I'm really excited to be apart of such a knowledgeable community and look forward to contributing in any way I can. 

Child would like to buy the house, potentially for below market value, retain the original real estate tax basis and then parents would like to use the proceeds from sale to complete a 1031 in order to defer capital gains.I can see a few potential issues:Does the fact that parents converted it to a rental from primary residence cause a problemIs a purchase below FMV possible or are there 1031 ramificationsIf below FMV a bad idea, could some sort of non-interest bearing note be structured between the parties to make up gap between proceeds and FMVCan 1031 exchange property they identify be contributed into an LLC after closing for asset protectionAny advice on the structure outlined above, or other ways to transfer real estate from parent to child (while parents still living) would be greatly appreciated.

@Sam Shueh There are a number of economic tailwinds in SE Wisconsin that have contributed to the recent rise in prices so I don't think the area is solely reliant on Foxconn to continue to grow. 

I have a situation today where the buyer/borrower is limited on funds to close, so he has the option of paying a higher interest rate to get a Lender Rebate to pay for some of his closing costs and prepaid costs.or He could also ask the buyer agent (who I don't know) to contribute with Realtor Rebate.

Retirement accounts can only receive contributions from earned income. 

@Brent Coombs I made the mistake of using the cashflow to pay off principal on the mortgages and maximizing all Roth IRA and TSP contributions each year.  

I have done some research into top expanding and emerging markets from PW/ULL and over the past few years Columbus has been continually growing and a hub for new migration among recent graduates and young professionals, which has contributed to my goal of working in the multifamily sector of the commercial real estate market. 

And the other reason for keeping it in your name is financing as LLC financing can be either more expensive or tricky if your LLC is unseasoned.A better answer might be to sell as yourself, buy as yourself, and then contribute into the new LLC. 

You can do that with self-directed IRA, or better with truly self-directed Solo 401k plan, which has significantly higher contribution capacity (get the max tax break now), does not require a custodian and offers you checkbook control over your account (just some of the benefits). 

If your partner is going to be contributing $65k cash, are you also going to be contributing cash such that you are equal 50/50 partners?