How to Syndicate an Apartment Deal in Wisconsin

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What is the Wisconsin Rule 506 notice filing?
How do you form the deal LLC in Wisconsin?
What Wisconsin landlord and tenant rules should a sponsor know?
What does Wisconsin charge when an apartment building sells?
How does Wisconsin property tax work for an apartment building?
Does Wisconsin tax the deal LLC or its investors?
How DoorRaise fits in
FAQ

To syndicate an apartment deal in Wisconsin, you form the deal LLC (or register an outside LLC with the Wisconsin Department of Financial Institutions), raise under Rule 506(b) or 506(c), and file a Form D notice with a $200 fee through NASAA's EFD within 15 days of your first Wisconsin sale; after 15 days DoorRaise's state data lists a $200 late fee. Wisconsin's tenant rules are detailed and strictly enforced through the state's consumer protection code, ATCP 134, so the lease and move-out process matter more than in many states.

This is the Wisconsin version of our general syndication guide. It covers what changes when the building, the investors or both are in Wisconsin. It is general information, not legal advice.

What is the Wisconsin Rule 506 notice filing?

Wisconsin 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 Division of Securities of the Wisconsin Department of Financial Institutions (DFI). DoorRaise's state data, from NASAA's fee schedule, lists the fee as $200 and a $200 late fee if the notice comes more than 15 days after the first sale in the state. 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 Wisconsin?

A Wisconsin LLC is formed by filing Articles of Organization with the DFI; the published online fee is $130. Each year the LLC files an annual report, with a $25 fee online, in the quarter of its formation anniversary. An LLC formed elsewhere that will own Wisconsin property applies for a certificate of registration as a foreign LLC. Confirm fees on the DFI's site before you file. See forming an LLC for a syndication and keeping the LLC in good standing.

Wisconsin's landlord and tenant law is in Chapter 704 of the statutes and the administrative code ATCP 134. A landlord must return the security deposit, or send a written statement of what was withheld and why, within 21 days after the tenant moves out. ATCP 134 lists lease terms that make a lease void, such as a clause that lets the landlord recover attorney fees from the tenant, and it requires a check-in sheet and specific disclosures. For unpaid rent, the notice period depends on the lease: 5 days to pay or move for most month to month tenancies and leases of a year or less, and 30 days for leases longer than a year (Wis. Stat. 704.17(3)(a)). State law (Wis. Stat. 66.1015) bars local rent control. Your property manager should use a Wisconsin lease reviewed against ATCP 134.

What does Wisconsin charge when an apartment building sells?

Wisconsin charges a real estate transfer fee of $3 per $1,000 of value, usually paid by the seller, and the buyer files an electronic real estate transfer return. Confirm who pays in the purchase contract and put any share you owe in sources and uses.

How does Wisconsin property tax work for an apartment building?

Each Wisconsin municipality has its own assessor, and many update values often to stay near market; the state equalizes values across municipalities for school and county taxes. A sale price is strong evidence of value, so expect the assessment to move toward it. Owners can object to the local board of review in a short window after assessment notices go out. Underwrite taxes from your purchase price and the local rate, not the seller's bill. See property tax reassessment in apartment underwriting.

Does Wisconsin tax the deal LLC or its investors?

Wisconsin taxes income earned in the state, and a partnership may have to withhold for nonresident partners 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 Wisconsin Rule 506 notice fee?

$200, per NASAA's fee schedule. EFD shows the final amount before you pay.

Is there a Wisconsin late fee?

DoorRaise's data lists a $200 late fee if the notice comes more than 15 days after the first Wisconsin sale.

How long does a Wisconsin landlord have to return a deposit?

21 days after the tenant moves out.

What is the Wisconsin transfer fee?

$3 per $1,000 of value.

Sources

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.