I am just getting started in the billboard business so I am unable to speak from much experience in this business but I am able to speak on the mobile home ownership\renting business. I started out buying one mobile home and renting it out, then I bought a second, a third and so on.
Renting mobile homes is full of problems not associated with renting billboards. When renting living space people generally do not take as much care of the rented property as they would if it were their property. You can plan on receiving calls 24\7 365 days a year for valid problems, such as water leaks, ac stopped cooling, washer won’t spin anymore to the less serious problems\complaints “The neighbor is playing their music too loud.” The neighbor’s dog keeps tearing into my trash", “The neighbor parks 1\2 their truck on my parking space”.
You won’t believe how many complaints and problems renters can come up with. Now I am not saying many problems are not valid and need to be addressed right away as a landlord such as low water pressure or a water leak; however, many problems are actually caused by the renter.
Then you have the ugly problems you and Frank mentioned such as evictions. Also you can plan on trips to the courthouse if the renter refuses to leave.
Frank can attest to the problems and hassles associated with renting billboards but for me I look forward to having structures with individual clients that cannot break your property. Yes weather can damage the structures but I’d rather take my chances there than with people. With billboards the obligations seem to be much more hassle free for the owner. In the same token the mobile home rental business can be profitable just be prepared for allot of headaches.