If not see what your local laws say about recovering metered water costs.

My mother in law manages a few rentals in that area and would be able to help us manage ours.

Abbas:I am a retail leasing broker based in Philly, and have done work with three brokerage firms in the Houston market - Retail Solutions, JLL, and The Retail Connection - and have had good experiences with all three. 

My father in law and I worked out a deal between us to allow me to buy a piece of land from him.

Unless those expenses were paying him and other family members to reduce his " profit" keeping within the bounds set by HUD .Who says my brother in law isnt worth $125,000 a year to change light bulbs . 

Most likely no because they signed a lease that binds them to existing terms, and unless those terms have a rent increase it is unlikely you would be able to raise the rent for the term of the lease, but contact a local property manager to be sure, they will know the law in your locality.

In AZ we have a statement called the Sellers Property Disclosure Statement (SPDS) which states "Sellers are obligated by Arizona common law to disclose all known material facts about a property to the buyer."

And if you plan to do it, do it soon, as you got a warning already in writing, Laws where you are could be different, here I am not responsible for things located in walls per the CC&R.

. $14/night AirBnB tax, and letting renters pay their deposit over the first 6 months of the lease, among other ridiculous laws), as well as increasing my property taxes 25% this year to pay for their wasteful spending, versus a more conservative government in Phoenix garnering less property tax and more relaxed rental rules.  

I got a call the other day from a cost segregation firm.