How to allow kids to gradually purchase equity in house

[Robert Hansen]

I just bought a rental property for 84k and I would like to use it as a tool to teach my children (8 yr and 6 yr) about real-estate investing.  My goals in doing this are:

- Teach them the habit of investing a part of their earned money (I'll make it so 33% of their allowance goes to the properties equity)

- Once they become age of maturity allow them to do what they want with their equity 
     -sell their equity at appraisal value back to me or one of the entities that I control,
     -keep investing in subject property incrementally,
     -become manager of the property as a job

- Award them with equity at milestones in their lives, like graduating, starting their first job, etc.

I am wondering the best way to structure this deal so that it is legal and doesn't allow me to 'steal' or 'misappropriate' the equity or money of my children.  There is no scenario where I would do this, but I do want it to be done in a way that is binding.

My original thought is to create an LP or LLC with my kids as limited partners and myself as the general partner. I would have 100% of the property equity represented by 84,000 units/shares (the original cost of the house). Each unit will be worth $1 initially and probably forever. I'll allow them to buy the units/shares by directing a portion of their money into a separate bank account dedicated solely to the contributions of the children and to the net profits of the asset.

Since the purchase of shares will be done frequently and in small amounts I think I would need to structure the subscription agreement in a way that would allow it to be either dynamic or updated frequently.  If not on a continual basis then I would be thinking either monthly, quarterly, or annually.

A few questions about doing this, 1) will I need to quit claim the deed on the house to the name of the LP? 2) Does anyone have any suggestions that I haven't thought of? 3) Are there any pitfalls that I haven't thought of?

Thanks in advance for any type of input