In NYC the inspectors seem to prey on this kind of error and a violation could pop up any moment.

Sorry for the rookie questions lol

At 3% of revenue for the software only, I think it's worth it to save time and reduce errors. 

Not sure about rebel scum - I am in the South - but mistakes are made writing deeds, plats have errors, and not all potential ownership rights can be ascertained without a proper survey.

I'm a rookie but am well read, well prepared, and ready to go.

I reached out to them and still they never responded.Our condo association insurance company offered me a  very small amount and said that they would like that I sign the release so that I won't go after the condo association insurance but that I can go after the Property Management company  Errors and Omissions insurance for the property manager's (at that time - he is gone now) negligence.My question is:  What is the most effective way of approaching this?

Secondly, your PITI payment is already barely going to cash flow by real life measures (mgmt, expenses, vacancy, rent loss, capX, etc) since there is not much margin for error if any.

This will have huge influence on your cap ex "prediction".Predictions are just that, a prediction, and can be in error.

I know this may sound like a rookie question but I have not had to deal with financing much yet.  

Hopefully you have Errors & Omissions insurance.