To convert live Photoshop shapes back to regular ones where you can manipulate the points etc
Well, they are basically the same as a normal path but as a special format (and this is only for rectangles and ellipses and polygons) they can be combined with other similar designs and remain as live (and editable) and you can then move and modify the settings via the properties panel. Select the rectangle in the Photoshop toolbar and select the layer option and apply and display properties panel (if not displayed) via the window menu and properties or via the side panel and set the corner settings (middle of the properties panel), color etc
You can also change a limited set of properties such as the rounded corner setting for rectangles but say if you wish to change an anchor point by using the direct selection tool then the tool will display a message 'this operation will turn ... etc
Simply go to the layer menu and use the combine command and then go to the properties panel and change the unite / subtract etc settings as required.
The great thing about this special format vector is that if you have multiple combined designs, you can select the individual parts by using the path selection tool (found in the toolbar) and then shift the artwork from one position to another position using the path selection tool.
If you want to change them into a normal vector design then the direct selection tool is one quick way of doing it but it is not ideal as any change to the vector will change the actual design though if the snap feature is on then the edited anchor can be placed in exactly the same position for the both
A quick way to change them is to just select the entire design and go to the edit menu and define custom shape and create that and use that instead, again, not really ideal but at least you have achieved the required result of changing the art to a normal design.
Another way is to drag the artwork into the CC libraries and then dragging back the smart object, the contents of which will be a regular vector and all the properties etc will no longer available etc
Another way to return them back to a normal vector is to combine it with a smaller vector design. Create your rectangle or ellipse etc and then set the properties etc. Create another design but if the first was a rectangle, go for a circle say. Select both. Go to the layer menu and combine and unite command with both of the vector designs selected. You can then use the direct selection tool to select all the points in the combined path and goto the options at the top of Photoshop below the menu and then select the middle entry (path options) and select the merge feature and the path will be then changed into a normal vector design with none of the settings.
Rectangles, polygons, ellipses