2018 through December 18, 2018 and the years ended December 31, 2017 and 2016. Period from January 1, 2018 Unpaid Amounts through Year ended December 31, As of December 31, December 18, 2018 2017 2016 2018 2017 General and administrative reimbursements (a) $ 579,045 $ 421,349 $ 421,673 $ 97,041 $ 98,863 Affiliate share purchase discounts (b) — 24,530 19,356 — — Total general and administrative costs $ 579,045 $ 445,879 $ 441,029 $ 97,041 $ 98,863 Acquisition related costs (c) $ — $ 218,858 $ 11,402 $ 686,250 $ 686,250 Offering costs (d) $ 20,151 $ 1,701,166 $ 2,588,020 $ 1,011,419 $ 1,609,242 Reimbursement of offering costs (e) $ 3,976 $ 6,071,748 $ — $ 432,228 $ 428,252 Business management fee (f) $ 605,378 $ 476,842 $ 274,520 $ 965,526 $ 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 $ 402,201 $ 286,357 $ 157,757 $ — $ — Property operating expenses 933,790 690,526 350,960 — 43,334 Total property operating expenses (i) $ 1,335,991 $ 976,883 $ 508,717 $ — $ 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 statement of net assets as of December 31, 2018 and the consolidated balance sheet as of December 31, 2017. (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 sold 0, 11,201 and 8,838 shares to affiliates for the period from January 1, 2018 through December 18, 2018 and 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 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 period from January 1, 2018 through December 18, 2018. 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 statement of net assets as of December 31, 2018 and the consolidated balance sheet as of December 31, 2017. The Business Manager will not require the repayment of $686,250 until at least one-year after the filing date of this report or upon liquidation, if earlier. (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. As of December 31, 2018, unpaid amounts are included in due to related parties in the consolidated statement of net assets, and as of December 31, 2017, unpaid amounts are included in the consolidated balance sheet. 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 did 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. Prior to November 1, 2018, the Company paid 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 was not paid at the time of the 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 was payable monthly in arrears as it became contractually due. At December 31, 2018, there was no unpaid distribution and stockholder servicing fee. At December 31, 2017, the unpaid fee was equal to $551,298 and was recorded in due to related parties in the accompanying consolidated balance sheet. The Sponsor will not require the repayment of $1,011,419 until at least one-year after the filing date of this report or upon liquidation, if earlier. (e) 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. Other organization and offering expenses exceeded the maximum expense cap. Total offering costs were $10,972,727, of which $7,070,590 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 were $50,140,908, 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. This amount includes an overpayment of $432,228 which is included in due to related parties in the accompanying consolidated statement of net assets at December 31, 2018. (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. As of December 31, 2018, unpaid amounts are included in due to related parties in the accompanying consolidated statement of net assets and in the consolidated balance sheet as of December 31, 2017. (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 statement of net assets as of December 31, 2018, and as of December 31, 2017 in the consolidated balance sheet. 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 statement of net assets as of December 31, 2018 and in the consolidated balance sheet as of December 31, 2017. The Sponsor will not require the repayment of $1,950,000 until at least one-year after the filing date of this report, or upon liquidation, if earlier. (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).

QUARTERLY SUPPLEMENTAL FINANC_2

QUARTERLY SUPPLEMENTAL FINANCIAL INFORMATION (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Supplemental Financial Information	The following represents the results of operations, for each quarterly period, during 2018 and 2017. 2018 For the period from October 1, 2018 through December 18, 2018 Sept 30 Jun 30 Mar 31 Total income $ 2,220,670 $ 2,688,222 $ 2,614,125 $ 2,599,875 Net loss $ (522,111 ) $ (493,128 ) $ (533,942 ) $ (805,990 ) Net loss per common share, basic and diluted (1) $ (0.24 ) $ (0.23 ) $ (0.25 ) $ (0.37 ) Weighted average number of common shares outstanding, basic and diluted (1) 2,158,909 2,158,972 2,156,997 2,152,649 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 (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.

ORGANIZATION (Narrative) (Detai

ORGANIZATION (Narrative) (Details) $ / shares in Units, $ in Millions	Dec. 20, 2018USD ($)ft²Unit	Dec. 31, 2018ft²UnitProperty	Dec. 31, 2017ft²UnitProperty	Jan. 25, 2019$ / shares
Real Estate Properties [Line Items]
Number of retail properties owned | Property		2	3
Property acquisition, total number of units acquired | Unit		538	623
Residential property's weighted average occupancy rate		93.60%	94.70%
Number of units leased | Unit		510	599
Real estate property, residential units leased percentage		94.80%	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		571,700	677,142
Retail Gross Leasable [Member]
Real Estate Properties [Line Items]
Square footage of real estate properties owned			10,609
Class A Common Stock [Member] | Subsequent Event [Member]
Real Estate Properties [Line Items]
Initial liquidation distribution to record holders | $ / shares				$ 4.53
Commons at Town Center [Member]
Real Estate Properties [Line Items]
Area of property sold	105,442
Number of apartment community | Unit	85
Area of real estate property extended for retail space	10,609
Proceeds from sale of real estate | $	$ 9.9
Purchase price of real estate properties | $	24.6
Repayment of mortgage real estate property | $	$ 13.8

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - USD ($)	10 Months Ended	12 Months Ended
	Oct. 31, 2018	Dec. 31, 2018	Dec. 18, 2018	Dec. 31, 2017	Dec. 31, 2016
Significant Accounting Policies [Line Items]
Capital improvements expenditures			$ 236,807	$ 149,676	$ 85,091
Debt issuance costs adjusted to net realizable value			$ 0
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%
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 ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of Estimated Useful Lives of Assets) (Details)	12 Months Ended
	Dec. 31, 2018
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, 2018	Dec. 18, 2018	Dec. 31, 2017	Dec. 31, 2016	Mar. 31, 2018	Feb. 02, 2017	Feb. 17, 2015
Class Of Stock [Line Items]
Gross proceeds from sale of shares	$ 50,140,908
Cash distribution, declared		$ 2,154,351	$ 2,137,455
Total cash distribution, paid		2,368,208	$ 2,060,823
Stock dividends issued, shares			22,384
Distribution reinvested through distribution reinvestment plan		970,115	$ 1,088,899	$ 438,463
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		592,933	173,558	0
Distribution Reinvestment Plan [Member]
Class Of Stock [Line Items]
Distribution reinvested through distribution reinvestment plan		970,115	$ 1,088,899	$ 438,463
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		$ 0
Common stock, shares outstanding	1,488,912	1,488,912	1,479,155
Class A Common Stock [Member] | Distribution Reinvestment Plan [Member]
Class Of Stock [Line Items]
Initial price of each common share authorized pursuant to distribution reinvestment plan	$ 23.75				$ 23.15
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		$ 55,000
Common stock, shares outstanding	409,687	409,687	404,069
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				24.32
Class T-3 Common Stock [Member]
Class Of Stock [Line Items]
Common stock, par value	$ 0.001		$ 0.001			$ 0.001
Gross proceeds from sale of shares		$ 350,000
Common stock, shares outstanding	261,680	261,680	243,346
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				$ 23.55

NET ASSETS IN LIQUIDATION (Sche

NET ASSETS IN LIQUIDATION (Schedule of Reconciliation of Shareholder's Equity Under Going Concern Basis Accounting to Net Assets in Liquidation Under Liquidation Basis Accounting) (Details) - USD ($)		Dec. 18, 2018	Dec. 18, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2018	Dec. 17, 2018	Dec. 31, 2015
Liquidation Basis Of Accounting [Line Items]
Total equity as of December 18, 2018 (going concern basis)		$ 31,259,626	$ 31,259,626	$ 34,993,826	$ 19,313,521			$ (319,914)
Balance sheet adjustments:
Deferred financing costs		0	0
Interest expense			(2,352,385)	$ (2,045,389)	$ (1,379,761)
Liquidation Basis [Member]
Liquidation Basis Of Accounting [Line Items]
Total equity as of December 18, 2018 (going concern basis)		31,259,626	31,259,626
Balance sheet adjustments:
Deferred financing costs	[1]	(251,082)	(251,082)
Distribution and stockholder servicing fee	[2]	428,373
Increase due to net realizable value of real estate	[3]	15,329,030
Transaction costs	[4]	(1,544,240)
Receipts in excess of liabilities during liquidation	[4]	370,913
Interest expense	[4]	(621,827)
Total adjustments		13,711,167	13,711,167
Net assets in liquidation December 18, 2018		$ 44,970,793	$ 44,970,793			$ 44,970,793	$ 44,970,793
[1]	In contemplation of payment of the Company’s mortgage loans, the balance of deferred financing costs will be written off.
[2]	The Company ceased paying distribution and stockholder servicing fees on November 1, 2018, and all outstanding shares of the Company’s Class T and Class T-3 common stock were converted to shares of the Company’s Class A common stock on January 23, 2019.
[3]	The Company estimates an increase in net realizable value of its remaining properties calculated as follows: Contract sales price of real estate $112,050,000 Less: Real estate carrying value $(96,220,970) Less: Allowance for potential contract adjustments (500,000) Increase due to net realizable value of real estate $15,329,030
[4]	Property operations are on-going until final sale of the Company’s properties. Includes estimated costs associated with selling the Company’s remaining real estate assets, including but not limited to, transfer taxes, title fees, legal fees, debt fees, sales commissions paid to unrelated third party real estate brokers and prorations of operating expenses.

NET ASSETS IN LIQUIDATION (Sc_2

NET ASSETS IN LIQUIDATION (Schedule of Reconciliation of Shareholder's Equity Under Going Concern Basis Accounting to Net Assets in Liquidation Under Liquidation Basis Accounting) (Parenthetical) (Details) - Liquidation Basis [Member]	Dec. 18, 2018USD ($)
Liquidation Basis Of Accounting [Line Items]
Contract sales price of real estate	$ 112,050,000
Less: Real estate carrying value	(96,220,970)
Less: Allowance for potential contract adjustments	(500,000)
Increase due to net realizable value of real estate	$ 15,329,030	[1]
[1]	The Company estimates an increase in net realizable value of its remaining properties calculated as follows: Contract sales price of real estate $112,050,000 Less: Real estate carrying value $(96,220,970) Less: Allowance for potential contract adjustments (500,000) Increase due to net realizable value of real estate $15,329,030

ACQUISITIONS (Narrative) (Detai

ACQUISITIONS (Narrative) (Details)

Jul. 27, 2017Unit

May 03, 2017Unit

Dec. 18, 2018USD ($)

Sep. 30, 2018USD ($)

Jun. 30, 2018USD ($)

Mar. 31, 2018USD ($)

Dec. 31, 2017USD ($)

Sep. 30, 2017USD ($)

Jun. 30, 2017USD ($)

Mar. 31, 2017USD ($)

Dec. 31, 2018Unit

Dec. 18, 2018USD ($)

Dec. 31, 2017USD ($)Unit

Dec. 31, 2016USD ($)

Business Acquisition [Line Items]

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

0

Proceeds from mortgage and note payable

$ 44,930,000

Proceeds from offering

$ 405,000

16,602,981

$ 26,152,992

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

Net loss

$ (522,111)

$ (493,128)

$ (533,942)

$ (805,990)

$ (1,042,955)

$ (1,032,097)

$ (704,794)

$ (359,106)

$ (2,355,171)

$ (3,138,952)

$ (2,307,419)

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]

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

417

Net loss

$ (1,162,843)

Net loss from property acquired

(133,262)

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 Acqui

ACQUISITIONS (Schedule of Acquisitions) (Details)		Jul. 27, 2017USD ($)ft²Unit	May 03, 2017USD ($)ft²Unit	Dec. 31, 2018Unit	Dec. 31, 2017USD ($)ft²Unit
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 Acq_2

ACQUISITIONS (Schedule of Acquisitions) (Parenthetical) (Details)	May 03, 2017ft²Unit	Dec. 31, 2018Unit
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 (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) (Details)	Dec. 31, 2017USD ($)
Intangible assets:
Acquired lease intangibles, net	$ 335,674
Acquired in- Place Lease Value [Member]
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, 2018
Acquired in- Place Lease Value [Member]
Finite Lived Intangible Assets [Line Items]
Intangible assets, amortization method	Prior to the transition to Liquidation Basis of Accounting, the portion of the purchase price allocated to acquired in-place lease value was 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 ($)	12 Months Ended
	Dec. 18, 2018	Dec. 31, 2017
Acquired in- Place Lease Value [Member]
Amortization recorded as amortization expense:
Acquired in-place lease value	$ 176,875	$ 256,837

MORTGAGES AND NOTE PAYABLE, N_3

MORTGAGES AND NOTE PAYABLE, NET (Schedule of Mortgages and Note Payable) (Details) - USD ($)		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Total debt before debt issuance costs		$ 49,380,000	$ 66,680,000
Unamortized debt issuance costs			(283,844)
Total debt		$ 49,380,000	$ 66,396,156
Weighted Average Interest Rate		3.75%	3.82%
Mortgages Payable [Member]
Debt Instrument [Line Items]
Total debt before debt issuance costs		$ 49,380,000	$ 63,180,000
Weighted Average Interest Rate		3.75%	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	[1]		13,800,000
Maturity Date	[1]	May 3, 2024
Interest Rate per Annum	[1]	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	[2]		$ 3,500,000
Maturity Date	[2]	Jan. 3, 2019
Interest Rate per Annum	[2]	5.40%
[1]	The mortgage was paid in full in connection with the sale of the property on December 20, 2018.
[2]	The Company paid in full the outstanding balance of its note payable in January 2018.

MORTGAGES AND NOTE PAYABLE, N_4

MORTGAGES AND NOTE PAYABLE, NET (Narrative) (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Debt Disclosure [Abstract]
Carrying value of debt excluding unamortized debt issuance costs	$ 49,380,000	$ 66,680,000
Debt instrument, estimated fair value	$ 49,380,000	$ 65,281,610

EQUITY BASED COMPENSATION (Narr

EQUITY BASED COMPENSATION (Narrative) (Details) - Employee and Director Incentive Restricted Share Plan [Member] - Restricted Stock [Member] - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 18, 2018	Dec. 31, 2017	Dec. 31, 2016
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		$ 27,894	$ 12,362	$ 9,224
Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	1 year
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. 18, 2018	Dec. 31, 2017
Shares
Outstanding, Shares	1,133	804
Granted, Shares	658	658
Vested, Shares	(1,791)	(329)
Outstanding, Shares		1,133
Weighted Average Grant Date Fair Value
Outstanding, Weighted Average Grant Date Fair Value	$ 25,834	$ 18,334
Granted, Weighted Average Grant Date Fair Value	15,000	15,000
Vested, Weighted Average Grant Date Fair Value	$ (40,834)	(7,500)
Outstanding, Weighted Average Grant Date Fair Value		$ 25,834
Aggregate Intrinsic Value
Outstanding, Aggregate Intrinsic Value	$ 25,834	$ 18,334
Granted, Aggregate Intrinsic Value	15,000	15,000
Vested, Aggregate Intrinsic Value	$ (40,834)	(7,500)
Outstanding, Aggregate Intrinsic Value		$ 25,834

INCOME TAX AND DISTRIBUTIONS (N

INCOME TAX AND DISTRIBUTIONS (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
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
Class A Common Stock [Member]
Income Tax Contingency [Line Items]
Percentage of cash distributions to stockholders to be treated as non-dividend distributions and capital gains	100.00%
Distributions Paid	$ 1,705,487	1,621,172	812,121
Percentage of cash dividend to stockholders to be treated as capital gains	24.90%
Percentage of cash distributions to stockholders to be treated as non-dividend distributions	75.10%
Class T Common Stock [Member]
Income Tax Contingency [Line Items]
Percentage of cash distributions to stockholders to be treated as non-dividend distributions and capital gains	100.00%
Distributions Paid	$ 377,749	364,264	$ 82,588
Percentage of cash dividend to stockholders to be treated as capital gains	24.90%
Percentage of cash distributions to stockholders to be treated as non-dividend distributions	75.10%
Class T-3 Common Stock [Member]
Income Tax Contingency [Line Items]
Percentage of cash distributions to stockholders to be treated as non-dividend distributions and capital gains	100.00%
Distributions Paid	$ 284,972	$ 75,387
Percentage of cash dividend to stockholders to be treated as capital gains	24.90%
Percentage of cash distributions to stockholders to be treated as non-dividend distributions	75.10%
Latest Tax Year [Member]
Income Tax Contingency [Line Items]
Open tax year	2018
Earliest Tax Year [Member]
Income Tax Contingency [Line Items]
Open tax year	2014
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, 2018	Dec. 18, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Contingency [Line Items]
Distributions Declared		$ 2,154,351	$ 2,137,475	$ 1,008,178
Stock Dividends (Shares)			22,384	7,777
Class A Common Stock [Member]
Income Tax Contingency [Line Items]
Distributions Declared	$ 1,549,364		$ 1,663,489	$ 903,035
Distributions Paid	1,705,487		1,621,172	812,121
Class T Common Stock [Member]
Income Tax Contingency [Line Items]
Distributions Declared	343,098		375,516	105,143
Distributions Paid	377,749		364,264	$ 82,588
Class T-3 Common Stock [Member]
Income Tax Contingency [Line Items]
Distributions Declared	261,889		98,470
Distributions Paid	$ 284,972		$ 75,387

EARNINGS (LOSS) PER SHARE - (Na

EARNINGS (LOSS) PER SHARE - (Narrative) (Details) - shares	12 Months Ended
	Dec. 18, 2018	Dec. 31, 2017	Dec. 31, 2016
Earnings Per Share [Abstract]
Antidilutive shares excluded from computation of diluted EPS	0	919	419

SEGMENT REPORTING (Narrative) (

SEGMENT REPORTING (Narrative) (Details) - Segment	12 Months Ended
	Dec. 18, 2018	Dec. 31, 2017	Dec. 31, 2016
Segment Reporting [Abstract]
Number of reportable segments	1	1	1

TRANSACTIONS WITH RELATED PAR_3

TRANSACTIONS WITH RELATED PARTIES (Schedule of Transactions with Related Parties) (Details) - USD ($)		12 Months Ended
		Dec. 18, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2018
Related Party Transaction [Line Items]
Unpaid Amounts			$ 5,273,153
Acquisition Related Costs [Member]
Related Party Transaction [Line Items]
Expenses with related parties	[1]		218,858	$ 11,402
Unpaid Amounts	[1]		686,250		$ 686,250
General and Administrative Reimbursements [Member]
Related Party Transaction [Line Items]
Unpaid Amounts	[2]		98,863		97,041
Offering Costs [Member]
Related Party Transaction [Line Items]
Expenses with related parties	[3]	$ 20,151	1,701,166	2,588,020
Unpaid Amounts	[3]		1,609,242		1,011,419
Reimbursement of Offering Costs [Member]
Related Party Transaction [Line Items]
Expenses with related parties	[4]	3,976	6,071,748
Unpaid Amounts	[4]		428,252		432,228
Business Management Fee [Member]
Related Party Transaction [Line Items]
Expenses with related parties	[5]	605,378	476,842	274,520
Unpaid Amounts	[5]		342,837		965,526
Mortgage Financing Fee [Member]
Related Party Transaction [Line Items]
Unpaid Amounts	[6]		114,375		114,375
Sponsor Non-interest Bearing Advances [Member]
Related Party Transaction [Line Items]
Unpaid Amounts	[7]		1,950,000		1,950,000
Property Operating Expenses [Member]
Related Party Transaction [Line Items]
Unpaid Amounts			43,334
Total General And Administrative Costs [Member]
Related Party Transaction [Line Items]
Unpaid Amounts			98,863		$ 97,041
Real Estate Manager Or Affiliates [Member]
Related Party Transaction [Line Items]
Unpaid Amounts	[8]		43,334
Total General and Administrative Costs [Member]
Related Party Transaction [Line Items]
General and administrative expenses		579,045	445,879	441,029
Total General and Administrative Costs [Member] | General and Administrative Reimbursements [Member]
Related Party Transaction [Line Items]
General and administrative expenses	[2]	579,045	421,349	421,673
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
Total Property Operating Expenses [Member]
Related Party Transaction [Line Items]
Operating property expenses	[8]	1,335,991	976,883	508,717
Total Property Operating Expenses [Member] | Property Management Fee [Member]
Related Party Transaction [Line Items]
Operating property expenses		402,201	286,357	157,757
Total Property Operating Expenses [Member] | Property Operating Expenses [Member]
Related Party Transaction [Line Items]
Operating property expenses		$ 933,790	$ 690,526	$ 350,960
[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 period from January 1, 2018 through December 18, 2018. 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 statement of net assets as of December 31, 2018 and the consolidated balance sheet as of December 31, 2017. The Business Manager will not require the repayment of $686,250 until at least one-year after the filing date of this report or upon liquidation, if earlier.
[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 statement of net assets as of December 31, 2018 and the consolidated balance sheet as of December 31, 2017.
[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. As of December 31, 2018, unpaid amounts are included in due to related parties in the consolidated statement of net assets, and as of December 31, 2017, unpaid amounts are included in the consolidated balance sheet. 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 did 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. Prior to November 1, 2018, the Company paid 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 was not paid at the time of the 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 was payable monthly in arrears as it became contractually due. At December 31, 2018, there was no unpaid distribution and stockholder servicing fee. At December 31, 2017, the unpaid fee was equal to $551,298 and was recorded in due to related parties in the accompanying consolidated balance sheet. The Sponsor will not require the repayment of $1,011,419 until at least one-year after the filing date of this report or upon liquidation, if earlier.
[4]	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. Other organization and offering expenses exceeded the maximum expense cap. Total offering costs were $10,972,727, of which $7,070,590 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 were $50,140,908, 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.  This amount includes an overpayment of $432,228 which is included in due to related parties in the accompanying consolidated statement of net assets at December 31, 2018.
[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. As of December 31, 2018, unpaid amounts are included in due to related parties in the accompanying consolidated statement of net assets and in the consolidated balance sheet as of December 31, 2017.
[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 statement of net assets as of December 31, 2018, and as of December 31, 2017 in the consolidated balance sheet. The Business Manager will not require the repayment of $114,375 until at least one-year after the filing date of this report or upon liquidation, if earlier.
[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 statement of net assets as of December 31, 2018 and in the consolidated balance sheet as of December 31, 2017. The Sponsor will not require the repayment of $1,950,000 until at least one-year after the filing date of this report, or upon liquidation, if earlier.
[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 sold 0, 11,201 and 8,838 shares to affiliates for the period from January 1, 2018 through December 18, 2018 and the years ended December 31, 2017 and 2016, respectively.

TRANSACTIONS WITH RELATED PAR_4

TRANSACTIONS WITH RELATED PARTIES (Schedule of Transactions with Related Parties) (Parenthetical) (Details) - USD ($)		Aug. 07, 2016	Oct. 31, 2018	Dec. 31, 2018	Dec. 18, 2018	Dec. 31, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Capitalized related party acquisition costs and fees						$ 249,615
Acquisition related costs						89,203	$ 29,607
Due to related parties						5,273,153
Maximum percentage of organization and offering expenses, excluding selling commissions and dealer manager fees on gross offering proceeds				2.00%
Total offering costs				$ 10,972,727
Other organization and offering expenses subject to maximum expense cap				7,070,590
Total proceeds raised in the offering				50,140,908
Offering Costs [Member]
Related Party Transaction [Line Items]
Related party acquisition costs and fees	[1]				$ 20,151	1,701,166	2,588,020
Due to related parties	[1]			1,011,419		1,609,242
Reimbursement of Offering Costs [Member]
Related Party Transaction [Line Items]
Related party acquisition costs and fees	[2]				3,976	6,071,748
Due to related parties	[2]			432,228		428,252
Related party acquisition costs and fees						6,067,772
Mortgage Financing Fee [Member]
Related Party Transaction [Line Items]
Due to related parties	[3]			114,375		114,375
Sponsor Non-interest Bearing Advances [Member]
Related Party Transaction [Line Items]
Due to related parties	[4]			1,950,000		1,950,000
Acquisition Related Costs [Member]
Related Party Transaction [Line Items]
Related party acquisition costs and fees	[5]					218,858	$ 11,402
Due to related parties	[5]			686,250		686,250
Class A Common Stock [Member]
Related Party Transaction [Line Items]
Total proceeds raised in the offering					0
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				$ 0		$ 551,298
Total proceeds raised in the offering					$ 55,000
Business Manager [Member]
Related Party Transaction [Line Items]
Common stock shares sold to affiliates during period					0	11,201	8,838
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					$ 0	$ 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
Business Manager [Member] | Class A Common Stock [Member]
Related Party Transaction [Line Items]
Price per share of common stock sold to affiliates during period				$ 22.81
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
Real Estate Manager Or Affiliates [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Property management fee percentage				4.00%
[1]	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. As of December 31, 2018, unpaid amounts are included in due to related parties in the consolidated statement of net assets, and as of December 31, 2017, unpaid amounts are included in the consolidated balance sheet. 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 did 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. Prior to November 1, 2018, the Company paid 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 was not paid at the time of the 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 was payable monthly in arrears as it became contractually due. At December 31, 2018, there was no unpaid distribution and stockholder servicing fee. At December 31, 2017, the unpaid fee was equal to $551,298 and was recorded in due to related parties in the accompanying consolidated balance sheet. The Sponsor will not require the repayment of $1,011,419 until at least one-year after the filing date of this report or upon liquidation, if earlier.
[2]	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. Other organization and offering expenses exceeded the maximum expense cap. Total offering costs were $10,972,727, of which $7,070,590 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 were $50,140,908, 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.  This amount includes an overpayment of $432,228 which is included in due to related parties in the accompanying consolidated statement of net assets at December 31, 2018.
[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 statement of net assets as of December 31, 2018, and as of December 31, 2017 in the consolidated balance sheet. The Business Manager will not require the repayment of $114,375 until at least one-year after the filing date of this report or upon liquidation, if earlier.
[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 statement of net assets as of December 31, 2018 and in the consolidated balance sheet as of December 31, 2017. The Sponsor will not require the repayment of $1,950,000 until at least one-year after the filing date of this report, or upon liquidation, if earlier.
[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 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 period from January 1, 2018 through December 18, 2018. 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 statement of net assets as of December 31, 2018 and the consolidated balance sheet as of December 31, 2017. The Business Manager will not require the repayment of $686,250 until at least one-year after the filing date of this report or upon liquidation, if earlier.

OPERATING LEASES - (Narrative)

OPERATING LEASES - (Narrative) (Details)	Dec. 31, 2018
Residential Lease Terms [Member] | Maximum [Member]
Operating Leased Assets [Line Items]
Lease term	12 months

QUARTERLY SUPPLEMENTAL FINANC_3

QUARTERLY SUPPLEMENTAL FINANCIAL INFORMATION (UNAUDITED) (Schedule of Quarterly Supplemental Financial Information) (Details) - USD ($)	3 Months Ended																12 Months Ended
	Dec. 18, 2018		Sep. 30, 2018		Jun. 30, 2018		Mar. 31, 2018		Dec. 31, 2017		Sep. 30, 2017		Jun. 30, 2017		Mar. 31, 2017		Dec. 18, 2018	Dec. 31, 2017	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Total income	$ 2,220,670		$ 2,688,222		$ 2,614,125		$ 2,599,875		$ 2,581,944		$ 2,285,507		$ 1,423,204		$ 1,019,755		$ 10,122,892	$ 7,310,410	$ 3,925,373
Net loss	$ (522,111)		$ (493,128)		$ (533,942)		$ (805,990)		$ (1,042,955)		$ (1,032,097)		$ (704,794)		$ (359,106)		$ (2,355,171)	$ (3,138,952)	$ (2,307,419)
Net loss per common share, basic and diluted	$ (0.24)	[1]	$ (0.23)	[1]	$ (0.25)	[1]	$ (0.37)	[1]	$ (0.51)	[1]	$ (0.55)	[1]	$ (0.42)	[1]	$ (0.24)	[1]	$ (1.09)	$ (1.76)	$ (2.80)
Weighted average number of common shares outstanding, basic and diluted	2,158,909	[1]	2,158,972	[1]	2,156,997	[1]	2,152,649	[1]	2,050,260	[1]	1,885,318	[1]	1,696,801	[1]	1,492,485	[1]	2,156,831	1,783,029	824,457
[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) - USD ($)	Jan. 25, 2019	Feb. 12, 2019	Dec. 31, 2018	Dec. 21, 2018	Dec. 31, 2017
Subsequent Event [Line Items]
Total debt before debt issuance costs			$ 49,380,000		$ 66,680,000
Mortgages Payable [Member]
Subsequent Event [Line Items]
Total debt before debt issuance costs			$ 49,380,000		$ 63,180,000
Verandas at Mitylene [Member] | Montgomery, Alabama [Member]
Subsequent Event [Line Items]
Sale price of property				$ 40,500,000
Verandas at Mitylene [Member] | Mortgages Payable [Member] | Montgomery, Alabama [Member]
Subsequent Event [Line Items]
Total debt before debt issuance costs				$ 21,900,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Date of close of business	Jan. 25, 2019
Subsequent Event [Member] | The Retreat at Market Square [Member] | Frederick, Maryland [Member]
Subsequent Event [Line Items]
Sale price of property		$ 47,000,000
Class A Common Stock [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Initial liquidation distribution to record holders	$ 4.53

Schedule III - (Real Estate and

Schedule III - (Real Estate and Accumulated Depreciation) (Details) - USD ($)		12 Months Ended
		Dec. 31, 2018		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Real Estate And Accumulated Depreciation [Line Items]
Encumbrance		$ 49,380,000
Initial cost, Land	[1]	8,353,028
Initial cost, Buildings and Improvements	[1]	72,789,522
Cost Capitalized Subsequent to Acquisitions		279,422
Gross amount carried at end of period, Land	[2],[3]	8,353,028
Gross amount carried at end of period, Buildings and Improvements	[2],[3]	73,068,944
Gross amount carried at end of period, liquidation adjustment	[4]	12,385,391
Gross amount carried at end of period, Total		93,807,363	[2],[3]	$ 103,826,144	$ 45,191,015	$ 45,125,934
Accumulated Depreciation		(6,807,363)	[5],[6]	$ (4,391,774)	$ (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		130,242
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]	38,954,338
Gross amount carried at end of period, Total	[2],[3]	45,256,176
Accumulated Depreciation	[5],[6]	$ (4,773,635)
Date Constructed		2014
Date Acquired		2015
The Retreat at Market Square [Member] | Frederick, MD [Member] | Minimum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		3 years
The Retreat at Market Square [Member] | Frederick, MD [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		149,180
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]	34,114,606
Gross amount carried at end of period, Total	[2],[3]	36,165,796
Accumulated Depreciation	[5],[6]	$ (2,033,728)
Date Constructed		2007
Date Acquired		2017
Verandas at Mitylene [Member] | Montgomery, AL [Member] | Minimum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		3 years
Verandas at Mitylene [Member] | Montgomery, AL [Member] | Maximum [Member]
Real Estate And Accumulated Depreciation [Line Items]
Depreciable Lives		30 years
Liquidation Adjustment [Member]
Real Estate And Accumulated Depreciation [Line Items]
Gross amount carried at end of period, liquidation adjustment	[4]	$ 12,385,391
Gross amount carried at end of period, Total	[2],[3],[4]	$ 12,385,391
[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, 2018 for U.S. federal income tax purposes was $83,678,185 (unaudited).
[3]	(C) Reconciliation of real estate owned: 2018 2017 2016 Balance at January 1, $103,826,144 $45,191,015 $45,125,934 Acquisitions — 58,519,630 — Sale of real estate property (22,555,168) — — Improvements 150,996 115,499 65,081 Liquidation adjustment 12,385,391 — — Balance at December 31, $93,807,363 $103,826,144 $45,191,015
[4]	Under liquidation basis of accounting, real estate is carried at its estimated fair value, as a result the liquidation adjustment is the adjustment made to the carrying value of real estate to reflect its fair value.
[5]	(D) Reconciliation of accumulated depreciation: Balance at January 1, $4,391,774 $1,822,971 $364,520 Depreciation expense 3,609,004 2,568,803 1,458,451 Sale of real estate property (1,193,415) — — Balance at December 31, $6,807,363 $4,391,774 $1,822,971
[6]	Depreciation expense will not be recorded subsequent to December 18, 2018 as a result of the adoption of our plan of liquidation.

Schedule III - (Real Estate a_2

Schedule III - (Real Estate and Accumulated Depreciation) (Parenthetical) (Details)	Dec. 31, 2018USD ($)
Real Estate And Accumulated Depreciation Disclosure [Abstract]
Aggregate cost of real estate for U.S. federal income tax purpose	$ 83,678,185

Schedule III - (Summary of Reco

Schedule III - (Summary of Reconciliation of Real Estate Owned) (Parenthetical) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018		Dec. 31, 2017	Dec. 31, 2016
Real Estate And Accumulated Depreciation Disclosure [Abstract]
Real estate owned, beginning balance	$ 103,826,144		$ 45,191,015	$ 45,125,934
Acquisitions			58,519,630
Sale of real estate property	(22,555,168)
Improvements	150,996		115,499	65,081
Liquidation adjustment	12,385,391
Real estate owned, ending balance	$ 93,807,363	[1],[2]	$ 103,826,144	$ 45,191,015
[1]	(B) The aggregate cost of real estate owned at December 31, 2018 for U.S. federal income tax purposes was $83,678,185 (unaudited).
[2]	(C) Reconciliation of real estate owned: 2018 2017 2016 Balance at January 1, $103,826,144 $45,191,015 $45,125,934 Acquisitions — 58,519,630 — Sale of real estate property (22,555,168) — — Improvements 150,996 115,499 65,081 Liquidation adjustment 12,385,391 — — Balance at December 31, $93,807,363 $103,826,144 $45,191,015

Schedule III - (Summary of Re_2

Schedule III - (Summary of Reconciliation of Accumulated Depreciation) (Parenthetical) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018		Dec. 31, 2017	Dec. 31, 2016
Real Estate And Accumulated Depreciation Disclosure [Abstract]
Accumulated depreciation, beginning balance	$ 4,391,774		$ 1,822,971	$ 364,520
Depreciation expense	3,609,004		2,568,803	1,458,451
Sale of real estate property	(1,193,415)
Accumulated depreciation, ending balance	$ 6,807,363	[1],[2]	$ 4,391,774	$ 1,822,971
[1]	(D) Reconciliation of accumulated depreciation: Balance at January 1, $4,391,774 $1,822,971 $364,520 Depreciation expense 3,609,004 2,568,803 1,458,451 Sale of real estate property (1,193,415) — — Balance at December 31, $6,807,363 $4,391,774 $1,822,971
[2]	Depreciation expense will not be recorded subsequent to December 18, 2018 as a result of the adoption of our plan of liquidation.