Looking to transfer a property from parents to children.

@Jessica Freese , Lucky you, this actually can be very beneficial for your taxes.1) If you husband makes less than roughly 100k,  the loss from rental can offset 25k of husbands' W-2 Income.2) Even if he makes more than 100k, Since you dont have a W-2 Job, with careful planning, you can qualify for RE professional status, that will help you use the entire loss from rentals against husbands' W-2 Income 3) You can convert some of your personal expenses into business expenses with the home office deductions, transportation expense ( mileage, depreciating computers, furniture, and other assets used for the rentals, and few more. 4) You can hire your kids and funnel money within the house if planned carefully. 

Things like:- limits of Liability of $1,000,000 per occurance- additional liability limits in an Umbrella policy- having them name you as an Additional Insured and requiring 30 day notice of cancellation- requiring that they hold you harmless and indemnify you if there is a claim- making their policy PrimaryThere are a lot of other things that can be required and what you ask form will depend on what is available, cost, and how it will impact getting a tenant.Talk to your Agent about what protections (alarm, fire doors, extinguishers, etc.) you need to have in place as a landlord for a business with children there all day.  

I have a tenant (2 adults, 2 children, 1 dog and 1 car).

You've already chose one so we can't help you there.Some generic recommendations:You run the risk of the tenant ruining your home, as well as all your furniture.

I am trying my best to support my amazing wife and two beautiful children.

especially with regards to Real Estate...Maybe If i was having a garage sale or selling some baby furniture, but that's it!

Which is funny because when we signed the termination last week, he came out of the house without his hazmat suit and the neighbor also told me he was in the house all day without the suit moving furniture into the detached garage. 

Hoarding cash serves no purpose till you die and your children squander it away.

To top it off we have 5 children with the youngest 2 being adopted.