If you're looking for an outline for a reserve study, this probably is a good start. Click on the headline to find and download the pdf file of the 17-page document. What it is is an application for certification as a reserve specialist who prepares studies for HOA clients. Along with the application forms you'll find the basic outline of a study. I don't think you have to be a construction engineer to do this study. What you do is obtain estimates on doing certain high-cost capital projects such as painting, replacing roofs, concrete work, street repairs, pool repairs, major replantings, etc. In obtaining those estimates, the HOA board or management company can get estimates of the expected lives of various components and work them into their reserve studies.
The question is whether a small HOA has to go through all of these hoops.
HIring an outside firm protects the board in terms of proving that it lived up to its fiduciary responsibility. But this can also be proved by doing your homework and keeping your working papers and spread sheets for review.
Colorado doesn't require reserve studies. At the Association Reserves, Inc. site, click on the State Legislation button and select your state to see what it requires. The Reserves Study Legislation button is here.
Some Q&A about Condo reserves are are offered here.
