Specifically NYC has seen a drop in fire related deaths, Baltimore has seen a drop in child lead poisoning cases. 

Instead of buying one for ourselves and our first child, we are looking at purchasing a house in Eugene near the college and renting out rooms to students. 

If you research parent/child listing on a STR you should find some info, I know YouTube has a couple videos about it.

Wife dies, adult child defaults, we track husband down and he sells his share to us.

Buy one property per child, you can do this every 6 months and let them inherit it and pass it on to their kids and generations to come.

We do have a child now, so renovating where we live will be way more challenging / probably not something I would be willing to do with all the filth that comes with rehabbing a home.

How can your child buy as an owner occupant and pay rent?

If they are both good tenants in the sense of keeping the property in order, you might want to just choose the one with the higher income and lower debt (this is will be difficult as who knows how much alimony and child support will be etc).If they're both relatively equal in income/debt and maintaining the property...I would avoid picking sides and figure out a way to make them come to an agreement.

Otherwise, you could have one for each spouse and child. 

Similar to sex offender registries, we need child registries that details their bad behavior.