You will need to make sure that you take safety precautions for the kids and get additional liability insurance to protect yourself.

As a precaution, I contacted my neighbors to get feedback since I live out of town. 

Is the wiring ok because 1850's wiring (cloth/knob and tube) may not even be legal.Roof is easier but I would take some serious precaution.

My advice would be to take the same precautions with a turnkey investment as you would any other investment you are going to make.  

The preliminary numbers look as follows:Purchase Price: $260,000Rehab Cost: $60,000ARV: $440,000 (conservaive estimate)Now before I sign the assignment contract with my partner I wanted to get some advice as to what precautions to take to vet the wholesaler.

OK so there ARE legal precautions to this.Why cant something just be simple for once.

If there is a tenant, ask them for entry and tell them you it is your policy to rekey the locks when you buy a new property, just as a precaution. 

I did forget to mention adding trip insurance as an additional precaution when moving mobile homes.

While there are any number of precautions to take when investing in TK, I believe the risks can be minimized working with the right teams and doing the needed due diligence.

@mark Brogan thanks well since there seems to be a bit controversial makes me want to take the extra precautions by doing my due diligence  and consulting with an attorney.