How to Syndicate an Apartment Deal in Idaho: A Sponsor Guide
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To syndicate an apartment deal in Idaho, you form the deal LLC (or register an outside LLC with the Idaho Secretary of State), raise under Rule 506(b) or 506(c), and file a Form D notice with a $50 fee through NASAA's EFD, one of the lowest state fees. The detail that changes underwriting in Idaho is that sale prices are not public record: Idaho is a nondisclosure state, so comparable sales come from brokers, appraisers and data services rather than the county.
This is the Idaho version of our general syndication guide. It covers what changes when the building, the investors or both are in Idaho. It is general information, not legal advice.
What is the Idaho Rule 506 notice filing?
Idaho treats Rule 506 interests as federal covered securities and asks for a notice: a copy of the SEC Form D and the fee, filed through the NASAA Electronic Filing Depository (EFD) for the Securities Bureau of the Idaho Department of Finance. DoorRaise's state data, from NASAA's fee schedule, lists the fee as $50. File within 15 days of the first sale to an Idaho investor. EFD shows the exact amount before you pay, and that amount wins. See blue sky notice filings and blue sky fees by state.
How do you form the deal LLC in Idaho?
An Idaho LLC is formed by filing a Certificate of Organization with the Idaho Secretary of State; the published online fee is $100. Each year the LLC files an annual report, which has no fee if filed on time, in its anniversary month. An LLC formed elsewhere that will own Idaho property registers as a foreign LLC. Confirm fees with the Secretary of State before you file. See forming an LLC for a syndication and keeping the LLC in good standing.
What Idaho landlord and tenant rules should a sponsor know?
Idaho's landlord and tenant law is in Idaho Code Title 6, Chapter 3. A landlord must return the deposit, with a written list of deductions, within 21 days after the tenant leaves, or up to 30 days if the lease says so (6-321). For unpaid rent, a landlord gives a 3 day written notice to pay or leave before filing an eviction, and Idaho's eviction process for nonpayment moves quickly. Idaho law also prevents cities and counties from adopting rent control. Your property manager should use Idaho forms.
How does Idaho property tax work for an apartment building?
County assessors value property at market value every year. The homeowner's exemption applies only to owner-occupied homes, so it does not help an apartment building. Because sale prices are not public, the assessor may ask for the buyer's price on a sales questionnaire, and owners can appeal to the county board of equalization. Underwrite taxes from your purchase price and the local levy. See property tax reassessment in apartment underwriting and sales comps and exit value.
Does Idaho tax the deal LLC or its investors?
Idaho has a flat income tax and taxes income earned in the state, and a pass through entity may have to withhold for nonresident owners or file a composite return. Idaho has no real estate transfer tax. Ask your CPA early; the investor side is in state tax returns for nonresident syndication investors.
How DoorRaise fits in
DoorRaise helps sponsors raise equity for apartment buildings from their friends and followers under Rule 506(b) or 506(c), and verifies that every investor is accredited before they sign. Investors fund by wire into the deal's escrow account at Enterprise Bank & Trust. By default DoorRaise files the notice in the property's state; on new deals, the first investor from another state pays that state's filing fee by card when they sign, later investors from that state pay nothing, and the sponsor never fronts it. Sponsors pay a $1,500 setup fee (non-refundable) and a flat $5,000 a year administration fee; see pricing or how it works.
FAQ
How much is the Idaho Rule 506 notice fee?
$50, per NASAA's fee schedule. EFD shows the final amount before you pay.
Does an Idaho LLC pay a yearly fee?
No. The annual report is free if filed on time.
Are Idaho sale prices public?
No. Idaho is a nondisclosure state, so use a broker or appraiser for comparable sales.
Does Idaho have a transfer tax?
No.
Sources
- Idaho Department of Finance: securities
- NASAA: Form D fee schedule
- Idaho Secretary of State: business
- Idaho Code Title 6, Chapter 3
- Idaho State Tax Commission: property tax
This article is general information as of November 2026, not legal, tax or investment advice. State laws and fees change: confirm with the state agency and your own attorney before you file. DoorRaise is not a law firm, broker-dealer, investment adviser or funding portal.