@Elias French As long as you don't take money out of your 401k or convert anything between traditional and Roth accounts, then it is my understanding you will not trigger a taxable event since you are only moving money around rather than withdrawing.  

This is similar to the tactic realtors will often use when baking fresh cookies for an open house: it triggers a sense of “home” that helps buyers “see” themselves in the house.

@Jeff Zimmerman, thank you :) really want to pull the trigger on my first deal already...I took a peak at some listings in Fresno and the area really looks a lot more friendly for my wallet!

@Jay HinrichsThat was exactly my thinking...thanks for the nudge...I will probably pull the trigger.

But again, if I found a 30k property where the numbers made sense and it was in a solid neighborhood that I had a good understanding of, you'd better believe I'm pulling the trigger because that could be a steal!

Just about anybody out there is going to want to see the units at least once before deciding to pull the trigger.

*These are just a few examples; of course, there are outliers and/or exceptions to every rule.So once I find a good prospect the very first thing I check is the court docket (the foreclosure case) check for any last-minute filings that will trigger a cancelation such as bankruptcy filings or motions to cancel the sale, if any of these are found I STOP and move on to my next “prospect”.

Getting real close to pulling the trigger on my first investment property.

I have a time line that triggers actions explicitly stated in my leases.Rent due on the 1st.Rent not credited to my account or check not received by 5pm EST on the 4th will trigger a late fee. 

A sale can also trigger a reassessment so don't necessarily take the current assessed value as your basis.https://maps.cookcountyil.gov/cookviewer/https://www.cookcountyassessor.com/Search/Property-Owner-Search.aspxHope this helps anyone trying to wrap their head around Chicago taxes.