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

                                   FORM 10-Q


[X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities
    Exchange Act of 1934

                 For the Quarterly Period Ended March 31, 1999

                                      or

[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities
    Exchange Act of 1934

For the transition period from                    to                   


                           Commission File #0-17593


                     Inland Monthly Income Fund II, L.P. 
            (Exact name of registrant as specified in its charter)



         Delaware                                     #36-3587209
  (State or other jurisdiction      (I.R.S. Employer Identification Number) 
of incorporation or organization)



       2901 Butterfield Road, Oak Brook, Illinois         60523
        (Address of principal executive office)         (Zip Code)


    Registrant's telephone number, including area code:  630-218-8000


                                   N/A                        
                (Former name, former address and former fiscal
                      year, if changed since last report)


Indicate by  check  mark  whether  the  registrant  (1)  has  filed all reports
required to be filed by Section 13  or  15(d) of the Securities Exchange Act of
1934 during the  preceding  12  months  (or  for  such  shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.  Yes X  No   




                                      -1-



                      INLAND MONTHLY INCOME FUND II, L.P.
                            (a limited partnership)

                                Balance Sheets

                     March 31, 1999 and December 31, 1998
                                  (unaudited)


                                    Assets
                                    ------
 
                                                       1999          1998
                                                       ----          ----
Current assets:
  Cash and cash equivalents (Note 1).............. $ 1,033,662     1,161,470
  Accounts and rents receivable...................     163,581       162,558
  Other assets....................................         807         1,875 
                                                   ------------  ------------
Total current assets..............................   1,198,050     1,325,903 
                                                   ------------  ------------
Investment properties (including acquisition fees
  paid to Affiliates of $1,430,682)(Notes 1 and 3):
    Land..........................................   3,998,149     3,998,149
    Buildings and improvements....................  13,957,812    13,957,812 
                                                   ------------  ------------
                                                    17,955,961    17,955,961
      Less accumulated depreciation...............   4,155,950     4,047,610 
                                                   ------------  ------------
Net investment properties.........................  13,800,011    13,908,351 
                                                   ------------  ------------
Other assets:
  Deferred leasing fees to Affiliates (net of
    accumulated amortization of $147,528 and
    $143,005 at March 31, 1999 and December 31,
    1998, respectively)(Notes 1 and 3)............      80,204        84,727
  Deferred rent receivable (Note 2)...............     285,985       302,419 
                                                   ------------  ------------
Total other assets................................     366,189       387,146 
                                                   ------------  ------------
Total assets...................................... $15,364,250    15,621,400
                                                   ============  ============













                See accompanying notes to financial statements.


                                      -2-



                      INLAND MONTHLY INCOME FUND II, L.P.
                            (a limited partnership)

                                Balance Sheets
                                  (continued)

                     March 31, 1999 and December 31, 1998
                                  (unaudited)


                       Liabilities and Partners' Capital
                       ---------------------------------

                                                       1999          1998
                                                       ----          ----
Current liabilities:
  Accounts payable................................ $    26,900         3,007
  Accrued real estate taxes.......................     146,085       185,785
  Distributions payable (Note 4)..................     140,427       140,427
  Due to Affiliates (Note 3)......................       1,614           472
  Deposits held for others........................     357,362       458,203
  Other current liabilities.......................      11,453          -    
                                                   ------------  ------------
Total current liabilities.........................     683,841       787,894

Commission payable to Affiliate (Note 3)..........     132,000       132,000 
                                                   ------------  ------------
Total liabilities.................................     815,841       919,894 
                                                   ------------  ------------
Partners' capital (Notes 1, 3 and 4):
  General Partner:
    Capital contribution..........................         500           500
    Cumulative net income.........................      58,894        59,977 
                                                   ------------  ------------
                                                        59,394        60,477 
  Limited Partners:                                ------------  ------------
    Units of $500. Authorized 80,000 Units,
      50,095.50 Units outstanding (net of
      offering costs of $3,148,734, of which
      $653,165 was paid to Affiliates)............  21,916,510    21,916,510
    Cumulative net income.........................  14,269,940    14,014,261
    Cumulative distributions...................... (21,697,435)  (21,289,742)
                                                   ------------  ------------
                                                    14,489,015    14,641,029 
                                                   ------------  ------------
Total Partners' capital...........................  14,548,409    14,701,506 
                                                   ------------  ------------
Total liabilities and Partners' capital........... $15,364,250    15,621,400
                                                   ============  ============






                See accompanying notes to financial statements.


                                      -3-



                      INLAND MONTHLY INCOME FUND II, L.P.
                            (a limited partnership)

                           Statements of Operations

              For the three months ended March 31, 1999 and 1998
                                  (unaudited)


                                                       1999          1998
                                                       ----          ----
Income:
  Rental income (Notes 1 and 2)................... $   473,970       481,675
  Additional rental income........................      45,144        37,443
  Interest income.................................       6,722         9,790 
                                                   ------------  ------------
                                                       525,836       528,908 
Expenses:                                          ------------  ------------
  Professional services to Affiliates.............       1,909         3,200
  Professional services to non-affiliates.........      30,557        27,250
  General and administrative expenses to
    Affiliates....................................       8,589         8,793
  General and administrative expenses to
    non-affiliates................................      13,537         6,869
  Property operating expenses to Affiliates.......       8,568         8,866
  Property operating expenses to non-affiliates...      95,217        61,952
  Depreciation....................................     108,340       107,897 
  Amortization....................................       4,523         4,524 
                                                   ------------  ------------
                                                       271,240       229,351 
                                                   ------------  ------------
Net income........................................ $   254,596       299,557
                                                   ============  ============

Net income (loss) allocated to:
  General Partner.................................      (1,083)       (1,079)
  Limited Partners................................     255,679       300,636 
                                                   ------------  ------------
Net income........................................ $   254,596       299,557
                                                   ============  ============

Net loss allocated to the one General Partner Unit $    (1,083)       (1,079)
                                                   ============  ============
Net income per Unit, allocated to Limited Partners
  per weighted average Limited Partnership 
  Units of 50,095.50.............................. $      5.10          6.00
                                                   ============  ============








                See accompanying notes to financial statements.


                                      -4-



                      INLAND MONTHLY INCOME FUND II, L.P.
                            (a limited partnership)

                           Statements of Cash Flows

              For the three months ended March 31, 1999 and 1998
                                  (unaudited)



                                                       1999          1998
                                                       ----          ----
Cash flows from operating activities:
  Net income...................................... $   254,596       299,557
  Adjustments to reconcile net income to
      net cash provided by operating activities:
    Depreciation..................................     108,340       107,897
    Amortization..................................       4,523         4,524
    Changes in assets and liabilities:
      Accounts and rents receivable...............      (1,023)       10,301
      Other assets................................       1,068         1,150
      Deferred rent receivable....................      16,434        12,138
      Accounts payable............................      23,893        12,531
      Accrued real estate taxes...................     (39,700)      (40,329)
      Due to Affiliates...........................       1,142         8,539
      Other current liabilities...................      11,453          -    
                                                   ------------  ------------
Net cash provided by operating activities.........     380,726       416,308 
                                                   ------------  ------------
Cash flows from financing activities:
  Deposits held for others........................    (100,841)      (69,659)
  Cash distributions..............................    (407,693)     (407,693)
                                                   ------------  ------------
Net cash used in financing activities.............    (508,534)     (477,352)
                                                   ------------  ------------
Net decrease in cash and cash equivalents.........    (127,808)      (61,044)
Cash and cash equivalents at beginning of period..   1,161,470     1,151,954 
                                                   ------------  ------------
Cash and cash equivalents at end of period........ $ 1,033,662     1,090,910
                                                   ============  ============















                See accompanying notes to financial statements.


                                      -5-



                      INLAND MONTHLY INCOME FUND II, L.P.
                            (a limited partnership)

                         Notes to Financial Statements

                                March 31, 1999
                                  (unaudited)


Readers of this  Quarterly  Report  should  refer  to the Partnership's audited
financial statements for the  fiscal  year  ended  December 31, 1998, which are
included  in  the  Partnership's  1998   Annual  Report,  as  certain  footnote
disclosures which would substantially duplicate those contained in such audited
financial statements have been omitted from this Report.

(1) Organization and Basis of Accounting

The Registrant, Inland Monthly  Income  Fund  II, L.P. (the "Partnership"), was
formed on June  20,  1988  pursuant  to  the  Delaware  Revised Uniform Limited
Partnership Act, to  invest  in  improved  residential,  retail, industrial and
other income producing properties. On August 4, 1988, the Partnership commenced
an Offering of 50,000 (subject to increase to 80,000) Limited Partnership Units
pursuant to a  Registration  under  the  Securities  Act  of 1933. The Offering
terminated on August 4, 1990, with  total  sales of 50,647.14 Units at $500 per
Unit, resulting in gross  offering  proceeds  of $25,323,569, not including the
General Partner's contribution for $500. All of the holders of these Units have
been admitted to the Partnership.  Inland Real Estate Investment Corporation is
the General Partner.  The  Limited  Partners  of  the  Partnership share in the
benefits  of  ownership  of  the  Partnership's  real  property  investments in
proportion to the  number  of  Units  held.  The Partnership repurchased 551.64
Units for $260,285 from  various  Limited  Partners through the Unit Repurchase
Program. There are no funds remaining  for the repurchase of Units through this
program.

The preparation of financial  statements  in conformity with generally accepted
accounting principles requires  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 financial statements and
the reported amounts of  revenues  and  expenses  during the reporting periods.
Actual results could differ from those estimates.

Statement of Financial Accounting Standards  No.  121 ("SFAS 121") requires the
Partnership to record  an  impairment  loss  on  its  property  to  be held for
investment whenever  its  carrying  value  cannot  be  fully  recovered through
estimated undiscounted future cash flows  from  their operations and sale.  The
amount of the impairment loss to  be recognized would be the difference between
the property's carrying value and the  property's  estimated fair value.  As of
March 31, 1999, the Partnership has not recognized any such impairment.

A presentation of information about operating segments as required in Statement
of Financial Accounting Standards  No.  131  "Disclosures  About Segments of an
Enterprise and Related Information" would  not  be material to an understanding
of the Partnership's business taken as a whole as the Partnership is engaged in
the business of  real  estate  investment  which  management  considers to be a
single operating segment.


                                      -6-



                      INLAND MONTHLY INCOME FUND II, L.P.
                            (a limited partnership)

                         Notes to Financial Statements
                                  (continued)

                                March 31, 1999
                                  (unaudited)


Offering costs have been offset against the Limited Partners' capital accounts.

Depreciation expense is computed  using  the straight-line method. Depreciation
of buildings and improvements are based upon estimated useful lives of 30 to 40
years, while depreciation of  furniture  and  fixtures are based upon estimated
useful lives of 5 to 12 years.   Maintenance and repair expenses are charged to
operations  as  incurred.     Significant   improvements  are  capitalized  and
depreciated  over  their  estimated   useful  lives.  Tenant  improvements  are
depreciated over the related lease term.

Deferred leasing fees are amortized on  a  straight-line basis over the term of
the related lease.

Rental income is recognized  on  a  straight-line  basis  over the term of each
lease.  The difference between rental  income earned on the straight-line basis
and the cash rent due under the  provisions of the lease agreements is recorded
as deferred rent receivable.

The Partnership  considers  all  highly  liquid  investments  purchased  with a
maturity of three months or less  to  be cash equivalents. Such investments are
carried at  cost  which  approximates  market.  Cash  and  cash equivalents are
approximately $1,034,000 and  $1,161,000  at  March  31,  1999 and December 31,
1998, respectively, of which approximately $347,200 and $446,800, respectively,
is included in cash and  cash  equivalents  and  held in an unrestricted escrow
account for the payment of real estate taxes for Colonial Manor Living Center.

Statement of Financial Accounting  Standards  No.  128 "Earnings per Share" was
adopted by the Partnership and has  been  applied to all prior earnings periods
presented in  the  financial  statements.    The  Partnership  has  no dilutive
securities.

No provision for Federal income taxes  has  been made as the liability for such
taxes is that of the Partners rather than the Partnership.

In  the  opinion  of  management,  the  financial  statements  contain  all the
adjustments necessary, which  are  of  a  normal  recurring  nature, to present
fairly the  financial  position  and  results  of  operations  for  the periods
presented herein.  Results of interim periods are not necessarily indicative of
the results to be expected for the year.








                                      -7-



                      INLAND MONTHLY INCOME FUND II, L.P.
                            (a limited partnership)

                         Notes to Financial Statements
                                  (continued)

                                March 31, 1999
                                  (unaudited)


(2) Deferred Rent Receivable

Certain tenant leases contain provisions  providing for stepped rent increases.
Generally accepted accounting principles require that rental income be recorded
for the period of occupancy  using  the  straight-line basis.  The accompanying
financial statements include decreases  of  $16,434  and  $12,138 for the three
months ended March 31, 1999  and  1998,  respectively, of rental income for the
period of occupancy for  which  stepped  rent  increases apply and $285,985 and
$302,419 in related deferred rent receivable  as of March 31, 1999 and December
31, 1998, respectively.  These amounts will  be collected over the terms of the
related leases as scheduled rent payments are made.


(3) Transactions with Affiliates

The General  Partner  and  its  Affiliates  are  entitled  to reimbursement for
salaries and expenses of employees  of  the  General Partner and its Affiliates
relating to the administration of the  Partnership.  Such costs are included in
professional services and general and administrative expenses to Affiliates, of
which $1,614 and $472 was unpaid  as  of  March 31, 1999 and December 31, 1998,
respectively.

An Affiliate of the General  Partner  earned Property Management Fees of $8,568
and $8,866 for the three months ended March 31, 1999 and 1998, respectively, in
connection with managing the Partnership's  properties.  Such fees are included
in property operating expenses  to  Affiliates,  all  of  which were paid as of
March 31, 1999.

In connection with the  sale  of  The  Wholesale  Club  on January 8, 1991, the
Partnership recorded $132,000 of  sales  commission  payable to an Affiliate of
the General Partner.    Such  commission  has  been  deferred until the Limited
Partners receive their  Original  Capital  plus  a  return  as specified in the
Partnership Agreement.


(4)  Subsequent Events

During April 1999,  the  Partnership  paid  a  distribution  of $140,427 to the
Limited Partners.








                                      -8-



Item 2.  Management's  Discussion  and  Analysis  of  Financial  Condition  and
         Results of Operations

Certain statements in this  "Management's  Discussion and Analysis of Financial
Condition and Results of Operations" and  elsewhere in this quarterly report on
Form 10-Q constitute  "forward-looking  statements"  within  the meaning of the
Federal Private Securities  Litigation  Reform  Act  of  1995.   These forward-
looking statements involve  known  and  unknown  risks, uncertainties and other
factors which  may  cause  the  Partnership's  actual  results,  performance or
achievements to be materially different from any future results, performance or
achievements expressed or implied  by  these forward-looking statements.  These
factors include,  among  other  things,  federal,  state  or local regulations;
adverse changes in general economic  or local conditions; inability of borrower
to meet financial  obligations;  uninsured  losses;  and potential conflicts of
interest between the  Partnership  and  its  Affiliates,  including the General
Partner.

Liquidity and Capital Resources

On August 4, 1988, the Partnership  commenced an Offering of 50,000 (subject to
increase to  80,000)  Limited  Partnership  Units  pursuant  to  a Registration
Statement  on  Form  S-11  under  the  Securities  Act  of  1933.  The Offering
terminated on August 4, 1990, with  total  sales of 50,647.14 Units at $500 per
Unit, resulting in gross  offering  proceeds  of $25,323,569, not including the
General Partner's contribution of $500. All  of the holders of these Units have
been admitted to the Partnership.  The Partnership has acquired five properties
utilizing $21,224,542 of capital  proceeds  collected.  On January 8, 1991, the
Partnership sold one of its properties,  The  Wholesale  Club.  As of March 31,
1999, cumulative  distributions  to  Limited  Partners  totaled $21,697,435, of
which $4,395,565 represents proceeds from  the  sale  of The Wholesale Club and
$17,301,870  represents  distributable  cash  flow  from  the  properties.  The
Partnership repurchased 551.64 Units for $260,285 from various Limited Partners
through the Unit  Repurchase  Program.  There  are  no  funds remaining for the
repurchase of Units through this program.

As of  March  31,  1999,  the  Partnership  had  cash  and  cash equivalents of
$1,033,662 which includes approximately $347,200 held in an unrestricted escrow
account for the payment of real  estate taxes for Colonial Manor Living Center.
The Partnership intends  to  use  such  remaining  funds for property upgrades,
distributions and for other working capital requirements.

The properties owned by the Partnership  are  generating cash flow in excess of
the 8% annualized  distributions  to  the  Limited  Partners (paid monthly), in
addition to covering all  the  operating  expenses  of  the Partnership.  As of
March 31, 1999, the Partnership  has  made cumulative distributions of $253,868
in addition to the 8%  annualized  return  to  the Limited Partners from excess
cash flow. To the extent that the cash flow from the properties is insufficient
to meet the Partnership's  needs,  the  Partnership  may  rely on advances from
Affiliates of the General Partner, other  short-term financing, or may sell one
or more of the properties.







                                      -9-



Results of Operations

At March 31, 1999, the Partnership owns  four operating properties.  Two of the
Partnership's four operating properties,  Scandinavian  Health Spa and Colonial
Manor Living Center, are leased  on  a  "triple-net" basis which means that all
expenses of the property are passed through  to  the tenant.  The leases of the
other two properties owned  by  the  Partnership,  K  mart and Eurofresh Market
Plaza, provide that  the  Partnership  be  responsible  for  maintenance of the
structure and the parking lot  and  the  tenants  are required to reimburse the
Partnership for  portions  of  insurance,  real  estate  taxes  and common area
maintenance.

Rental income decreased for the three  months ended March 31, 1999, as compared
to the three months ended March  31,  1998,  due  to a decrease in occupancy at
Eurofresh Market Plaza.  As of March 31, 1999, there were five vacant spaces at
Eurofresh Market  Plaza  for  11,888  square  feet.    Additional rental income
increased for the three months ended  March  31, 1999, as compared to the three
months ended March 31,  1998,  due  to  an  increase in common area maintenance
recovery income at Eurofresh Market Plaza.

Interest income  decreased  for  the  three  months  ended  March  31, 1999, as
compared to the three months ended  March  31,  1998, due to a decrease in cash
available to invest in short-term investments and lower interest rates.

Professional services to Affiliates decreased  for the three months ended March
31, 1999, as compared  to  the  three  months  ended  March  31, 1998, due to a
decrease in accounting fees.  Professional services to non-affiliates increased
for the three months ended  March  31,  1999,  as  compared to the three months
ended March 31, 1998, due to an increase in legal fees.  

General and administrative expenses  to  non-affiliates increased for the three
months ended March 31, 1999, as  compared  to  the three months ended March 31,
1998, due to an increase in state taxes. 

Property operating expenses to  non-affiliates  increased  for the three months
ended March 31, 1999, as compared to the three months ended March 31, 1998, due
to an increase in snow removal costs at Eurofresh Market Plaza.

The following is a list  of  approximate occupancy levels for the Partnership's
investment properties as of the end of each quarter during 1998 and 1999:

                                     1998                        1999         
                          ------------------------    ------------------------
                           at     at    at    at        at    at    at    at
        Properties         3/31  6/30  9/30  12/31     3/31  6/30  9/30  12/31
        ----------         ----- ----- ----- -----     ----- ----- ----- -----
Scandinavian Health Spa    100%  100%  100%  100%      100%
  Broadview Heights, Ohio

Colonial Manor             100%  100%  100%  100%      100%
  LaGrange, Illinois

K mart                     100%  100%  100%  100%      100%
  Chandler, Arizona

Eurofresh Market Plaza      95%   95%   89%   85%       77%
  Palatine, Illinois


                                     -10-



Year 2000 Issues

GENERAL
-------
Many computer operating  systems  and  software  applications were designed such
that the year 1999 is the  maximum  date  that  can be processed accurately.  In
conducting business, the Partnership  relies  on computers and operating systems
provided by equipment manufacturers, and  also on application software developed
internally  and,  to  a  limited  extent,  by  outside  software  vendors.   The
Partnership has assessed its  vulnerability  to  the so-called "Year-2000 Issue"
with respect to its equipment and computer systems.

STATE OF READINESS
------------------
The  Partnership  has  identified  the  following  three  areas  for "Year-2000"
compliance efforts:

Business  Computer  Systems:  The  majority  of  the  Partnership's  information
technology systems  were  developed  internally  and  include  accounting, lease
management, investment portfolio  tracking,  and  tax  return  preparation.  The
Partnership has rights to  the  source  code  for these applications and employs
programmers who are  knowledgeable  regarding  these  systems.    The process of
testing these internal  systems  to  determine  year  2000  compliance is nearly
complete.  The Partnership does  not  anticipate  any material costs relating to
its  business  computer  systems  regarding   year  2000  compliance  since  the
Partnership's  critical  hardware  and  software  systems  use  four  digits  to
represent the applicable year.  The  Partnership does use various computers, so-
called "PC's", that may run software  that  may not use four digits to represent
the applicable year.  The  Partnership  is  in  the  process  of  testing the PC
hardware and software to determine  year  2000  compliance, but it must be noted
that such PC's  are  incidental  to  the  Partnership's  critical  systems.  The
Partnership is considering independent testing of its critical systems.

Tenants and Suppliers: The Partnership  is  in the process of surveying tenants,
suppliers and other parties with whom  the Partnership does a significant amount
of business to identify the  Partnership's  potential exposure in the event such
parties are not year 2000  compliant  in  a  timely  manner.   At this time, the
Partnership is not aware of any party  that is anticipating a material Year 2000
compliance issue.  However, since this area involves some parties over which the
Partnership has no control, such  as  public utility companies, it is difficult,
at best, to judge the status of the outside companies' year 2000 compliance. The
Partnership is working closely with  all  suppliers  of goods and services in an
effort to minimize the impact of the failure of any supplier to become year 2000
compliant by December 31, 1999. The Partnership's investigations and assessments
of possible year 2000  issues  are  in  a  preliminary  stage, and currently the
Partnership is not aware of any  material  impact on its business, operations or
financial condition even if one or more  parties is not Year 2000 compliant in a
timely manner, due to the number  and nature of the Partnership's diverse tenant
base.








                                     -11-



Non-Information Technology Systems:  In  the  operation  of  its properties, the
Partnership  has   acquired   equipment   with   embedded   technology  such  as
microcontrollers,  which  operate  heating,  ventilation,  and  air conditioning
systems, fire alarms, security systems, telephones and other equipment utilizing
time-sensitive technology.  The Partnership is  in the process of evaluating its
potential exposure and costs if  such non-information technology systems are not
year 2000 compliant and expects to be able to complete its assessment during the
second quarter of 1999.

YEAR 2000 RISKS
---------------
The most reasonable likely worst case  scenario for the Partnership with respect
to the year 2000 non-compliance  of  its  business computer systems would be the
inability to access  information  which  could  result  in  the failure to issue
financial reports.   The  most  reasonable  likely  worst  case scenario for the
Partnership with respect  to  the  year  2000  non-compliance  of its tenants is
failure to receive rental  income  which  could  result in the Partnership being
unable to meet  cash  requirements  for  monthly  expenses.  The most reasonable
likely worst case scenario for  the  Partnership  with  respect to the year 2000
non-compliance of its suppliers  is  the  failure to supply necessary utilities;
including, but not limited to heating,  as  a result of a malfunctioning of non-
information technology systems in some of the Partnership's properties.

YEAR 2000 COSTS
---------------
The Partnership's General  Partner  and  its  Affiliates  estimate that costs to
achieve  year  2000  compliance   will   not   exceed  $100,000.  However,  only
approximately 1% of these costs will  be  directly  allocated to and paid by the
Partnership. The balance of the  year  2000 compliance costs, approximately 99%,
will be paid  by  the  General  Partner  and  its  Affiliates.   Total year 2000
compliance costs incurred through December 31, 1998 were approximately $5,000.

CONTINGENCY PLAN
----------------
The Partnership expects to be Year  2000  compliant in advance of the year 2000.
The Partnership will continue to  monitor  its  progress and state of readiness,
and is in the process  of  formulating  a contingency plan which the Partnership
will be prepared to adopt with respect to areas in which evidence arises that it
may not become Year 2000  compliant  in  sufficient  time.   With respect to its
tenants,  suppliers  and  other  parties  with  whom  the  Partnership  conducts
business, the Partnership does not  yet  have sufficient information to identify
the types of problems it may encounter  in the event these third parties are not
Year 2000 compliant.  As information  is obtained that may indicate such parties
may not become  Year  2000  compliant  in  sufficient  time,  the Partnership is
prepared to develop contingency plans, accordingly.












                                     -12-



                          PART II - Other Information

Items 1 through 5(b)  are  omitted  because  of  the absence of conditions under
which they are required.

Item 6.  Exhibits and Reports on Form 8-K

    (a)  Exhibits:

    (27) Financial Data Schedule

    (b)  Reports on Form 8-K:

         None











































                                     -13-



                                  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, thereunto duly authorized.



                            INLAND MONTHLY INCOME FUND II, L.P.
 
                            By:   Inland Real Estate Investment Corporation
                                  General Partner


                                  /S/ ROBERT D. PARKS

                            By:   Robert D. Parks
                                  Chairman
                            Date: May 13, 1999


                                  /S/ PATRICIA A. CHALLENGER

                            By:   Patricia A. Challenger
                                  Senior Vice President
                            Date: May 13, 1999


                                  /S/ KELLY TUCEK

                            By:   Kelly Tucek
                                  Principal Financial Officer and
                                  Principal Accounting Officer
                            Date: May 13, 1999





















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