Frank used lot rent (not home rent) and used 40% expense ratio (0.6) which gives a reasonably low offer price.  

The current landlord has minimum expenses, and is treating the billboard as traditional commercial real estate evaluation.

I live in the very expensive Brooklyn/NYC market.

That makes your self-directed IRA investment passive (as it must be, under IRS regulations) but also lets your LLC handle the management expenses and receive a management fee to augment cash flows.  

I personally find Richmond too expensive to get any decent cap rate buy and holds without some aggressive tactics.

i would love to add you to my buyers list . i will pm you @Kurush Italia thanks, i feel overwhelmed figuring it out since, any pointers would be greatly appreciated.

Has anyone had luck finding a insurance provider that offer any type of coverage to help with the replacement cost of expensive items such as A/C units or boilers?  

After expenses I net $26,000 annually.

What is everyone's favorite way to keep track of receipts for taxes/expenses?!

You would subtract out all deductible expenses from your total revenues to determine your taxable income.