My long term rentals may be boring but they've made fantastic returns.

Quote from @Quan Pham: I'll give you the easy answer: sell.If you were fired up about owning an investment, I would recommend keeping the house as a rental.

The legal fees and filing fees for the Reg D package average about $10,000 or so.  

I rent through Furnished Finder which has a standard rental contract. 

Obviously I want to keep my costs low but still want to spring for amenities that would give me a competitive edge compared to other rentals.

To achieve REPS status you need to be actively involved in your rentals.  

Realtors typically pre-screen rental clients to make sure their time is not going to be wasted.

You've done well with your Class A rental, generating $500/mo in cash flow, this adds up over time.

. - cash flow is difficult now with long term rentals even if you pick markets that have lower purchase prices than Boston.

Great points, ZharaBirmingham has relatively steady and diverse rental demand, and I’ve seen many investors I work with have success with C/B class buy-and-holds.Location is key—areas near UAB, major employers, and popular suburbs tend to have the strongest rental demand, while C/D class markets offer solid affordable housing and Section 8 opportunities.