same rules as planting a tree. 8 empty spaces around it etc. not too close to a cliff etc
it'll take 4 days to fully mature, and there will be a shoot for you to dig up nearby. if you leave it it'll grow into another bamboo tree. dig it up and replant it or dig it up and sell it for 900 bells. or just leave it to grow.
oh and when it's fully grown, it'll produce a shoot every 4 days. so if you don't want the bamboo taking over your town, be sure to remember to dig up the shoots. --- 3DS FC: 0361-6591-7301 (JW) (ACNL - Ixac from Inazuma)