This paper describes the development of the Integrated Online-Team-Based Learning (IO-TBL) model and details students' perceptions of IO-TBL using the Community of Inquiry framework. IO-TBL is an online team-based learning course design that combines the flexibility of asynchronous engagement with the connectedness offered through synchronous meetings. Student comments from small group instructional feedback sessions and end-of-course teaching evaluations were grouped into clusters of similar statements about what was going well and suggestions for improvement, which were then assigned to one of the three presences of the Community of Inquiry framework. While students most commonly identified increased learning, synchronous meetings, teamwork, and the instructor as going well in the course, students found IO-TBL to impose a heavy workload and require a significant amount of time. Clusters were most often related to teaching presence, followed by social presence, and then cognitive presence.