Does anyone know anything about billboard investing?

[Chris Wyche]

I'd really like to get started in billboard investing, but I know it's not a very popular method of real estate investing. I have experience flipping houses and buying/renovating small apartment buildings, so I'm familiar with that area of investing. I'm in the Philadelphia area and I'd like to explore different options such as buying or leasing land, erecting a billboard, then reaping the benefits of the insane low-maintenance monthly cash flow. A few questions:

1. Do lenders finance billboard investments or would I have to use cash?

2. How much does it cost to erect a big, sturdy billboard that you see on the sides of major highways?

3. What kind of maintenance costs are there? I'm assuming the tenant would be responsible for the electric, but what about stripping down and putting up ads?

Any help would be greatly appreciated. Thank you.