If the kids aren't using the rifle then I wouldn't be too concerned. as long as you are exercising safety properly and retaining complete control of the rifle.
Once you have fired the .22, remove the mag and unload the live round if you think it will make it safer. If you treat the rifle correctly and safely then it is no more dangerous than a bolt action.
Once you have the kids firing it then yes single round through the mag, perhaps a couple of mags to swap over.
My suggestion would be head out to Kelly Country, and pick up a cheap second hand bolt action or single shot for the kids to use.
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