Whether it's  keeping  their home or selling keeping as much equity as possible.

There is also the exit when you sell the property if it's in a heavy student area you are may limit your selling pool to other investors.  

In general Land purchases very much depend on the end goal and end use you have in mind, then once you have that defined there will be various DD items to complete depending on that use and your intent to develop, hold, or sell it. 

You can earn a good income, learn how to be a better manager, network with investors, and maybe even have your license to buy/sell.

We are now considering selling it.

I would recommend raising it incrementally throughout the years in order to avoid the shock to the tenants system of raising it in one big chunk.If you choose to not raise your rents throughout the years, it will also put you at a serious disadvantage when you are looking to sell because now you have a long term tenant paying below market rent.  

C/D neighborhoods, although even C neighborhoods are now selling for over 150 square foot and still need rehab.2. 

Watch them for a couple years first.I think long island sells tax deeds, but I'm not as familiar with those. 

In the words of the IRS, "The term trade or business generally includes any activity carried on for the production of income from selling goods or performing services."

If you don't have to sell if they stay where they are or even go higher, than you should be fine.