In that way, they appreciate everything being turnkey, with no need to buy linens, kitchen ware, and furniture nor set up utilities.

My thoughts on inheriting bricks and sticks are a tad contrarian:  Do your children want to be in this business? 

Additionally, house hacking isn’t an option as I have 3 young children. 

Hell, my family came to town to visit and I bought furniture and they all stayed there before it was mine :-)

I am weary of trading my time for money and wish to be more present for my children while building generational wealth.

It's also good for insurance and legal reasons, because you will need to indicate every adult and all persons, as well as details (like children, pets, etc.), on the lease.  

“Usually” you’d be lucky to get your furniture costs back. 

I have an attorney in Illinois (Sottile and Barile) who we use that might be able to provide some assistance on this as it could get complex in regards to the situation - especially if any of the current deed holders have children involved.

My mother used the program after an unforeseen divorce, which left her penniless with 4 children.

They're like children that provoke for attention.