How to Syndicate an Apartment Deal in Indiana: A Sponsor Guide
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To syndicate an apartment deal in Indiana, you form the deal LLC (or register an outside LLC with the Indiana Secretary of State), raise under Rule 506(b) or 506(c), and file a Form D notice for Indiana through NASAA's EFD; DoorRaise's state data, from NASAA's fee schedule, lists no Indiana fee. Indiana's most useful feature for apartment investors is on the tax side: property tax on rental housing is capped at 2% of gross assessed value under the state's circuit breaker.
This is the Indiana version of our general syndication guide. It covers what changes when the building, the investors or both are in Indiana. It is general information, not legal advice.
What is the Indiana Rule 506 notice filing?
Indiana treats Rule 506 interests as federal covered securities and asks for a notice: a copy of the SEC Form D, filed through the NASAA Electronic Filing Depository (EFD) for the Indiana Securities Division, which sits in the Secretary of State's office. DoorRaise's state data, from NASAA's fee schedule, lists the Indiana fee as $0. A notice with no fee is still a notice, so file it within the usual 15 days of the first sale to an Indiana investor. EFD shows the exact amount before you submit, and that amount wins. See blue sky notice filings and blue sky fees by state for every state.
How do you form the deal LLC in Indiana?
An Indiana LLC is formed by filing Articles of Organization with the Indiana Secretary of State, usually online through INBiz; the published online fee is $95. Every two years the LLC files a business entity report to stay in good standing. An LLC formed in another state that will own Indiana property registers with the Secretary of State as a foreign LLC. Check the current fee schedule on INBiz before you file. See forming an LLC for a syndication and foreign qualification in the property state.
What Indiana landlord and tenant rules should a sponsor know?
Indiana's residential landlord and tenant law is in Indiana Code Title 32, Article 31. The landlord must return the security deposit, with an itemized list of any damages, within 45 days after the lease ends and the tenant gives a forwarding address (IC 32-31-3). For unpaid rent, a landlord gives a written notice of at least 10 days before ending the tenancy (IC 32-31-1-6). Indiana law preempts local rent control, so cities cannot cap rents. Your property manager should use an Indiana lease form and follow the state's eviction steps exactly; a mistake usually means starting over.
How does Indiana property tax work for an apartment building?
Indiana assesses property at market value in use and updates values every year through trending, with a cyclical reassessment every four years. The key number is the circuit breaker in the Indiana Constitution and IC 6-1.1-20.6: the tax bill on residential rental property, which includes apartment buildings, cannot exceed 2% of its gross assessed value. In many places the local rate is already near the cap, so a purchase that lifts the assessment lifts the bill, but only up to that ceiling. Underwrite taxes as 2% of the value you expect the assessor to use after your purchase, not the seller's bill. See property tax reassessment in apartment underwriting and appealing property tax on an apartment building.
Does Indiana tax the deal LLC or its investors?
Indiana taxes income earned in the state, and a pass through entity may have to withhold for nonresident owners or file a composite return. 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 Indiana Rule 506 notice fee?
DoorRaise's state data, from NASAA's fee schedule, lists $0. EFD shows the final amount before you submit.
Do I still have to file in Indiana if there is no fee?
Yes. The notice is still expected within 15 days of the first Indiana sale.
How often does an Indiana LLC file a report?
Every two years, through INBiz.
What caps property tax on Indiana apartments?
The circuit breaker: 2% of gross assessed value for residential rental property, including apartment buildings.
Sources
- Indiana Securities Division
- NASAA: Form D fee schedule
- Indiana INBiz: business filings
- Indiana Code, Title 32, Article 31
- Indiana Department of Local Government Finance: circuit breaker credits
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.