Selling a house that is in the name of my LLC

[Elizabeth Woolf]

I have a house that I've been renting for the past few years and I plan to sell it to buy something closer to where I live now. I used to live in it so when I started renting it, I did a quit claim deed from my name to the LLC. What implications does this have if I sell it as the LLC? Will I have to use all of the profits for business purposes? I plan to do a 1031 exchange to buy a cheaper house and I was hoping to keep the rest of the profits for personal use (probably a 50/50 split). Are there any potential problems with this?