Looking to invest in a property that could either rent for close to the 1% rule (I know VA Beach is notorious for having a home value to actual rent disconnect) or operate well as a vacation rental.

Thank youIdeally, you have the investors lined up before you start making a serious legal/operational commitment. 

I recently asked an attorney to take an old LLC and change the operating agreement. 

We have begun bringing rents in line with the market and are expect nearly 20% reduction in operating expenses.

I am a “Licensed Reactor Operator” Licensed by the Nuclear Regulatory Commission.

If that is what you are talking about then I would say no, that 5% is not used for holding fees. 5% is to cover the the vacancy rate of a fully operational property. 

This real estate license governs the way PMs operate and account for funds. 

Technically, would I have to buy just the land underneath the billboard or could a purchase an easement that encumbers the billboard?

If you don't operate your LLC properly, you could lose all the benefits it provides.I own 20 units in my personal name.

Definitely keep me posted on details please :)I operate a property management company in Indianapolis called Intrigue Indy.