UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report: ~~May~~August 1925, 2005 (Date of earliest event reported)

Inland Monthly Income Fund II, L.P.

(Exact name of registrant as specified in the charter)

Delaware	0-17593	36-3587209
(State or other jurisdiction of incorporation)	(Commission File No.)	(IRS Employer Identification No.)

2901 Butterfield Road
Oak Brook, Illinois 60523
(Address of Principal Executive Offices)

(630) 218-8000
(Registrant's telephone number including area code)

Not Applicable
Former name or former address, if changed since last report)

Item 2.01 Completion of Acquisition or Disposition of Assets

On ~~May~~August 1925, 2005, the Partnership sold one of its assets, the ~~84,000~~Colonial ~~square~~Manor ~~foot~~Living ~~commercial/retail building~~Center, located ~~at Arizona Road and Warner Road,~~ in ~~Chandler~~LaGrange, ~~Arizona~~Illinois. The property was sold to ~~Ethan~~MML ~~Christopher~~Properties, LLC, an unaffiliated third party, for $24,~~875~~500,000, on an all cash basis. The property had a basis of approximately $24,~~723~~379,000, resulting in a ~~gain~~loss of approximately $765,000, net of closing costs. Net sales proceeds of ~~approximately~~ $2300,~~695,~~000 are being held in an escrow pending the resolution of liabilities relating to an audit of the operations of the nursing home located on the property and relating to a nursing home bed tax issue. Net sales proceeds will be distributed to the Limited Partners upon resolution of these issues, which we anticipate will be before the end of the year.

Item 9.01 Financial Statements and Exhibits

Financial Statements. Not Applicable
Pro Forma Financial Information - Narrative

As a result of the sale of this property, prospectively there will be no property operations included in the financial statements of the Partnership relating to this property. The following sets forth the amounts of selected accounts in the financial statements of the Partnership relating solely to this property.

	For the three months ended March 31, 2005	For the year ended December 31, 2004
		For the six months ended June 30, 2005		For the year ended December 31, 2004
Rental Income	$ -	~~$ -~~256,420	$	462,843
Operating Expenses	~~34,927~~	~~194~~114,~~622~~939		10,679
Impairment loss	-	587,000
Depreciation		82,858		165,716
Depreciation	13,540	93,957
Net income		58,623		288,448
Net loss	(48,467)	(875,579)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Inland's Monthly Income Fund, L.P.
(Registrant)
By:	/s/ Kelly Tucek
	Kelly Tucek
	Vice President of General Partner and principal financial officer of Inland's Monthly Income Fund, L.P.
Date:	~~May~~August 2329, 2005

Filing Compare · INLAND MONTHLY INCOME FUND II L P