I'm not very good at this, so hopefully I'm not making a silly mistake here...
Assuming that $\infty$ is larger than any real number, we can then assume that:
$\dfrac{1}{\infty}$ is the smallest possible positive real number.
It then stands to reason that anything less than $\infty$ is a real number. Therefore, if we take the smallest possible quantity from $\infty$, we end up with:
$\infty-\dfrac{1}{\infty}$
Does that expression represent the largest real number? If not, what am I doing wrong?
You are looking at the extended real number system. In particular, we adjoin $+ \infty$ and $- \infty$ to $\mathbb{R}$. So in the context of the extended real numbers, $+\infty- \frac{1}{+ \infty} = + \infty$.