Unlike just having a self-directed IRA which put restrictions on what you can do, the Self Directed Retirement Plans LLC structure allows you to perform maintenance on the property, advertise for renters, collect and deposit the rent checks, pay the real estate bills, etc.

This is unless you will file under 506c in which case... go crazy advertising (with some obvious limits which your attorney can guide you on). 

From doing some research, I found the land under the billboard is leased by the advertising company Lamar and the billboard itself was erected by Lamar.

It would be and advertising fee and not a commission which would violate license law in some states.

I recommend setting up keyword alerts for each area as they are discussed in the forums daily with advertisements posted in the BiggerPockets marketplace hourly.One thing to note when looking at the individual markets, you can make or loose money in any market.

@Joseph Ret - you should account for Vacancy Rate (usually 8% - the equivalent to one month a year, or 5-6% if multifamily and/or if experienced, if not use 8%) - that is lost rent during vacant period (while you still have to pay mortgage for the property and other expenses).You should also account for Make ready - the costs associated with making the unit ready for new tenants again, and that depends on the status of the property and how the old tenants leave and how good are you at Make Ready operations.You should also account for Mileage (and time, for driving to the property for make ready and showings), Advertising, Concessions (any free rent, work allowance or other lease concessions to be provided for the space and term in question - a temporary financial incentive used to induce the signing of a lease.

I see a 28 unit on the market right now advertised at a 5.7% cap rate and a 90 unit advertised at a 6.4% cap rate.

Both homes were found on Redfin but I want to purchase cheaper priced homes than what are advertised on there.Real estate to me seems very fun and interesting and something I feel like i can survive doing.

I recommend setting up keyword alerts for each area as they are discussed in the forums daily with advertisements posted in the BiggerPockets marketplace hourly.One thing to note when looking at the individual markets, you can make or loose money in any market.

If they do not I would just concentrate on frugality and try to advertise some sort of seller financing for the house.