How much below market value would a sale have to be for it to trigger a gift tax and if so what is the rate on that? 

Will review more before pulling the trigger.  

@Ryan Rabbitt Did you end up pulling the trigger? 

I finally pulled the trigger on my very first deal.

Last month, I pulled the trigger on getting my first real estate property ever and decided to go with a 4 bed, 2 bath new construction to limit all the variables involved since I am still in college.

I have looked at getting involved in real estate for years but never pulled the trigger for one reason or another. 

California is one of the states that will hound you for the proof your 1031 is still valid, only a California expert could say if converting it to your primary would trigger that tax.

@Jillian Alonge A HELOC provides quick access to equity for your next property but transferring the property to an LLC via quitclaim deed may trigger the due-on-sale clause—check with your lender.

This can help avoid triggering the due-on-sale clause.Disclosures & Compliance – Illinois has strong consumer protection laws.

Of course this all depends on YOU setting the base rate and all the knobs and triggers most appropriately.