You have 3 children and one just left for college.

My primary goal (whether it's a sound path or not) is to help my adult children build wealth along with us.

investment property that your children "rent" from you. 

Only if your rents increase faster than inflation will you have the additional dollars needed to pay future inflated prices.The income must be sufficient to replace your current income; you will need to buy multiple properties (scale).The rental income must last throughout your lifetime and into your children's lifetime.The income must be reliable.

I help some OOS investors who invest here and typically they have children living here attending college who live in the property.

I'm also in Chattanooga and have been eyeing a lot next to me that I'd like to do this with, but the owner is elderly, and her children just won't sell it, even though they have to drive from Cleveland to mow it. 

They put 20% down, so a $40k-ish investment will have grown to $150k in equity in under 10 years, all while the monthly rents cover most or all of the monthly operating expenses.

I invested in a six bedroom property a year ago, and am using it as a sober/structured living home for single mothers and their children. 

& on the 1st day God said "Rent's Due My Children....." or something like that.

Here in Maine, it routinely gets deep into the negative temperatures in winter, so lack of power/heat/hot water can quickly become a health and safety issue, especially if there are small children/elderly or those with health issues in the building.