Owner-Run small inn with a few rooms

Leisure travellers, couples on weekend trips, visitors for weddings and family events, and some business travellers.

Nightly room rates, with extras like breakfast, packages for special occasions, and sometimes small event bookings. Income rises and falls with the season.

• Welcoming guests and customer service
• Organising housekeeping and bookings
• Basic bookkeeping
• Handy with simple repairs

• Buying a property with 4 to 10 guest rooms often costs well into the high hundreds of thousands or more, depending on the area, and lenders usually want a substantial down payment plus cash reserves
• Zoning and lodging permits: check with your city or county whether the property can legally operate as an inn
• State and local lodging or occupancy taxes, plus sales tax registration if you sell taxable goods
• Health department rules if you serve more than a simple breakfast, and a separate license if you plan to serve alcohol
• Fire safety, building code and accessibility (ADA) requirements, which can mean costly upgrades
• Property, general liability and workers' compensation (once you hire) insurance
• Seasonal income and a long, demanding work week, so keep a cash reserve

Startup costs are typically around $600,000 to $2,500,000, depending on the area and property. These are estimates. Lenders usually want a substantial down payment plus cash reserves, so check financing requirements early.

Monthly revenue is typically around $8,000 to $40,000, depending on room count, location and season. These are estimates. Income is seasonal and the work week is long, so keep a cash reserve.

Check with your city or county whether the property can legally operate as an inn, plus lodging or occupancy taxes. Also check health department rules, alcohol licensing if relevant, fire safety, building code, ADA requirements and insurance.