In my lending life and still as an investor and realtor, seems like everyday I use the phrase "money comes with rules attached" for absolutely every type of housing and also every type of buyer. 

Dan going forward I will not work with Touchpoint Property Management especially since they find it inconvenient to follow the rules and regulations that have been in place since 1984 and insist on insulating the Board and its members including me.

I agree with what Daniel said.The final bill that passed kept the section 121 rules the same as it previously was.You can give comfort to your friend that he can exclude $250,000 of gain($500,000 if Married filing jointly) on the sale of his house.

However there is a 15-day rule.

CoC is my main measure, but I use the 1-2% rule to decide what I want to consider researching further for rentals.

I would go to the Arizona commission website and see if you can find the rules there.  

Steve Fitzgerald The rule for insurance is it always cost too much when you don’t use it.

No bank, No Rules.

Can you set the new rules immediately or do you have to follow those too until the leases are updated?

Any change from the last landlord to you (how to pay rent, when to pay rent, utility costs, etc...) usually end up as a conversation or attempted negotiation rather than the rules of the building.