We are about 2 years away from pulling the trigger on something.

Will review more before pulling the trigger.  

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? 

@Ryan Rabbitt Did you end up pulling the trigger? 

After 20+ years in real estate partnerships, here's what actually puts you on the IRS radar (and what doesn't):
REAL Red Flags That Matter:
The Partner Complaint Trigger
Disgruntled partner files Form 8082K-1 dispu...

I finally pulled the trigger on my very first deal.

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.

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. 

@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.