Its mostly to protect you and your assets/cash if the injury exceeds the insurance policy limits.

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Of course, there is nothing set in stone, but that seems to be most common. 

One of the homes is move in ready, with very little potential for value add due to the awkward layout and limiting lot size

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Ocean Lakes is set up like a MH park.

I personally believe I set the rent at a pretty reasonable price and not sure if the rents he’s proposing will work but that’s for him to decide.

It's definitely set up for STRs and not properties that rent out monthly.

Are they considered Common Elements and/or Limited Common elements. 

I will look at your calendar and set up a time to chat.