Even if a building is Air BnB friendly it can still be a risk as board members change all the time and can relatively easily enforce no Air BnB's. 

This clause protects the manager and enforces standard contract law. 

But as much as I'm in favor of border enforcement, that's a job for the government.

@Taylor Ferris the local government offices I am referring to would be places like tax, wills, municipality code enforcement offices etc.

I suggest letting the tenants know this month's fees will be waived (due to change in method of payment) but moving forward late fees will be strictly enforced on the 5th if the money is not deposited by the 4th. 

You need to do a title search first to make sure you aren't assuming any liens (mortgages, code enforcement liens, etc).

As long as they enforce the rule and the fine uniformly, you have little recourse.What's more likely is they will cover themselves by instituting a fine amount first in step one, then step two they will fine you.  

The owner said he would be happy to sell me the property for whatever is owed on the property which comes out to about $15,000 in delinquent property taxes and code enforcement liens.

They tried to not do that but I hired a lawyer to help me enforce the terms of the contact and they ended up doing it.

I feel like this is something that would be difficult for you to "prove" if you were to enforce it.