Look it up, many investors have been able to implement this method for billing utilities to tenants and are happy with the results/savings/increased NOI etc. 

Even if Congress passes it the SEC may drag things out for a long time in implementation.  

This will differ, depending on the locality, local laws and political commitment to implementation of technology. 

However, I don't know how soon they will be implemented....???  

While I admit to finding this difficult to implement, I think it's vital to schedule time.

You could implement new rules as you are a new owner BUT who says they will listen.STEP 1: Give them a new lease and point out in the lease "NO SMOKING".

Anyone thinking about implementing this scheme needs to look long and hard at their final goals and the math. 

Waco is exciting and there are homes moving quickly but there are so many ideas which have not been implemented.

IMO you should first identify a trustworthy person you want to partner with, set up an agreement that reflects your expectations from the partnership, the strategy you would like to implement and the financials (expenses and revenue).

I am thinking like you, I do not plan to ever sell, but if you do there are multiple tax strategies to reduce any possible taxes such as a 1031 exchange or the capital gains exemption.Of course a good tax lawyer should always be consulted before implementing any advice in these forums, including my posts.