This designation doesn’t cost extra or give the manager access to insurance payouts but ensures you and the property manager are aligned during incidents, such as tenant lawsuits or insurance claims.

This deposit is indeed for materials, permits etc... 

Living in one unit and renting out the others could offset a significant portion of your mortgage, giving you extra breathing room as the sole income earner.

It may sound nice to pay a 6% management fee but the extra fees can add up to be more than the other company that charges 10% with no additional fees.

https://ecode360.com/15245641#15245642 seems like condo conversions is not permitted in Hoboken but curious what's the result of your case. 

Some towns require a residential parking permit (sometimes on specific streets only within that same town) - you need to know what those requirements are and how feasible it will be.

The owner can designate a host who shall be responsible, and authorized, to act on the owner's behalf to promptly remedy any violation of these standards or the permit.

I would have to get with the property manager and mimic the exact plans they have set up in the lease, all of which were probably customized by the PM to get a few extra dollars.  

I've tried the lower 6-7% PMs and usually you'll either pay mark ups on repairs (what you've noted) or pay extra fees (i.e. labor hours, extra calls) that you may or may not notice. 

If so, are your amenities worth the extra price?