Some landlords use LLCs to limit their liability and you can find dozens of discussions on that topic on this site.

Underground storage tanks and such are a significant liability in the USA, so may also be an important issue in Canada.

I am just trying to mitigate any possible liabilities.

If one of the workers got injured could they sue me, and if so would general rental liability insurance cover this?

I wish to establish an entity to limit my liability as a lender.

These I would handle as it's too high of an expense and liability issue to expect a tenant to handle.If it's a MFR then yes I would say you are correct in handling all of those items yourself.

As investors, I am sure most of us try to minimize our tax liability and increase our profits.

If so I presume its in your name and not a LLC/S-Corp, I assume you cant' justify/afford a $1M liability umbrella policy with the proceeds from this if you get sued.+ Are you managing it?

Second, I have no major personal liabilities.

What drove it down is that when the out of state investors and banks that were evaluating their profit/loss sheets looked at a 50k liability in South Bend as opposed to a 300k liability in Chicago - they felt more comfortable "losing" the 50k liability in South Bend and focusing on saving what they could in Chicago.