I want to set my two preteen children up so they will be able to choose to go off on their own and join in the real estate game. 

It is often used to replace your salary for a spouse or to pay for your children expenses until they are old enough to work.Another kind of insurance is permanent life insurance (the most common today are Whole Life and Index Universal Life).

Could I list the properties that my children own as homes and purchase from them, if it came down to not having enough listed properties actually close? 

That being said I try not to rent to families with children under 5 if they are looking at one of my homes with a pool.

HUGE issue with families with children visiting my home.

The original owner passed away unexpectedly ~1 year ago and their children inherited the property.

For example you need a larger house because you suddenly took on three adopted children and existing house is too small, then you show the adoption papers.

Declining an applicant because of family status or number of children may be challenged as discrimination, unless you have a valid reason (e.g. more people per bedroom than the code allows).

When you have children, you will be paying a hefty price for child care and for their activities, especially in the bay area. 

You cannot buy from yourself or any disqualified parties (your parents, your spouse, your children), nor can you let any of those people live in the property.