The 24% funding is not good. A lot of condos have low reserves because they are owed money by non paying owners who are in foreclosure. Much of this will be payed as the units are sold. The condo may also have had a big expense lately. If all the units just got a new roof and paint job this may be no big deal. If they just spent the money repairing flood damage then it is a big problem.
The main impact on you is that HOA fees will be higher until the reserve is brought up. Try and discern from the documents if the current fees include enough reserve payments to bring the reserve to fully funded in 5 years. If not, take the shortfall, divide it by the number of units and 60 months. Your HOA fees will probably go up about that much.
Another concern is deferred maintenance. If there is a backlog of repairs or major items like roofing or repaving then you need to add that to the reserve deficit. Similar to a house only you have no control over the timing.
There have been several comments on difficulties financing condos. I think the banks have overshot and things will get better later which is good for you if you can buy now. I would look at rental cash flow. If it would cash flow at prevailing rental rates you will be able to sell it.
