Inland Residential Properties Trust 10-Q 14 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 09, 2019
Document And Entity Information [Abstract]
Entity Registrant Name	Inland Residential Properties Trust, Inc.
Entity Central Index Key	0001595627
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Common Stock, Shares Outstanding		2,183,727
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2019

CONSOLIDATED STATEMENTS OF NET

CONSOLIDATED STATEMENTS OF NET ASSETS - Liquidation Basis [Member] - USD ($)	Mar. 31, 2019	Dec. 31, 2018
ASSETS
Real estate investments at fair value	$ 40,000,000	$ 87,000,000
Cash	23,605,274	14,226,863
Total assets	63,605,274	101,226,863
Liabilities:
Mortgages payable	21,930,000	49,380,000
Due to related parties	5,329,775	5,256,839
Transaction costs payable	425,751	1,245,970
Liabilities for estimated costs in excess of estimated receipts during liquidation	734,498	373,261
Total liabilities	28,420,024	56,256,070
Commitments and contingencies
Net assets in liquidation	$ 35,185,250	$ 44,970,793

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS - Liquidation Basis [Member]	3 Months Ended
	Mar. 31, 2019USD ($)
Beginning balance	$ 44,970,793
Initial liquidating distribution	(9,900,000)
Change in estimated costs to be incurred during liquidation	114,457
Ending balance	$ 35,185,250

CONSOLIDATED STATEMENT OF OPERA

CONSOLIDATED STATEMENT OF OPERATIONS	3 Months Ended
	Mar. 31, 2018USD ($)$ / sharesshares
Income:
Total income	$ 2,599,875
Expenses:
General and administrative expenses	480,600
Depreciation and amortization	1,050,613
Total expenses	2,801,180
Operating (loss)	(201,305)
Interest expense	(611,634)
Interest and other income	6,949
Net loss	$ (805,990)
Net loss per common share, basic and diluted | $ / shares	$ (0.37)
Weighted average number of common shares outstanding, basic and diluted | shares	2,152,649
Rental Income [Member]
Income:
Total income	$ 2,312,334
Other Property Income [Member]
Income:
Total income	287,541
Property Operating Expenses [Member]
Expenses:
Expenses	830,893
Real Estate Tax Expense [Member]
Expenses:
Expenses	280,659
Business Management Fee [Member]
Expenses:
Expenses	$ 158,415

CONSOLIDATED STATEMENT OF EQUIT

CONSOLIDATED STATEMENT OF EQUITY - 3 months ended Mar. 31, 2018 - USD ($)	Total	Common Stock [Member]Class A Common Stock [Member]	Common Stock [Member]Class T Common Stock [Member]	Common Stock [Member]Class T-3 Common Stock [Member]	Additional Paid-In Capital [Member]	Distributions and Accumulated Losses [Member]
Balance at Dec. 31, 2017	$ 34,993,826	$ 1,479	$ 404	$ 243	$ 47,049,832	$ (12,058,132)
Balance, shares at Dec. 31, 2017		1,479,155	404,069	243,346
Proceeds from the offering	405,000		$ 2	$ 15	404,983
Proceeds from the offering, shares			2,296	14,499
Offering costs	(34,724)				(34,724)
Issuance of shares from distribution reinvestment plan	321,945	$ 9	$ 3	$ 1	321,932
Issuance of shares from distribution reinvestment plan, shares		9,564	2,702	1,464
Shares repurchased	(5,146)				(5,146)
Shares repurchased, shares			(220)
Distributions declared	(636,913)					(636,913)
Net loss	(805,990)					(805,990)
Equity based compensation	3,311				3,311
Equity based compensation, shares		37
Balance at Mar. 31, 2018	$ 34,241,309	$ 1,488	$ 409	$ 259	$ 47,740,188	$ (13,501,035)
Balance, shares at Mar. 31, 2018		1,488,756	408,847	259,309

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS	3 Months Ended
	Mar. 31, 2018USD ($)
Cash flows from operating activities:
Net loss	$ (805,990)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	1,050,613
Amortization of debt issuance costs	10,262
Amortization of equity based compensation	3,311
Changes in assets and liabilities:
Accounts payable and accrued expenses	270,204
Accounts and rents receivable	31,170
Due to related parties	197,204
Other liabilities	48,161
Other assets	79,993
Net cash flows provided by operating activities	884,928
Cash flows from investing activities:
Capital expenditures	(75,566)
Net cash flows used in investing activities	(75,566)
Cash flows from financing activities:
Payment of note payable	(3,500,000)
Proceeds from offering	405,000
Distributions paid	(308,964)
Shares repurchased	(5,146)
Payment of offering costs	(224,846)
Net cash flows provided by (used in) financing activities	(3,633,956)
Net decrease in cash and cash equivalents	(2,824,594)
Cash and cash equivalents, at beginning of the period	7,556,763
Cash and cash equivalents, at end of period	4,732,169
Supplemental disclosure of cash flow information:
Cash paid for interest	622,446
Distributions payable	219,862
Accrued offering costs payable	532,357
Common stock issued through distribution reinvestment plan	$ 321,945

ORGANIZATION

ORGANIZATION	3 Months Ended
	Mar. 31, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
ORGANIZATION	NOTE 1 - ORGANIZATION The Company was formed on December 19, 2013 to primarily acquire and manage a portfolio of multi-family properties located primarily in the top 100 United States metropolitan statistical areas, which generally contain populations greater than 500,000 people. The Company entered into a business management agreement (as amended, the “Business Management Agreement”) with Inland Residential Business Manager & Advisor, Inc. (the “Business Manager”), an indirect wholly owned subsidiary of Inland Real Estate Investment Corporation (the “Sponsor”), to be the Business Manager to the Company. Substantially all of the Company’s business is conducted through Inland Residential Operating Partnership, L.P. the (“operating partnership”), of which the Company is the sole general partner. The Company elected to be taxed as a real estate investment trust for U.S. federal income tax purposes under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, 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 Company’s stockholders approved the Plan of Liquidation on December 18, 2018. 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 (the “Going-Concern Basis”) to the liquidation basis of accounting (the “Liquidation Basis of Accounting”). On March 29, 2019, the Company sold to an unaffiliated third party “The Retreat at Market Square,” located in Frederick, Maryland, for a sale price of $47,000,000. At the closing, the Company received net proceeds of $18,758,218 representing the sale price of $47,000,000, net of closing costs, commissions, and certain prorations and adjustments, and the full repayment of $27,450,000 in mortgage debt that encumbered the property. At March 31, 2019, the Company owned one multi-family community totaling 332 residential units. The property consists of 376,968 The Plan of Liquidation Pursuant to the plan, the Company expects to sell or otherwise dispose of all or substantially all of its properties and assets (including any assets held by the operating partnership and its and the Company’s subsidiaries). Following the completion of the sale or transfer of all of its assets in accordance with the Plan of Liquidation, the Company will pay or provide for its liabilities and expenses, distribute the remaining proceeds of the liquidation of its assets to its stockholders, wind up its operations and dissolve. Pursuant to the Plan of Liquidation, on January 25, 2019, the Company paid an initial liquidating distribution of $4.53 per share of the Company’s Class A common stock, $.001 par value per share (“Class A Share”), to stockholders of record as of the close of business on January 25, 2019 (the “Initial Liquidating Distribution”). For information on the Company’s payment of the Second Liquidating Distribution (defined in Note 12 below), see Note 12, “Subsequent Events — Second Liquidating Distribution.” The Company’s common stock is currently registered under the Securities and Exchange Act of 1934, as amended (the “Exchange Act”). The Company may, after filing its articles of dissolution, seek relief from the Securities and Exchange Commission (the “SEC”) from the reporting requirements under the Exchange Act. The Company anticipates that, if relief is granted, the Company would continue to file current reports on Form 8-K to disclose material events relating to its 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	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Disclosures discussing all significant accounting policies are set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, as filed with the SEC on March 29, 2019, under the heading Note 2 – “Summary of Significant Accounting Policies.” There has been no change to the Company’s significant accounting policies during the three months ended March 31, 2019 except as noted below. General The accompanying consolidated financial statements have been prepared in accordance with U.S. GAAP and require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. In the opinion of management, all adjustments necessary for a fair statement, in all material respects, of the financial position and results of operations for the periods are presented. Actual results could differ from those estimates. The results of operations for the interim periods are not necessarily indicative of the results for the entire year. Basis of Presentation Pre Plan of Liquidation All financial results and disclosures for the three months ended March 31, 2018, which was completed prior to the Company adopting the Liquidation Basis of Accounting, are presented on a Going-Concern Basis, which contemplated the realization of assets and liabilities in the normal course of business. As a result, the consolidated statement of operations, the consolidated statement of equity and the consolidated statement of cash flows for the three months ended March 31, 2018 are presented on a Going-Concern Basis. For a discussion of significant accounting polices applicable to the going concern financial statements, see the Company’s 2018 Annual Report on Form 10-K. Post Plan of Liquidation As a result of the approval of the Plan of Liquidation by the Company’s stockholders, the Company has adopted the Liquidation Basis of Accounting as of December 18, 2018 and for the subsequent periods in accordance with U.S. GAAP. The consolidated statements of net assets, presented as of March 31, 2019 and December 31, 2018, and the consolidated statement of changes in net assets, presented for the three months ended March 31, 2019, are presented using the Liquidation Basis of Accounting. The consolidated statements of net assets presents the estimated amount of net assets that the Company expects to be available for distribution at the end of its Plan of Liquidation. Accordingly, as of March 31, 2019 and December 31, 2018 the Company’s net assets are presented at estimated net realizable value, or liquidation value, which represents the estimated amount of cash that the Company expects to collect on disposal of assets as it carries out the Plan of Liquidation. The liquidation value of the Company’s assets is presented on an undiscounted basis. Liabilities are carried at their contractual amounts due or estimated settlement amounts. The consolidated statement of changes in net assets reflects changes in net assets in liquidation for the three months ended March 31, 2019, as further described below. The Company accrues costs and income that it expects to incur and earn through the end of liquidation to the extent it has a reasonable basis for estimation. These amounts are classified as a liability for estimated costs in excess of estimated receipts during liquidation on the consolidated statements of net assets. The Company currently estimates that it will have costs in excess of estimated receipts during the liquidation. These amounts can vary significantly due to, among other things, the timing and estimates for the 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. See Note 4 — “Net Assets in Liquidation” for further discussion.

EQUITY

EQUITY	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
EQUITY	NOTE 3 – EQUITY The Company commenced an offering of Class A Shares and shares of Class T common stock, $.001 par value per share (“Class T Shares”) on February 17, 2015 (the “Offering”) and, effective February 2, 2017, the Company reallocated certain of the remaining shares offered in the Offering to offer shares of Class T-3 common stock, $.001 par value per share (“Class T-3 Shares”). The Company ceased accepting subscription agreements dated after December 31, 2017 and terminated the Offering on January 3, 2018. Excluding the distribution reinvestment plan (as amended, the “DRP”), the Company issued 1,401,711 Class A Shares, 390,230 Class T Shares and 255,666 Class T-3 Shares generating gross proceeds of approximately $50 million from the Offering. On January 23, 2019, all of the Company’s outstanding Class T Shares and Class T-3 Shares automatically converted to Class A Shares. As of March 31, 2019, the Company had 2,183,727 Class A Shares outstanding. 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 Company’s DRP and share repurchase program (“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 $321,945 for the three months ended March 31, 2018. 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 had 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 $5,146 during the three months ended March 31, 2018.

NET ASSETS IN LIQUIDATION

NET ASSETS IN LIQUIDATION	3 Months Ended
	Mar. 31, 2019
Net Assets In Liquidation [Abstract]
NET ASSETS IN LIQUIDATION	NOTE 4 – NET ASSETS IN LIQUIDATION Net assets in liquidation decreased by $9,785,543 during the three months ended March 31, 2019 to $35,185,250. The changes were due to the Initial Liquidating Distribution of $9,900,000 and a $114,457 reduction in estimated costs to be incurred during liquidation. Net assets in liquidation includes projections of costs and expenses to be incurred during the period required to complete the Plan of Liquidation. There is inherent uncertainty with these estimates, and they could change materially based on changes in the underlying assumptions of the projected cash flows. The amount of net cash proceeds available for distribution pursuant to the Plan of Liquidation depends on a variety of factors, including, but not limited to, the amount required to pay both existing liabilities and obligations as well as any contingent liabilities and the cost of operating the Company through the date of its final dissolution. The net assets in liquidation value is based on certain assumptions and estimates and may not reflect the amount that our stockholders will receive in the Plan of Liquidation.

ACQUIRED INTANGIBLE ASSETS

ACQUIRED INTANGIBLE ASSETS	3 Months Ended
	Mar. 31, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
ACQUIRED INTANGIBLE ASSETS	NOTE 5 – ACQUIRED INTANGIBLE ASSETS Amortization pertaining to acquired in place lease value is summarized below: Three Months Ended March 31, Amortization recorded as amortization expense: 2018 Acquired in place lease value $ 116,070

MORTGAGES PAYABLE, NET

MORTGAGES PAYABLE, NET	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
MORTGAGES PAYABLE, NET	NOTE 6 – MORTGAGES PAYABLE, NET As of March 31, 2019 and December 31, 2018, the Company had the following mortgages payable: March 31, 2019 December 31, 2018 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 (1) 3.64 % $ — $ 27,450,000 Verandas at Mitylene August 1, 2027 3.88 % 21,930,000 21,930,000 Total debt $ 21,930,000 3.88 % $ 49,380,000 3.75 % (1) The mortgage was paid in full in connection with the sale of the property on March 29, 2019. 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 was $21,930,000 and $49,380,000 as of March 31, 2019 and December 31, 2018, respectively, and its estimated fair value was $21,930,000 and $49,380,000 as of March 31, 2019 and December 31, 2018, respectively. The mortgage loan requires compliance with certain covenants such as debt service ratios, investment restrictions and distribution limitations. As of March 31, 2019, the Company is in compliance with all financial covenants related to its mortgage loan.

DISTRIBUTIONS

DISTRIBUTIONS	3 Months Ended
	Mar. 31, 2019
Distributions [Abstract]
DISTRIBUTIONS	NOTE 7 – DISTRIBUTIONS In light of the Plan of Liquidation, the Company’s board of directors ceased declaring and paying regular distributions to the Company’s stockholders following the distributions to stockholders of record with respect to each day during the month of October 2018. From January 1, 2018 t Three Months Ended March 31, 2018 Distributions paid $ 308,964 Distributions declared $ 636,913

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
EARNINGS (LOSS) PER SHARE	NOTE 8 – EARNINGS (LOSS) PER SHARE Basic earnings (loss) per share (“EPS”) are computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period (the “common shares”). Diluted EPS is computed by dividing net income (loss) by the common shares plus common share equivalents. The Company excludes antidilutive restricted shares from the calculation of weighted-average shares for diluted EPS. As a result of a net loss for the three months ended , 2018, 640 shares were excluded from the computation of diluted EPS, because they would have been antidilutive.

EQUITY-BASED COMPENSATION

EQUITY-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
EQUITY-BASED COMPENSATION	NOTE 9 – EQUITY-BASED COMPENSATION In accordance with the Company’s Employee and Director Incentive Restricted Share Plan (the “RSP”), restricted shares are issued to non-employee directors as compensation. Under the RSP, restricted shares generally vest over a one to three year vesting period from the date of the grant based on the specific terms of the grant. At vesting, any restrictions on the shares lapse. The number of shares that may be issued under the RSP is limited to 5% of outstanding shares. At March 31, 2019, there were no unvested restricted shares. Upon the approval of the Plan of Liquidation by the Company’s stockholders on December 18, 2018, all 1,791 outstanding restricted shares held by the Company’s non-employee directors vested immediately and the unamortized balance was expensed. 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. Compensation expense associated with the director restricted shares is included in general and administrative expenses in the accompanying consolidated financial statements. Compensation expense under the RSP was $3,311 for the three months ended March 31, 2018.

SEGMENT REPORTING

SEGMENT REPORTING	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
SEGMENT REPORTING	NOTE 10 – SEGMENT REPORTING The Company has one reportable segment, multi-family real estate, as defined by U.S. GAAP for the three months ended March 31, 2019 and 2018.

TRANSACTIONS WITH RELATED PARTI

TRANSACTIONS WITH RELATED PARTIES	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
TRANSACTIONS WITH RELATED PARTIES	NOTE 11 – TRANSACTIONS WITH RELATED PARTIES The following table summarizes the Company’s related party transactions for the three months ended March 31, 2019 and 2018. 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. Three Months Ended March 31, Amount Unpaid as of Liquidation Basis Going Concern Basis 2019 2018 March 31, 2019 December 31, 2018 General and administrative reimbursements (a) $ 102,026 $ 166,826 $ 69,029 $ 97,041 Acquisition related costs (b) — $ — $ 686,250 $ 686,250 Offering costs (c) — $ 20,151 $ 1,011,419 $ 1,011,419 Reimbursement of offering costs (d) — $ 3,976 $ 432,228 $ 432,228 Business management fee (e) $ 100,948 $ 158,415 $ 1,066,474 $ 965,526 Mortgage financing fee (f) — $ — $ 114,375 $ 114,375 Sponsor non-interest bearing advances (g) — $ — $ 1,950,000 $ 1,950,000 Property management fee $ 79,767 $ 104,447 $ — $ — Property operating expenses 144,370 219,448 — — Total property operating expenses (h) $ 224,137 $ 323,895 $ — $ — (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 statements of net assets as of March 31, 2019 and December 31, 2018. (b) 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 . (c) 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 March 31, 2019 and December 31, 2018, unpaid amounts are included in due to related parties in the consolidated statements of net assets 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 March 31, 2019 and December 31, 2018, there were no unpaid distribution and stockholder servicing fees. The Sponsor will not require the repayment of the unpaid offering costs equal to $1,011,419 until at least one-year after the filing date of this report or upon liquidation, if earlier. (d) 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 statements of net assets at March 31, 2019 and December 31, 2018. (e) The Company pays the Business Manager an annual business management fee equal to 0.6% of its “average invested assets,” payable quarterly in an amount equal to 0.15% of the Company’s average invested assets as of the last day of the immediately preceding quarter. “Average invested assets” means, for any period, the average of the aggregate book value of the Company’s assets, including all intangibles and goodwill, invested, directly or indirectly, in equity interests in, and loans secured by, properties, as well as amounts invested in securities or consolidated and unconsolidated joint ventures or other partnerships, before reserves for amortization and depreciation or bad debts, impairments or other similar non-cash reserves, computed by taking the average of these values at the end of each month during the relevant calendar quarter. Unpaid amounts as of March 31, 2019 and December 31, 2018 are included in due to related parties in the consolidated statements of net assets. (f) Prior to August 8, 2016 under the Business Management Agreement, the Company was required to pay the Business Manager, or its affiliates, a mortgage financing fee equal to 0.25% of the amount available or borrowed under the financing or the assumed debt if the Business Manager or its affiliates provided services in connection with the origination or refinancing of any debt that the Company obtained and used to finance properties or other assets, or that was assumed, directly or indirectly, in connection with the acquisition of properties or other assets. Pursuant to the amended Business Management Agreement, 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 consolidated statements of net assets as of March 31, 2019 and December 31, 2018. The Business Manager will not require the repayment (g) This amount represents non-interest bearing advances made by the Sponsor which the Company intends to repay. Unpaid amounts are included in due to related parties in the accompanying consolidated statements of net assets as of March 31, 2019 and December 31, 2018. 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. (h) The Company pays Inland Residential Real Estate Services LLC (the “Real Estate Manager”) a monthly property management fee of up to 4% of the gross income from any property managed directly by the Real Estate Manager or its affiliates. The Real Estate Manager may reduce, in its sole discretion, the amount of the management fee payable in connection with a particular property, subject to these limits. The Company also reimburses the Real Estate Manager and its affiliates for property-level expenses that they pay or incur on the Company’s behalf, including the salaries, bonuses, benefits and severance payments for persons performing services, including without limitation acquisition due diligence services, for the Real Estate Manager and its affiliates (excluding the executive officers of the Real Estate Manager and the Company’s executive officers).

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2019
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 12 – SUBSEQUENT EVENTS Second Liquidating Distribution On April 2, 2019, the Company declared the Second Liquidating Distribution of $8.59 per Class A Share to stockholders of record as of the close of business on April 2, 2019. The Second Liquidating Distribution was paid on April 11, 2019 from the net proceeds of the sale of “The Retreat at Market Square.” Estimated Value Per Share Upon the payment of the Second Liquidating Distribution on April 11, 2019, the previously Estimated Per Share NAV as of February 1, 2019 was reduced to reflect payment of the Second Liquidating Distribution of $8.59.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
General	General The accompanying consolidated financial statements have been prepared in accordance with U.S. GAAP and require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. In the opinion of management, all adjustments necessary for a fair statement, in all material respects, of the financial position and results of operations for the periods are presented. Actual results could differ from those estimates. The results of operations for the interim periods are not necessarily indicative of the results for the entire year.
Basis of Presentation	Basis of Presentation Pre Plan of Liquidation All financial results and disclosures for the three months ended March 31, 2018, which was completed prior to the Company adopting the Liquidation Basis of Accounting, are presented on a Going-Concern Basis, which contemplated the realization of assets and liabilities in the normal course of business. As a result, the consolidated statement of operations, the consolidated statement of equity and the consolidated statement of cash flows for the three months ended March 31, 2018 are presented on a Going-Concern Basis. For a discussion of significant accounting polices applicable to the going concern financial statements, see the Company’s 2018 Annual Report on Form 10-K. Post Plan of Liquidation As a result of the approval of the Plan of Liquidation by the Company’s stockholders, the Company has adopted the Liquidation Basis of Accounting as of December 18, 2018 and for the subsequent periods in accordance with U.S. GAAP. The consolidated statements of net assets, presented as of March 31, 2019 and December 31, 2018, and the consolidated statement of changes in net assets, presented for the three months ended March 31, 2019, are presented using the Liquidation Basis of Accounting. The consolidated statements of net assets presents the estimated amount of net assets that the Company expects to be available for distribution at the end of its Plan of Liquidation. Accordingly, as of March 31, 2019 and December 31, 2018 the Company’s net assets are presented at estimated net realizable value, or liquidation value, which represents the estimated amount of cash that the Company expects to collect on disposal of assets as it carries out the Plan of Liquidation. The liquidation value of the Company’s assets is presented on an undiscounted basis. Liabilities are carried at their contractual amounts due or estimated settlement amounts. The consolidated statement of changes in net assets reflects changes in net assets in liquidation for the three months ended March 31, 2019, as further described below. The Company accrues costs and income that it expects to incur and earn through the end of liquidation to the extent it has a reasonable basis for estimation. These amounts are classified as a liability for estimated costs in excess of estimated receipts during liquidation on the consolidated statements of net assets. The Company currently estimates that it will have costs in excess of estimated receipts during the liquidation. These amounts can vary significantly due to, among other things, the timing and estimates for the 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. See Note 4 — “Net Assets in Liquidation” for further discussion.

ACQUIRED INTANGIBLE ASSETS (Tab

ACQUIRED INTANGIBLE ASSETS (Tables)	3 Months Ended
	Mar. 31, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Amortization Pertaining to Acquired in Place Lease Value	Amortization pertaining to acquired in place lease value is summarized below: Three Months Ended March 31, Amortization recorded as amortization expense: 2018 Acquired in place lease value $ 116,070

MORTGAGES PAYABLE, NET (Tables)

MORTGAGES PAYABLE, NET (Tables)	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Schedule of Mortgages Payable	As of March 31, 2019 and December 31, 2018, the Company had the following mortgages payable: March 31, 2019 December 31, 2018 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 (1) 3.64 % $ — $ 27,450,000 Verandas at Mitylene August 1, 2027 3.88 % 21,930,000 21,930,000 Total debt $ 21,930,000 3.88 % $ 49,380,000 3.75 % (1) The mortgage was paid in full in connection with the sale of the property on March 29, 2019.

DISTRIBUTIONS (Tables)

DISTRIBUTIONS (Tables)	3 Months Ended
	Mar. 31, 2019
Distributions [Abstract]
Schedule of Dividends Distributions	Three Months Ended March 31, 2018 Distributions paid $ 308,964 Distributions declared $ 636,913

TRANSACTIONS WITH RELATED PAR_2

TRANSACTIONS WITH RELATED PARTIES (Tables)	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Schedule of Transactions with Related Parties	The following table summarizes the Company’s related party transactions for the three months ended March 31, 2019 and 2018. Three Months Ended March 31, Amount Unpaid as of Liquidation Basis Going Concern Basis 2019 2018 March 31, 2019 December 31, 2018 General and administrative reimbursements (a) $ 102,026 $ 166,826 $ 69,029 $ 97,041 Acquisition related costs (b) — $ — $ 686,250 $ 686,250 Offering costs (c) — $ 20,151 $ 1,011,419 $ 1,011,419 Reimbursement of offering costs (d) — $ 3,976 $ 432,228 $ 432,228 Business management fee (e) $ 100,948 $ 158,415 $ 1,066,474 $ 965,526 Mortgage financing fee (f) — $ — $ 114,375 $ 114,375 Sponsor non-interest bearing advances (g) — $ — $ 1,950,000 $ 1,950,000 Property management fee $ 79,767 $ 104,447 $ — $ — Property operating expenses 144,370 219,448 — — Total property operating expenses (h) $ 224,137 $ 323,895 $ — $ — (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 statements of net assets as of March 31, 2019 and December 31, 2018. (b) 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 . (c) 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 March 31, 2019 and December 31, 2018, unpaid amounts are included in due to related parties in the consolidated statements of net assets 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 March 31, 2019 and December 31, 2018, there were no unpaid distribution and stockholder servicing fees. The Sponsor will not require the repayment of the unpaid offering costs equal to $1,011,419 until at least one-year after the filing date of this report or upon liquidation, if earlier. (d) 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 statements of net assets at March 31, 2019 and December 31, 2018. (e) The Company pays the Business Manager an annual business management fee equal to 0.6% of its “average invested assets,” payable quarterly in an amount equal to 0.15% of the Company’s average invested assets as of the last day of the immediately preceding quarter. “Average invested assets” means, for any period, the average of the aggregate book value of the Company’s assets, including all intangibles and goodwill, invested, directly or indirectly, in equity interests in, and loans secured by, properties, as well as amounts invested in securities or consolidated and unconsolidated joint ventures or other partnerships, before reserves for amortization and depreciation or bad debts, impairments or other similar non-cash reserves, computed by taking the average of these values at the end of each month during the relevant calendar quarter. Unpaid amounts as of March 31, 2019 and December 31, 2018 are included in due to related parties in the consolidated statements of net assets. (f) Prior to August 8, 2016 under the Business Management Agreement, the Company was required to pay the Business Manager, or its affiliates, a mortgage financing fee equal to 0.25% of the amount available or borrowed under the financing or the assumed debt if the Business Manager or its affiliates provided services in connection with the origination or refinancing of any debt that the Company obtained and used to finance properties or other assets, or that was assumed, directly or indirectly, in connection with the acquisition of properties or other assets. Pursuant to the amended Business Management Agreement, 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 consolidated statements of net assets as of March 31, 2019 and December 31, 2018. The Business Manager will not require the repayment (g) This amount represents non-interest bearing advances made by the Sponsor which the Company intends to repay. Unpaid amounts are included in due to related parties in the accompanying consolidated statements of net assets as of March 31, 2019 and December 31, 2018. 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. (h) The Company pays Inland Residential Real Estate Services LLC (the “Real Estate Manager”) a monthly property management fee of up to 4% of the gross income from any property managed directly by the Real Estate Manager or its affiliates. The Real Estate Manager may reduce, in its sole discretion, the amount of the management fee payable in connection with a particular property, subject to these limits. The Company also reimburses the Real Estate Manager and its affiliates for property-level expenses that they pay or incur on the Company’s behalf, including the salaries, bonuses, benefits and severance payments for persons performing services, including without limitation acquisition due diligence services, for the Real Estate Manager and its affiliates (excluding the executive officers of the Real Estate Manager and the Company’s executive officers).

ORGANIZATION (Narrative) (Detai

ORGANIZATION (Narrative) (Details)	Mar. 29, 2019USD ($)	Mar. 31, 2019ft²PropertyUnit$ / shares	Feb. 17, 2015$ / shares
Real Estate Properties [Line Items]
Number of retail properties owned | Property		1
Property acquisition, total number of units acquired | Unit		332
Residential property's weighted average occupancy rate		92.30%
Number of units leased | Unit		307
Real estate property, residential units leased percentage		96.40%
Class A Common Stock [Member]
Real Estate Properties [Line Items]
Initial liquidation distribution to record holders | $ / shares		$ 4.53
Common stock, par value | $ / shares		$ 0.001	$ 0.001
Retail Gross Leasable [Member]
Real Estate Properties [Line Items]
Square footage of real estate properties owned | ft²		376,968
The Retreat at Market Square [Member] | Frederick, Maryland [Member]
Real Estate Properties [Line Items]
Sale price of real estate properties	$ 47,000,000
Proceeds from sale of real estate	18,758,218
Repayment of mortgage real estate property	$ 27,450,000

EQUITY (Narrative) (Details)

EQUITY (Narrative) (Details) - USD ($)	3 Months Ended		26 Months Ended	49 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2019	Mar. 31, 2019	Feb. 02, 2017	Feb. 17, 2015
Class Of Stock [Line Items]
Gross proceeds from sale of shares	$ 50,140,908			$ 50,000,000
Distribution reinvested through distribution reinvestment plan		$ 321,945
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		5,146
Distribution Reinvestment Plan [Member]
Class Of Stock [Line Items]
Distribution reinvested through distribution reinvestment plan		$ 321,945
Class A Common Stock [Member]
Class Of Stock [Line Items]
Common stock, par value	$ 0.001		$ 0.001	$ 0.001		$ 0.001
Common stock shares issued				1,401,711
Common stock shares outstanding	2,183,727		2,183,727	2,183,727
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	$ 23.75	$ 23.75
Class T Common Stock [Member]
Class Of Stock [Line Items]
Common stock, par value						$ 0.001
Common stock shares issued				390,230
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	$ 22.81	$ 22.81
Class T-3 Common Stock [Member]
Class Of Stock [Line Items]
Common stock, par value					$ 0.001
Common stock shares issued			255,666
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	$ 22.81	$ 22.81

NET ASSETS IN LIQUIDATION (Narr

NET ASSETS IN LIQUIDATION (Narrative) (Details) - Liquidation Basis [Member] - USD ($)	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Liquidation Basis Of Accounting [Line Items]
Decrease in net assets in liquidation	$ 9,785,543
Net assets in liquidation	35,185,250	$ 44,970,793
Initial liquidating distribution	9,900,000
Reduction in estimated costs to be incurred during liquidation	$ 114,457

ACQUIRED INTANGIBLE ASSETS (Amo

ACQUIRED INTANGIBLE ASSETS (Amortization Pertaining to Acquired in Place Lease Value) (Details)	3 Months Ended
	Mar. 31, 2019USD ($)
Acquired in Place Lease Value [Member]
Amortization recorded as amortization expense:
Acquired in place lease value	$ 116,070

MORTGAGES PAYABLE, NET (Schedul

MORTGAGES PAYABLE, NET (Schedule of Mortgages Payable) (Details) - USD ($)		3 Months Ended
		Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Total debt		$ 21,930,000	$ 49,380,000
Weighted Average Interest Rate		3.88%	3.75%
Mortgages Payable [Member] | The Retreat at Market Square [Member]
Debt Instrument [Line Items]
Total debt			$ 27,450,000
Maturity Date	[1]	Sep. 30, 2023
Interest Rate per Annum		3.64%
Mortgages Payable [Member] | Verandas at Mitylene [Member]
Debt Instrument [Line Items]
Total debt		$ 21,930,000	$ 21,930,000
Maturity Date		Aug. 1, 2027
Interest Rate per Annum		3.88%
[1]	The mortgage was paid in full in connection with the sale of the property on March 29, 2019.

MORTGAGES PAYABLE, NET (Narrati

MORTGAGES PAYABLE, NET (Narrative) (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
Carrying value of debt	$ 21,930,000	$ 49,380,000
Debt instrument, estimated fair value	$ 21,930,000	$ 49,380,000

DISTRIBUTIONS (Narrative) (Deta

DISTRIBUTIONS (Narrative) (Details) - $ / shares	Mar. 31, 2018	Feb. 28, 2018
Class A Common Stock [Member]
Distributions [Line Items]
Amount per share of distributions	$ 0.003424658	$ 0.003424658
Class T Common Stock [Member]
Distributions [Line Items]
Amount per share of distributions	0.002758488	0.002768493
Class T-3 Common Stock [Member]
Distributions [Line Items]
Amount per share of distributions	$ 0.003323017	$ 0.003306849

DISTRIBUTIONS (Schedule of Divi

DISTRIBUTIONS (Schedule of Dividends Distributions) (Details)	3 Months Ended
	Mar. 31, 2018USD ($)
Distributions [Abstract]
Distributions paid	$ 308,964
Distributions declared	$ 636,913

EARNINGS (LOSS) PER SHARE - (Na

EARNINGS (LOSS) PER SHARE - (Narrative) (Details)	3 Months Ended
	Mar. 31, 2018shares
Earnings Per Share [Abstract]
Antidilutive shares excluded from computation of diluted EPS	640

EQUITY-BASED COMPENSATION (Narr

EQUITY-BASED COMPENSATION (Narrative) (Details) - Employee and Director Incentive Restricted Share Plan [Member] - Restricted Stock [Member] - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 18, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of outstanding shares that may be issued under RSP	5.00%
Unvested restricted shares	0
Share-based compensation expense	$ 3,311
Non-Employee Director [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted shares vested		1,791
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

SEGMENT REPORTING (Narrative) (

SEGMENT REPORTING (Narrative) (Details) - Segment	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Segment Reporting [Abstract]
Number of reportable segments	1	1

TRANSACTIONS WITH RELATED PAR_3

TRANSACTIONS WITH RELATED PARTIES (Schedule of Transactions with Related Parties) (Details) - USD ($)		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Acquisition Related Costs [Member]
Related Party Transaction [Line Items]
Unpaid Amounts	[1]	$ 686,250		$ 686,250
General and Administrative Reimbursements [Member]
Related Party Transaction [Line Items]
Unpaid Amounts	[2]	69,029		97,041
Offering Costs [Member]
Related Party Transaction [Line Items]
Expenses with related parties	[3]		$ 20,151
Unpaid Amounts	[3]	1,011,419		1,011,419
Reimbursement of Offering Costs [Member]
Related Party Transaction [Line Items]
Expenses with related parties	[4]		3,976
Unpaid Amounts	[4]	432,228		432,228
Business Management Fee [Member]
Related Party Transaction [Line Items]
Expenses with related parties	[5]		158,415
Unpaid Amounts	[5]	1,066,474		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
Liquidation Basis [Member]
Related Party Transaction [Line Items]
Unpaid Amounts		5,329,775		$ 5,256,839
Liquidation Basis [Member] | Business Management Fee [Member]
Related Party Transaction [Line Items]
Expenses with related parties	[5]	100,948
Total General and Administrative Costs [Member] | General and Administrative Reimbursements [Member]
Related Party Transaction [Line Items]
General and administrative expenses	[2]		166,826
Total General and Administrative Costs [Member] | Liquidation Basis [Member] | General and Administrative Reimbursements [Member]
Related Party Transaction [Line Items]
General and administrative expenses	[2]	102,026
Total Property Operating Expenses [Member]
Related Party Transaction [Line Items]
Operating property expenses	[8]		323,895
Total Property Operating Expenses [Member] | Property Management Fee [Member]
Related Party Transaction [Line Items]
Operating property expenses			104,447
Total Property Operating Expenses [Member] | Property Operating Expenses [Member]
Related Party Transaction [Line Items]
Operating property expenses			$ 219,448
Total Property Operating Expenses [Member] | Liquidation Basis [Member]
Related Party Transaction [Line Items]
Operating property expenses	[8]	224,137
Total Property Operating Expenses [Member] | Liquidation Basis [Member] | Property Management Fee [Member]
Related Party Transaction [Line Items]
Operating property expenses		79,767
Total Property Operating Expenses [Member] | Liquidation Basis [Member] | Property Operating Expenses [Member]
Related Party Transaction [Line Items]
Operating property expenses		$ 144,370
[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 three months ended March 31, 2019 and 2018. 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 statements of net assets as of March 31, 2019 and December 31, 2018. 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 statements of net assets as of March 31, 2019 and December 31, 2018.
[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 March 31, 2019 and December 31, 2018, unpaid amounts are included in due to related parties in the consolidated statements of net assets 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 March 31, 2019 and December 31, 2018, there were no unpaid distribution and stockholder servicing fees. The Sponsor will not require the repayment of the unpaid offering costs equal to $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 statements of net assets at March 31, 2019 and 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. Unpaid amounts as of March 31, 2019 and December 31, 2018 are included in due to related parties in the consolidated statements of net assets.
[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 consolidated statements of net assets as of March 31, 2019 and December 31, 2018. 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 statements of net assets as of March 31, 2019 and December 31, 2018. 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).

TRANSACTIONS WITH RELATED PAR_4

TRANSACTIONS WITH RELATED PARTIES (Schedule of Transactions with Related Parties) (Parenthetical) (Details) - USD ($)		Aug. 07, 2016	Mar. 31, 2019	Mar. 31, 2018	Oct. 31, 2018	Dec. 31, 2017	Mar. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
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				$ 50,000,000
Offering Costs [Member]
Related Party Transaction [Line Items]
Related party acquisition costs and fees	[1]			$ 20,151
Due to related parties	[1]		1,011,419				1,011,419	$ 1,011,419
Reimbursement of Offering Costs [Member]
Related Party Transaction [Line Items]
Related party acquisition costs and fees	[2]			3,976
Due to related parties	[2]		432,228				432,228	432,228
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	114,375
Sponsor Non-interest Bearing Advances [Member]
Related Party Transaction [Line Items]
Due to related parties	[4]		1,950,000				1,950,000	1,950,000
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				0	0
Acquisition Related Costs [Member]
Related Party Transaction [Line Items]
Due to related parties	[5]		686,250				686,250	$ 686,250
Business Manager [Member]
Related Party Transaction [Line Items]
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	$ 0
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				114,375
Business Manager [Member] | Acquisition Related Costs [Member]
Related Party Transaction [Line Items]
Due to related parties			686,250				686,250
Sponsor [Member] | Offering Costs [Member]
Related Party Transaction [Line Items]
Due to related parties			1,011,419				1,011,419
Sponsor [Member] | Sponsor Non-interest Bearing Advances [Member]
Related Party Transaction [Line Items]
Due to related parties			$ 1,950,000				$ 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 March 31, 2019 and December 31, 2018, unpaid amounts are included in due to related parties in the consolidated statements of net assets 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 March 31, 2019 and December 31, 2018, there were no unpaid distribution and stockholder servicing fees. The Sponsor will not require the repayment of the unpaid offering costs equal to $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 statements of net assets at March 31, 2019 and 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 consolidated statements of net assets as of March 31, 2019 and December 31, 2018. 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 statements of net assets as of March 31, 2019 and December 31, 2018. 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 three months ended March 31, 2019 and 2018. 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 statements of net assets as of March 31, 2019 and December 31, 2018. 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.

SUBSEQUENT EVENTS (Narrative) (

SUBSEQUENT EVENTS (Narrative) (Details) - Subsequent Event [Member] - $ / shares	Apr. 02, 2019	Apr. 11, 2019
Subsequent Event [Line Items]
Second liquidating paid date	Apr. 11, 2019
Payment liquidation distribution to record holders		$ 8.59
Class A Common Stock [Member]
Subsequent Event [Line Items]
Second liquidation distribution to record holders	$ 8.59