Inland Residential Properties Trust, Inc. (Residential Properties Trust) is a non-traded Real Estate Investment Trust (REIT) sponsored by affiliates of Oak Brook, Illinois-based The Inland Group. The Trust was founded in December 2013 and started selling common stock on February 18, 2015. Residential Properties Trust will invest in stabilized Class A and B multifamily properties in the top 100 metropolitan statistical areas in the United States.Residential Properties Trust is a non-traded REIT, which is a company whose shares are not listed on an exchange. The shares therefore have limited or no liquidity.Residential Properties Trust will be managed by external managers who charge fees or commissions when the Trust buys, holds or sells real estate. External managers for Residential Properties Trust are controlled by affiliates of the Inland Group and charge fees paid to Inland affiliates. In this respect, the Trust’s structure shares similarities with the initial setup of its sister vehicle, Inland American Real Estate Trust (now known as InvenTrust Properties Corporation). Inland American shareholders have been charged $1.4 Billion in related-party fees. A March 2015 Wall Street Journal article described Inland American as a “zombie REIT” noting its failure to unwind, the plunge in value of its holdings, and the drastic cut to shareholder distributions.All of Residential Properties Trust’s executive officers staff or direct at least one of its external managers, and they also split their time acting as directors or staff of other Inland vehicles. In its SEC filings, the company disclosed that Residential Properties Trust’s officers will have conflicts of interest due to the competing demands for the time they spend between different funds, and that these might lead to them violating their fiduciary duties. The SEC filings further acknowledge that the Trust’s external managers will face conflicts of interest because of their compensation arrangements. Such actions could include purchasing assets that are not in shareholders’ best interests, or negotiating higher purchase prices for assets than they otherwise would if they were not compensated based on the purchase price, among other things.