I've even thought of buying a rental house to offer to a full time employee to move to this area but I'm not sure if that would just create more headaches in the long run) Employer responsibilities; payroll taxes, administration and audits.

I believe the fine in Ohio is $1,000 per violation and I can assure you they audit the PM offices regularly.If you want to handle money for others, you need to know about trust accounting and how to avoid commingling funds.

I bet the IRS would love to audit someone like that.. :)

We had the same audit & after the building inspector, our commercial architect, fire chief etc finished I had to design, install a fire sprinkler system, complete with 24/7 first responder monitoring . 

For my local rental house I have hard copies of all receipts in case CRA ever audits me.Is this PM ledger sufficient enough for CRA?

However there is an AGM and the financials are independently audited.

I'm one of those that if I have a nightmare it involves either getting struck by lightening or getting called into an IRS audit.  

The temptation to pass on bogus costs and skim is great and limited partner most always has bad results.Such as: cash calls, lawsuits, errors, hiring family and they are vastly overpaid, tax audits to name a few. 

The higher you go might open yourself up to an audit down the road when the IRS deems your claimed percentage out of line with value of the improvements versus the land.I am NOT a tax professional Aaron.

I personally bought 12 New constructions and promptly got audited for those purchase but passed the sniff test with the IRS  IE REP..