I am just getting started and have not successfully flipped a lease yet. I would like more info on this as well but I can say that I think we may have an advantage right now. Where I live, the BIG 3 (CBS. Lamar, Clear Channel) own pretty much everything. After talking with my representative at the DOT I think it is safe too say that these guys are "too big" and therefore miss out on many opportunities. This gives guys like us room to come in and find good locations. I think these companies would be willing to do business with us as it saves them the time and money of scouting locations and acquiring permits.
I will update my progress as I go.
Also, one thing many flippers wonder is what will happen if the company doesn't like the blueprints that were used to acquire the permit. I was told by a state employee that slight changes can be made to permit specs if the company buying your lease requests it, but this can only be done BEFORE the billboard is
Hope this helps. Anyone else have actual experience with flipping leases?