You need to look at what type of debt it is. There is everyday expenses or short term like mowing, insurance etc and then there is long term such as palnning for painting every 5 years or replacing decks or roofs. Next is it actually debt that they borrowed to make repairs or is there a high amoiunt of delinquint homeowners. The size of the association will affect ratios, such as is there only 10-20 homes or 100-200. The larger the more stabile the ratio in a way where the smaller it is, the more the ratio is affected by 1-2 people who get behind. You should have someone review the budget and the minutes from the last years meeting so you know what is going on. Are they talking about any special assessments or to raise the condo fees, is there any large problems that need addressing that will affect the hoa's budgets? A good buyer broker experienced in condos should be able to put the budget and minutes into terms you can understand and know any pros or cons. If you went it alone, maybe a real estate attorney could review them for you.