You'll always have some repairs with Tenant Changeover, in addition to leasing Costs, Vacancies, etc. 

I have little experience outside of owning my own home and the education I received in school.

An additional benefit seems to be the ability to pay my kids out of the LLC so that they'd also have some earned income in order to start contributing to their own retirement accounts. 

As you are aware, the long standing tenant can get a lawyer and assistance from the housing rights advocacy agency.Which could cost you court fees, relocation and additional FREE rental occupancy for the tenant ( judges do this a lot). 

The IRA is simply receiving interest on the loan and maybe points.  

The end goal is to have a substantial amount of passive income as well as build equity, to have additional security for my family in case something were to ever happen to myself or my job.  

It shouldn't take more than 30 days, really depends on how quickly they process the application and the title work to be received. 

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The seller's agent has been receiving non-stop calls for this property with offers $20K+ then my own, and have been doing my research on the area --- so I know there is great potential here.

I want to make sure the tenants get their deposits back in addition to a sum to leave the property in 30 days.