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 19, 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)





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Item 2.01  Acquisition or Disposition of Assets

On May 19, 2005, the Partnership sold one of its assets, the 84,000 square foot commercial/retail building, located at Arizona Road and Warner Road, in Chandler, Arizona. The property was sold to Ethan Christopher, LLC, an unaffiliated third party, for $2,875,000, on an all cash basis.  The property had a basis of approximately $2,723,000, resulting in a gain of approximately $76,000, net of closing costs.  Net sales proceeds of approximately $2,695,000 will be distributed to the Limited Partners.



Item 9.01  Financial Statements and Exhibits

1. Financial Statements.  Not Applicable
2. 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
|------------------ | ------------------------------------------ | -------------------------------------
|Rental Income      | $               -                          | $               -                    
|Operating Expenses | 34,927                                     | 194,622                              
|Impairment loss    | -                                          | 587,000                              
|Depreciation       | 13,540                                     | 93,957                               
|Net loss           | (48,467)                                   | (875,579)                            

| | 
| | 

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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 23, 2005