I looked a property once that was near the highway and had a Lamar sign. I think it brought in something like $400/month. As far as I know, the property owner had no responsibilities (it was kind of a like a triple-net lease just for the little part of the property that had the sign).
My city has zoning restrictions that prohibit any new billboards. I think its a great idea. If you have a property next to the highway, you might offer it to Lamar or another billboard company. Usually they will either buy the piece of land the billboard is on or they will lease it from you. The one I saw wasn't a triple net. It was just a set amount for something like 10 years.
I am starting to see alot of L.E.D. billboards. I am really not sure what they call it. Usually I see them mounted on the side of a building and the ad changes every 5 seconds or so. Pretty cool stuff. I'm not sure what it cost.
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