Also, for economic purposes, by placing home in LLC (a business), children will be elgible for more college financial aid since the business assets for a closely held company with few employees are exempt/not counted under federal financial aid laws but are counted when it is our personal name.  

Another option is paymore than asking and do some fancy paperwork with owner.Get a personal or home equity loan and don't mention you will use money for this deal.

Feel free to reach out if you want to talk real estate in person sometime.

Michael is right, the best way is to find a lawyer, especially if it's your first time eviction.And my personal advice to you is to gather more info about tenants next time you decide to rent out house.

The biggest complaints about property managers is the lack of communication and personal service.

Welcome @Whitney Zelee..One of the first things i did when i started investing 2 years ago was getting the real estate license and that definitely helped me, especially with learning the market.Don't forget to join a local REIA.I personally like the Black Diamond networking event in Waltham. 

I've been pondering on withdrawing the money and using the funds towards updating my personal residence in preparation for renting it out.

I personally don't seperate my properties under different LLC's 

Personally in that market, I would say that a vacation rental should be in Class A shape for that market (Aspen).

PPS: I have been "studying" REI for some time now through BP and in person at the SJREI meetings.