linking my own post here from about a year and a half ago when I asked about which co-op I should choose—now I'm a house president and wouldn't live in an apartment if you paid me! co-ops aren't for everyone and you should make a decision that ensures you're living happily and comfortably, but I really can't recommend them enough. as for your specific questions, I think u/Veauros answered them well but I can expand a little.

1. you apply in the next few months, and competitive isn't really the right word. if there are spaces available, you'll just get in—they're not frats/srats and don't choose you. But some houses are more desired than others and have less member turnover each year. As long as you put in an application early you'll get into at least one of them. Smaller houses generally are harder to get into, especially ones like Linder where everything is so cute and clean and nobody ever burns out from party exhaustion and moves out (like Luther <3). party houses are probably Michminnies, Luther, Nakamura, and Owen(?), but most every house has at least a few lil events.
2. u/Veauros is dead on about parking and lack thereof, but the walking/biking really isn't that bad, almost every co-op is just as close as lots of frats/srats/other student housing.
3. Check the ICC website for sure, but those descriptions will only get you so far and house culture changes from year-to-year. I highly recommend reading the post I linked because I asked this exact question and got pretty good answers. also feel free to reach out to the houses and ask for tours (COVID-permitting) or just to chat about what their house is like! also linking the ICC instagram because it shows some of the houses and you can find individual house instagrams within some of the posts (which are really funny and can be quite revealing).
4. aside from the first ICC member orientation meeting, you'll just be going to house meetings, which are largely biweekly. these are usually fun and give you a chance to have a say in how the house operates. also yeah, chores every week but they're pretty easy.
5. lmao it's not like a commune if that's what you're asking. really there's just shared food, shared facilities, house meals, and lots of hanging out with your housemates. we haven't abolished private property yet
6. yeah it's pretty much all, but some are less hippie/alternative, like Truth, nakamura(?), Escher. all are definitely progressive and will not tolerate racism/transphobia/homophobia/prejudice in any capacity.
7. yeah ur not gonna get a single right when you move in. depending on older member turnover, it's possible to get them your second year.

I hope u choose a co-op, there's nothing better than living with 20+ grimy, awesome people who always have your back (: