As the rental market stays hot the rates are increasing quite a bit year after year.   

I’m in a 506(b) on the GP Side right now & other than the ability to advertise under 506(c), one reason one wouldn't go with 506(b) and accept Sophisticated investors is increased liability.We feel comfortable and run a tight ship so we’re not too concerned; However, our SEC attorney has drafted all docs (operating agreement, subscription, & PPM) and has encouraged us to have the PPM be a more robust version because we are allowing sophisticated investors to colloberate. 

I have a financial adviser but he's a stocks/bonds/etc. person, and I don't want to increase my holdings in that area of finance any further, so I don't really know what kind of person to look for, for advice of this nature.

To increase your business as an agent I would high recommend the (red book), The Millionaire Real Estate Agent, you must know about it since you are with KW. 

My main goal in real estate is to obtain consistent cash flow in order to have financial freedom through long term rental properties.

Obviously, most owners will appeal the decision but who knows the outcome...As far as I heard, JC downtown didn't do a re-evaluation for a very long time which is the reason for the absurd increase..

My experience is that the investor class homes sell at a second lower tier of pricing.All that said, if you really want to increase the value of my homes, go ahead and buy for $120k, 😜 but I personally would look for a better deal - they are getting much harder to find in Normal Station but still come up from time to time.

Anyway, I could spend more time at work and it would increase my income.

You're going to have a tough time finding a lender, you need to increase your pay or find a new job/partner with someone.

We refinanced our house to increase cash flow, and that will close on July 2nd.