So when a lawsuit comes any lawyer goes after the owner because the owner is almost always responsible for the acts of it's agents and employees.

Their children grow up wanting to be a government employee like their uncle dad and drink beer on the front porch all day long.

When I have previously checked into this with my accountant it seems their are very specific tests to pass to be considered a materially participating passive investor, namely that you must spend half of your time and at least 750 documented hours in passive real estate to qualify to deduct depreciation. 

Does anyone have any recommendations regarding an NJ specific online pre-licensing course that they have used?

I tried to be an employees for a time.

Specifically, how can I determine the market value at which my condo’s property value will be capped?

Assuming Illinois doesn't have state-specific forms that are different, look at paragraph 6 of the deed of trust that any owner occupant who got any 30YF Agency loan signed at any closing table within the last 5 years. 

How it will apply specifically to your building is unknown. 

I signed a contract at the beginning with a GC that was more general than I wanted considering the large price tag, but he kept saying that he couldn't make it more specific until they busted up the concrete to see what was really going on (lots of unknowns due to age and character of building).

You need to take the time and be more specific on estimated costs.