This way you could defer the tax and have access to 100% of the equity to put down on a larger investment. 

I am reaching out for guidance if this will create any tax consequences for the current year?

Another kicker is to create a Tax Exempt account (if eligible).

Reserve at least 10% of your take-home pay for investing.

Is your DSCR ratio greater than 1-meaning are you cash flowing (according to the lender's criteria of mortgage, property taxes and insurance (and HOA) if applicable).

Know this - kickbacks and other forms of paying for referrals is illegal for lenders, but many realtors and lenders skirt this in gray areas like a lender sharing marketing costs with realtors and in other ways.

However (and this is a big however), if the laws are still the same from when I used to live in NY then you might have a "transfer tax" to pay. 

I put 20% of pay into 401k and have a couple payments totaling around $1000.

There is an $80,000 assignment fee so we ended up paying a bit more but our only down payment towards the building looks to be 30k.

This can be an extremely time-consuming and frustrating process but needs to get done.Borrower Calls – Once the servicer finds your borrower, they’ll make scheduled collection calls notating what transpired and what actions need to be taken.Collection Letters – A variety of collection letters are mailed out based on the delinquency of the borrower.Borrower Statements – Print and mail out monthly borrower statements.Incoming Funds from Borrowers– Any incoming funds from the borrowers will be received, recorded, and distributed to the investor, less the servicer’s fees.Year-End Tax Information – At the end of the year, the servicing company will print out all eligible borrowers who have made interest payments greater than $600.