(This assumes you have reserves and $$ to pay for it).

I'm going to let @Jason Wray confirm this as I'm not a lender.

The government of Florida (and other states) require building inspections and money be set aside (Reserve Funds) to fix problems so that things like balconies crashing to the ground doesn't happen.Her HOA has underfunded their reserves.

But the upside is, the more you underwrite and think about these things, ideally with some real world experiences behind it to confirm your assumptions, the faster it will go next round.

WITH open book accounting to confirm.     

You should be putting at least that much into a maintenance reserve for a rental.  

Do what you need to do to buy a property that pays for itself (including reserves, maintenance, etc.), and then hold onto it.

Quote from @Evan Polaski: Thanks for confirming, Brian.  

Cash reserves and credit reserve can be a big help when tough times hit.Good Luck!

Some states have an automatic reserve unless specifically stated there is no reserve.