Broad-based declarations that information is incorrect is suspect too.

If the buyer insists upon a warranty deed, give a special warranty deed that only declares that you did nothing to cloud title while you owned the property, but does not insure against any previously undiscovered title defects.

I have no idea how likely this scenario is, but since intentionally not declaring income is considered tax evasion, I believe, I wouldn't think it's worth the risk of opening that whole can of worms.

Should I claim the income based on the time frame for which it was applicable, when I collected it, or does it matter so long as I declare all of it? 

Also of course, as an Owner, you need to also be concerned with the Governing Documents of the HOA- By-laws, Declaration, House Rules, as well as State HOA/Condo laws.

If you just use the one LLC, it would be that LLC and the policy would provide additional liabiilty "over and above" any declared existing/base policies. 

You can use expenses like depreciation to lower your federal income tax on the income you declare from renting out the property.

The next owner lost the apartment lot due to foreclosure but declared bankruptcy on the other lot and got it out of bankruptcy. 

By-Laws, Declaration, House Rules, or sometimes simply DCC&R's.

Storage units take a lot less than several families.Maybe think about teaming up with the Developer who built the other tract inthe pic and you provide the land and he provides the muscle and experience.Still, Location, Location, Location <--(This) it seems off the beaten path.Good Luck!