Be sure to have one installed and have it wired to the light switch, ideally with a delay so it keeps running for a few minutes after your tennat took a nice hot shower.Also, make sure you educate your tenant about mold and why it's growing.

Should any warning lights be going off or it "really" doesn't matter?

As long as you surround yourself with the right people and energy, you will grow at the speed of light.

2) If your property manager has the green light for smaller repairs, when/how do you expect to be notified?

Example: hardcore indoor chainsmoker for about 35 years.

While there are some deals to be found, tread very lightly and be especially careful working your comps.

The pilot light is still lit and I can turn the furnace back on if I want.This is my first home - logically it makes sense to shut something off when not in use, but houses have so many nuances and I want to avoid a situation like "well since you shut off the furnace that cooled the insulation which then caused flaking which then clogged your air filter and yada yada your foundation broke and collapsed and there goes your investment."

No damage or problems, just money issues.In light of the recent disaster in Houston, is inventory lower, thus making rents and costs of real estate higher?

I would find out what the pre-foreclosure process is in Alabama and that will shed a lot of light on what you want to do. 

Ask around and compare to other similar associations.Then I would see if these reserves are adequate in light of the real needs of the place.For example, does it look like the place has some major capital costs coming (roof, parking lots, windows/doors, decks, HVAC, siding, grounds, common areas, etc)?