I only have enough reserves for 97 conventional or FHA downpayment.

Focus on what we can control...adding value, good locations, cash flow, prudent debt, and reserves and we will be fine.

Also I recap any important conversations and send it via email to confirm/clarify our phone conversation.

Finally, I'd be sure to confirm who you're working with day-to-day, whether it's who you interview with or a member of their team. 

Unless you have a ton of reserves and patience this is the last place to go unless you are local to the property.

/Tarp/etc.  1) the HOA manager should send the HOA's insurance adjuster to confirm the damage was caused by an insurable event.2) They should also send a restoration company to do an estimate of the repair cost to confirm it is above the deductible. 

I also want to be sure I have plenty of cash reserves after purchasing a property.

If you're factoring for this good job.I'd be more concerned with savings for reserves, cash-flow, and managing tenants expectations.

Reallocate your Funds During the pandemic, lenders have increased the reserve required to finance a property.

Also wondering what reserves are needed, on the subject property and property already owned.