Today, a new version (0.8.10) of the Azure CLI xplat tools is released, and you can download it from here. This new version has the support for the Reserved-IP, both for creating the Reserved IPs, as well as creating new VMs with the reserved IP. Here are the quick commands:
Create a reserved IP address
azure network reserved-ip create [options] <name> <location>
Create a new VM using the reserved IP
azure vm create --reserved-ip ‘reserved-ip-name’ <dns-name> <image> <user-name> [password]
This feature was asked by one of our customers here. Azure SDK tools team did ship it with the new version now, impressive turn around time. Great example of listening to customer feedback, and acting more quickly. Kudos to the entire team!
Hope this helps!