Posted by Anne_ND on August 04, 2005 at 14:52:38:
I looked into this a few years ago when we bought a 7-bedroom house for $13K and were considering our exit strategy. There are a number of great books on opening and running B&Bs- go to Amazon.com and look around there first.
What you’ll need to do is write a business plan, using the info about likely rates for occupancy (i.e. percentage of rooms rented per year), likely expenses (including a bunch you would never think of unless you have B&B experience already) and cost to rehab.
You should also search the archives on the commercial real estate board. B&Bs seem to be more of a lifestyle than a passive investment, but the good news is you can stay in other B&Bs and write it off as business ‘research’.