The Tech Stack for Your Apartment Deal, by Deal Size

Most first-time sponsors need fewer tools than they think. Every apartment deal needs the same jobs done: a bank account in the deal's name, someone running the building, books, a way to pay investors and a way to keep them informed. What changes with deal size is how much of that you buy as software and how much your property manager already covers. This post gives a simple stack for three sizes of deal, built around quarterly distributions and quarterly updates, the usual rhythm for apartment syndications. If you are the sponsor, DoorRaise covers several of these jobs, so you buy less.

This post is part of our guide to real estate syndication. Vendor facts were read on each vendor's own site on October 25, 2026. We link each vendor's own pricing page instead of quoting prices, because prices and promotions change. Check them before you buy.

The six jobs, and who does each

If you are still deciding who manages the building, read choosing a property management company first. For the full cast of people on a deal, see who you need on your syndication team.

Which size is your deal?

These tiers are rules of thumb, not rules. Use them to find the closest fit.

What does DoorRaise handle in every tier?

You do not need a separate tool for any of these. They are the same on a small deal and a large one.

• LLC and EIN. DoorRaise forms the LLC and applies for the EIN. See forming the LLC.
• Offering documents and e-signing. Investors sign inside DoorRaise.
• Investor onboarding and accreditation checks. See accredited investor verification.
• Escrow. Escrow is Enterprise Bank & Trust, an FDIC-insured bank. Investors wire into escrow before closing, and DoorRaise tracks it. See syndication escrow.
• Investor portal, quarterly updates and statements. Each investor sees their own investment, documents and your updates. See investor updates.
• Distributions. DoorRaise works out each investor's share from the deal's terms and makes the list of payments. A person at the LLC sends them from the deal's Mercury account, and DoorRaise checks each one off.
• K-1 delivery. DoorRaise sends each investor their K-1. DoorRaise does not prepare K-1s: your deal's accountant does, or the optional Property Books & Taxes service with the partner CPA. See K-1s explained.

DoorRaise's fees are on the pricing page.

The bank account: Mercury for every tier

Recommendation: one business account for the deal's LLC at Mercury. DoorRaise connects to the LLC's Mercury account, so distributions go out without you typing each one. Each payment goes by ACH when that is free at Mercury, and by wire when it is not.

Why this works for all three sizes:

• Mercury lists ACH and domestic wires as free to send and receive, and no monthly fee on its basic plan. Mercury says so on its pricing page. That matters when you pay many investors every quarter. If a distribution goes by wire, an investor's own bank may charge to receive it, and that fee is the investor's.
• Nothing leaves without you. DoorRaise only reads the deal's account. A person at the LLC sends each payment in Mercury. DoorRaise never sends money.
• It reads transactions for the books. A read-only view of the account lets DoorRaise match payouts to each investor's ledger.
• Roles and permissions. Mercury lists preset and customizable roles and permissions, useful when a sponsor and a co-sponsor both touch the account.

You open the account in the LLC's name, and DoorRaise gives you the company documents Mercury asks for to download. You will need the LLC's EIN letter, filed Articles of Organization, operating agreement and your photo ID. Mercury says on its pricing page that it is a fintech company, not an FDIC-insured bank, and that banking services come through partner banks, so read how deposit insurance works before you rely on it. If your lender requires its own account or a lockbox, use that for loan-related funds and keep Mercury as the operating account. Ask the lender early.

Small deal: keep it light

Best for: about 5 to 40 units, a first deal, a small group of friends and followers.

Buildium publishes its plans on its pricing page, Yardi Breeze on its site, and QuickBooks Online on its own. Check each for current pricing.

Who needs payroll here? Almost nobody. Small buildings run on the manager's staff or contractors. If you employ nobody, you need no payroll tool. See the payroll section below if that changes.

Mid-size deal: let the manager's software carry the load

Best for: about 40 to 150 units, a growing investor group.

How to choose among the software options: AppFolio says it serves multifamily, single-family, student housing and more, and lists per-unit plans with a unit minimum on its pricing page. Rent Manager says it fits "a single community or thousands of properties"; check its site for pricing. Buildium and Yardi Breeze point to their own pricing, as above. In practice, your manager's choice decides it. Ask which system they run and whether it can send the monthly reports in the quarterly cycle below on a schedule. A manager that can saves you a task every month.

Larger deal: build for staff, scale and an audit trail

Best for: 150 units or more, many investors, on-site staff.

On a larger deal, ask your manager for a management agreement and a monthly report package in writing, and make sure someone besides the manager reviews the bank statement each month. More money moving means more to check.

Payroll: when you need it, and what to use

Ask one question: who is the employer?

• The manager is the employer. Common. Staff are on the manager's payroll, and the cost passes to the property as an expense. You need no payroll tool.
• The LLC is the employer. Less common for sponsors who use a management company. Then you need payroll for the LLC.

If the LLC is the employer, Mercury Payroll is one option to look at, since it sits in the same Mercury account. Mercury describes it as payroll built into your Mercury account that pays W-2 employees and U.S. contractors in all 50 states, and files and pays federal and state payroll taxes for you. It needs a Mercury account, an EIN and an authorized company signatory. See Mercury's payroll page for current pricing. A standalone payroll service such as Gusto is another route. Compare both, and ask your insurance agent about workers' compensation, since the LLC would carry it.

The quarterly cycle: how it all fits together

Quarterly is the usual rhythm for apartment deals, and the stack above is built for it. Your operating agreement sets the exact schedule. A simple version:

1. Every month: your property manager sends the monthly property reports (general ledger, bank report, rent roll and owner statement). DoorRaise gives the manager a setup guide to send them on a schedule.
2. Monthly: the books are updated. Property Books & Taxes does this with the partner CPA, or your accountant does.
3. After each quarter closes: you review three months of figures, set reserves and decide what cash is available.
4. Distribution: you propose the amount in DoorRaise. DoorRaise works out every investor's share under the waterfall and lists a payment for each, by ACH when that is free at Mercury and by wire when it is not. A person at the LLC sends them in Mercury. See how to pay distributions.
5. Quarterly update: you send investors one update with the numbers and the plan. DoorRaise emails it and keeps it in the portal.
6. Once a year: your accountant prepares the tax return and K-1s, and DoorRaise delivers each investor's K-1. See K-1 timing.

Distributions come only from cash left after expenses, loan payments, fees and reserves, and a quarter with no spare cash means no payment. Say that to investors up front.

Property Books & Taxes and your software

Property Books & Taxes is optional. It is the deal's bookkeeping, partnership tax return and every investor's K-1, done with DoorRaise's partner CPA, for one monthly price per property. You see the price for your deal on your dashboard. The price is lower when your property management or accounting software is connected, such as AppFolio, Buildium or QuickBooks Online, because the books are read straight from it. Your own accountant is a fine alternative. Either way, DoorRaise delivers the K-1s. Learn more on the property books page.

What you probably do not need

• A separate investor portal. DoorRaise's portal is included in its fees.
• A separate e-signature tool for the offering. Investors sign in DoorRaise.
• Payroll software when the manager is the employer.
• A second property management system. Keep one system of record for the building.
• Spreadsheets as the only record of who is owed what. Use the ledger.

Frequently asked questions

Do I have to use Mercury?

DoorRaise's distribution payments are built around Mercury. Ask us at support@doorraise.com if you need a different bank.

Which property management software is best for a first deal?

The one your property manager already runs well. If you self-manage a small building, compare Buildium and Yardi Breeze, and check each one's current pricing.

Do I need an accountant if I use QuickBooks Online?

Yes. Someone has to prepare the partnership return and the K-1s. That is your accountant or the optional Property Books & Taxes service.

Are distributions really quarterly?

Quarterly is the usual rhythm for apartment deals, and your operating agreement sets the schedule. Distributions are not guaranteed.

Does DoorRaise prepare K-1s?

No. Your deal's accountant prepares them, and DoorRaise delivers each one to the investor.

Who is the employer of on-site staff?

Usually the property manager. If your LLC is the employer, you need payroll for the LLC.

Start free

Ready to set up your first deal? Start free and DoorRaise takes you through the LLC, documents, escrow and the investor portal. See how it works and pricing.

Sources

• Mercury: pricing
• Mercury: payroll
• AppFolio: pricing
• Buildium: pricing
• Rent Manager
• Yardi Breeze
• QuickBooks Online
• Gusto
• IRS: Instructions for Schedule K-1 (Form 1065)

This article is general information, not legal or tax advice. Talk to a securities attorney and a CPA about your deal. Vendor information comes from each vendor's own site as of October 25, 2026 and may change. DoorRaise is not a law firm, broker-dealer, investment adviser or funding portal.