HI in galaxies traces the fuel for future star formation and reveals the effects of feedback on neutral gas. Using a statistically uniform, HI-selected sample of 565 galaxies from the ALFALFA H-alpha survey, we explore HI properties as a function of star formation activity. ALFALFA H-alpha provides R-band and H-alpha imaging for a volume-limited subset of the 21-cm ALFALFA survey. We identify eight starbursts based on H-alpha equivalent width and six with enhanced star formation relative to the main sequence. Both starbursts and non-starbursts have similar HI to stellar mass ratios (MHI/M*), which suggests that feedback is not depleting the starbursts HI. Consequently, the starbursts do have shorter HI depletion times (t_dep), implying more efficient HI-to-H2 conversion. While major mergers likely drive this enhanced efficiency in some starbursts, the lowest mass starbursts may experience periodic bursts, consistent with enhanced scatter in t_dep at low M*. Two starbursts appear to be pre-coalescence mergers; their elevated MHI/M* suggest that HI-to-H2 conversion is still ongoing at this stage. By comparing with the GASS sample, we find that t_dep anti-correlates with stellar surface density for disks, while spheroids show no such trend. Among early-type galaxies, t_dep does not correlate with bulge-to-disk ratio; instead, the gas distribution may determine the star formation efficiency. Finally, the weak connection between galaxies specific star formation rates and MHI/M* contrasts with the well-known correlation between MHI/M* and color. We show that dust extinction can explain the HI-color trend, which may arise from the relationship between M*, MHI, and metallicity.
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